SECTION 14. PAPERWORK

REDUCTION ACT

The collections of information contained in this notice have been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 3507(d)) under control number 1545–1957. 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 control number.

The collections of information are in sections 3 and 11 of this notice. This information is required to provide the IRS sufficient information to determine whether a taxpayer has properly elected to apply section 965 to a taxable year and whether the taxpayer has properly calculated its taxable income and allowable credits with respect to qualifying dividends, taking into account the limitations imposed by sections 965(d) and (e). The collections of information are required to obtain the benefit of section 965 for a taxable year. The likely respondents are business corporations.

Estimated total annual reporting and/or recordkeeping burden: 250,000 hours.

September 6, 2005 490 2005–36 I.R.B.

ventories to be used, not later than 90 days after the date of distribution or transfer.

(4) Section 1.455–6(b) provides that, with the consent of the Commissioner, a taxpayer may elect to apply the provisions of § 455 to any trade or business in which the taxpayer receives prepaid subscription income. The taxpayer must submit a written request for consent to make the election within 90 days after the beginning of the taxable year in which the election is first applicable.

(5) Section 1.456–6(b) provides that, with the consent of the Commissioner, a taxpayer may elect to apply the provisions of § 456 to any trade or business in which the taxpayer receives prepaid dues income. The taxpayer must submit a written request for consent to make the election within 90 days after the beginning of the taxable year in which the election is first applicable.

(6) Section 1.461–1(c)(3)(ii) provides that, with the consent of the Commissioner, a taxpayer may elect to accrue real property taxes ratably in accordance with §§ 461(c) and 1.461–1(c). The taxpayer must submit a written request for consent to make the election within 90 days after the beginning of the taxable year in which the election is first applicable.

.04. In Rev. Proc. 83–77, the Commissioner exercised discretionary authority under former § 1.9100–1(a) to grant automatic extensions of 90 days to the 90-day periods for submitting applications or requests for consent to change methods of accounting under §§ 1.77–1, 1.381(c)(4)–1(d)(2), 1.381(c)(5)–1(d)(2), 1.455–6(b), 1.456–6(b), and 1.461–1(c)(3)(ii). Taxpayers that complied with the provisions of Rev. Proc. 83–77 obtained automatic extensions of 90 days and therefore had 180 days in which to submit their applications or requests for consent, as did taxpayers filing applications or requests for consent under the general rule of § 1.446–1(e)(3)(i) prior to the amendment described in section 2.01 of this revenue procedure.

.05. The changes in method of accounting described in §§ 1.77–1 and 1.455–6(b) are included in the changes to which the automatic change in method procedures of Rev. Proc. 2002–9, 2002–1 C.B. 327