Rev. Proc. 99-17 - Mark to Market Election for Commodities Dealers and Securities and Commodities Traders

ICR 201808-1545-002

OMB: 1545-1641

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2018-09-25
ICR Details
1545-1641 201808-1545-002
Active 201411-1545-055
TREAS/IRS
Rev. Proc. 99-17 - Mark to Market Election for Commodities Dealers and Securities and Commodities Traders
Extension without change of a currently approved collection   No
Regular
Approved without change 02/27/2019
Retrieve Notice of Action (NOA) 11/30/2018
OMB understands that the IRS is currently in the process of revising the methodology it uses to estimate burden and costs. OMB expects that future ICRs under this OMB control number will include dollar estimates of annual burden costs to taxpayers calculated using this revised methodology.
  Inventory as of this Action Requested Previously Approved
02/28/2022 36 Months From Approved 02/28/2019
1,000 0 1,000
500 0 500
0 0 0

The revenue procedure prescribes the time and manner for dealers in commodities and traders in securities or commodities to elect to use the mark-to-market method of accounting under Sec. 475(e) or (f) of the Internal Revenue Code. The collections of information of this revenue procedure are required by the IRS in order to facilitate monitoring taxpayers changing accounting methods resulting from making the elections under Sec. 475(e) or (f).

US Code: 26 USC 475 Name of Law: Mark to market accounting method for dealers in securities
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
  
None

Not associated with rulemaking

  83 FR 20143 05/07/2018
83 FR 61722 11/30/2018
No

1
IC Title Form No. Form Name
Rev. Proc. 99-17 Mark to Market Election for Commodities Dealers and Securities and Commodities Traders

  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 1,000 1,000 0 0 0 0
Annual Time Burden (Hours) 500 500 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    No
    No
No
No
No
Uncollected
Marsha Sabin 202 622-3950 marsha.a.sabin@irscounsel.treas.gov

  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.
11/30/2018


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