SEC. 9. PAPERWORK REDUCTION

ACT

The collections of information contained in this revenue procedure have been reviewed and approved by the Of

2001–23 I.R.B. 1329 June 4, 2001

fice of Management and Budget in accordance with the Paperwork Reduction Act (44 U.S.C. 3507) under control number 1545–1731. 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 collections of information in this revenue procedure are in §§ 3, 4, 5, and 6. The collections in §§ 4, 5 and 6 are required for a taxpayer that elects to exclude some, but not all, of its gross receipts from foreign trading gross receipts for purposes of the ETI exclusion provisions; for a corporation subject to an elec

tion to be treated as a domestic corporation to revoke such election; for a taxpayer that elects to apply the ETI exclusion provisions to its transactions in lieu of the FSC provisions; and for a taxpayer subject to an election to apply the ETI exclusion provisions, in lieu of the FSC provisions, to revoke such election. The likely respondents are businesses.

The estimated total annual reporting burden in §§ 5.06 and 6.06 with respect to the revocation of the above elections is 19 hours. The estimated annual burden per respondent is 20 minutes. The estimated number of respondents is 56. The estimated annual frequency of responses is once.

The estimated average annual burden per respondent required in §§ 3, 4, 5.04, and 6.05 is reflected in the burden of Form 8873.

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.

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