SECTION 6. MONTHLY CLOSING

CONSENT

.01 Manner of Partner Effecting the Consent .

(1) A partner effects a Monthly Closing Consent by providing a statement of consent to the custodian or manager of the partnership. A copy of the statement of consent should also be attached to the partner’s income tax return for the first taxable year in which the consent is effective (for example, if the partner is a Regulated Investment Company, the statement must be attached to its Form 1120 RIC, U.S. In- come Tax Return for Regulated Invest- ment Companies ). Failure to attach a copy of the partner’s statement of consent to the partner’s income tax return does not invalidate the partner’s consent.

(2) The statement of consent must be titled “STATEMENT OF CONSENT TO ELECTION UNDER REVENUE PROCEDURE 2002–68” and must include:

(a) Identification of both the consenting partner and the partnership by name, address, and TIN, and the name and phone number of a contact person for each;

(b) A statement that the partner consents to the partnership’s election to a monthly closing of the books and that the partner will include in its taxable income its distributive share of partnership items described in § 702(a) and any guaranteed pay

October 28, 2002 754 2002–43 I.R.B.

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 is in sections 5 and 6 of this revenue procedure. This information is required to inform the Service which partners and partnerships are making the designated election and to report income appropriately. The collection of information is required to obtain a benefit. The likely respondents are businesses.

The estimated total annual reporting and recordkeeping burden is 1,000 hours.

The estimated annual burden per respondent/recordkeeper is 1 hour. The estimated number of respondents and recordkeepers is 1000.

The estimated annual frequency of responses (used for reporting requirements only) 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.