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
⚠️ Notice: This information collection may be outdated. More recent filings for OMB 1545-1051 can be found here:
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
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
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.