SECTION 7. PAPERWORK

REDUCTION ACT

The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545–1736. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number.

The collection of information in this revenue procedure is in section 4. This information is required to notify the IRS that the

Company is changing its method of accounting for cash advances that meet the requirements of section 3 of this Rev. Proc. 2001–24 under the required terms and conditions. This information will be used to update the IRS’s records. The collection of information is required to obtain or retain benefits. The likely respondents are business or other for-profit institutions and small businesses or organizations.

The estimated total annual reporting burden is 1,318 hours.

The estimated annual burden per respondent is 15 minutes.

The estimated number of respondents 5,270. The estimated annual frequency of responses is once.

Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.

DRAFTING INFORMATION

The principal author of this revenue procedure is Leo F. Nolan II of the Office of Associate Chief Counsel (Income Tax and Accounting). For further information regarding this revenue procedure, contact Mr. Nolan at (202) 622-4960 (not a tollfree call).

March 5, 2001 790 2001–10 I.R.B.