Application To Use LIFO Inventory Method

Forms and Documents

Document Name	Status
Form Form-970 Application To Use LIFO Inventory Method Form and Instruction	Modified
Supp Stmnt.doc Supporting Statement A	2010-08-02
Burden (2010).PDF Supplementary Document	2010-08-02
ombat1.doc Supplementary Document	2007-06-07

IC Document Collections

IC ID	Document Title	Status
39399	Application To Use LIFO Inventory Method Form and Instruction	Modified

ICR Details

OMB Control No: 1545-0042	ICR Reference No: 201008-1545-002
Status: Historical Active	Previous ICR Reference No: 200706-1545-019
Agency/Subagency: TREAS/IRS	Agency Tracking No: EC-1545-0042-002
Title: Application To Use LIFO Inventory Method
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/26/2010
	Date Received in OIRA: 09/28/2010
Terms of Clearance: This form is used by individual and other taxpayers. The portion of the burden imposed on individual taxpayers is approved under OMB Control Number 1545-0074. In its next submission under this OMB Control Number, the agency is instructed to ensure that the estimate of burden associated with this Control Number includes only the burden imposed on non-individual taxpayers. If the agency finds that the current burden estimate includes burden imposed on individual taxpayers, it must immediately submit an adjustment request that eliminates this double-counting.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2013	36 Months From Approved	11/30/2010
Responses	2,000	0	2,000
Time Burden (Hours)	42,220	0	24,800
Cost Burden (Dollars)	0	0	0

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Abstract: Form 970 is filed by individuals, partnerships, trusts, estates, or corporations to elect to use the LIFO inventory method or to extend the LIFO method to additional goods. The IRS uses Form 970 to determine if the election was properly made.

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Authorizing Statute(s): US Code: 26 USC 472 Name of Law: Last-in, first-out inventories
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 27861	05/18/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 59795	09/28/2010
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Application To Use LIFO Inventory Method	Form-970	Application to use LIFO inventory method

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	2,000	2,000	0	0	0	0
Annual Time Burden (Hours)	42,220	24,800	0	17,420	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Burden increased because of an increase in the number of attachments associated with the form.

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Annual Cost to Federal Government: $5,411

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 09/28/2010

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