SECTION 11. PAPERWORK

REDUCTION ACT

The Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520) (PRA)

generally requires that a Federal agency obtain the approval of the Office of Management and Budget (OMB) before collecting information from the public, whether such collection of information is mandatory, voluntary, or required to obtain or retain a benefit. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a valid control number assigned by the OMB.

The collections of information in this revenue procedure are in section 7. These collections of information include recordkeeping requirements that are necessary to determine whether a taxpayer properly elected to claim the special depreciation allowance for QPP under § 168(n), properly designated the property subject to the election, and the amount of the allowance. These collections will be used by the IRS for tax compliance purposes and by taxpayers to calculate their deduction.

These collection requirements will be included in the OMB Control Number 1545-0074 for individual filers, 15450123 for business filers, 1545-0092 for trust and estate filers, and 1545-0047 for tax-exempt filers, in accordance with the PRA (44 U.S.C. 3507).