INTL-29-91 (Final) Computation and Characterization of Income and Earnings and Profits under the Dollar Approximate Separate Transactions Method of Accounting (DASTM)

ICR 201309-1545-057

OMB: 1545-1051

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2014-01-02
Supplementary Document
2007-07-09
ICR Details
1545-1051 201309-1545-057
Historical Active 201010-1545-004
TREAS/IRS lvd
INTL-29-91 (Final) Computation and Characterization of Income and Earnings and Profits under the Dollar Approximate Separate Transactions Method of Accounting (DASTM)
Extension without change of a currently approved collection   No
Regular
Approved without change 05/05/2014
Retrieve Notice of Action (NOA) 01/31/2014
  Inventory as of this Action Requested Previously Approved
05/31/2017 36 Months From Approved 05/31/2014
1,650 0 1,650
1,000 0 1,000
0 0 0

For taxable years after the final regulations are effective, taxpayers operating in hyperinflationary currencies must use the U.S. dollar as their functional currency and compute income using the dollar approximate separate transactions method (DASTM). Small taxpayers may elect an alternate method by which to compute income or loss. For prior taxable years in which income was computed using the profit and loss method, taxpayers may elect to recompute their income using DASTM.

US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
   US Code: 26 USC 985 Name of Law: Functional currency
  
None

1545-AP70 Final or interim final rulemaking 59 FR 37669 07/25/1994

  78 FR 39830 07/02/2013
79 FR 4534 01/28/2014
No

  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 1,650 1,650 0 0 0 0
Annual Time Burden (Hours) 1,000 1,000 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
No
Uncollected
Jeffrey Dorfman 202 622-3870

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
01/31/2014


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