SECTION 3. SCOPE

.01 This revenue procedure applies to any taxpayer requesting to change from the fair market value method to the alternative tax book value method of asset valua

perience loss of a multiemployer plan’s funding standard account will be deferred and charges for these multiemployer plans will be based on amounts specified under § 412(b)(7) of the Code and section 302(b)(7) of ERISA. Such an election may cause the excise tax for failure to meet the minimum funding standards not to be incurred. The likely respondents are businesses and other for-profit institutions or nonprofit institutions.

The estimated total annual reporting and/or recordkeeping burden is 960 hours.

The estimated annual burden per respondent/recordkeeper varies from 60 to 180 hours, depending on individual circumstances, with an estimated average of 80 hours. The estimated number of respondents and/or recordkeepers is 12.

The estimated frequency of responses is occasional.

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 authors of this notice are Michael Rubin of the Employee Plans, Tax Exempt and Government Entities Division and Linda S. F. Marshall of the Office of the Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities). Mr. Rubin may be reached at 202–283–9888 (not a toll-free number).

26 CFR 601.105: Examination of returns and claims for refund, credit, or abatement; determination of correct tax liability. (Also Part I, §§ 864; 1.861–8T; 1.861–9T.)

Rev. Proc. 2005–28