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OMB Control No: 1545-2103	ICR Reference No: 200807-1545-017
Status: Historical Active	Previous ICR Reference No: 200804-1545-013
Agency/Subagency: TREAS/IRS	Agency Tracking No: Projected Release Date 6/1/08
Title: REG-146895-05 - Election to Expense Certain Refineries (NPRM); TD XXXX (Temp. Regs.)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/15/2008
	Date Received in OIRA: 07/15/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2008	6 Months From Approved
Responses	12	0	0
Time Burden (Hours)	120	0	0
Cost Burden (Dollars)	0	0	0

Abstract: The regulations provide guidance with respect to section 179C, which provides a taxpayer can elect to treat 50% of the cost of qualified refiner property as a deductible expense not chargeable to capital account. The taxpayer may not claim a deduction under section 179C for any taxable year unless the taxpayer files a report with the Secretary containing information with respect to the operation of the taxpayers refinery. The report must specify (i) the name and address of the refinery; (ii) which production capacity requirement under section 179C(e) the taxpayers qualified refinery qualifies under; (iii) whether the production capacity requirements of section 179C(e)(1) or 179C(e)(2) have been met. The regulations also provide that if the taxpayer is a cooperative described in section 1381, and one or more persons directly holding an ownership interest in the taxpayer are organizations described in section 1381, the taxpayer/cooperative can elect to allocate all or a portion of the deduction allowable under section 179C to those persons. If the taxpayer cooperative makes such an election, it must provide written notice of the amount of the allocation to any owner receiving an allocation by written notice on Form 1099-PAT Taxable Distributions Received from Cooperatives. The collection of information in the proposed and temporary regulations involves a written notice.

Authorizing Statute(s): US Code: 26 USC 179C Name of Law: Election to expense certain refineries

Citations for New Statutory Requirements: US Code: 26 USC 179C Name of Law: Election to expense certain refineries

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BF06	Final or interim final rulemaking	73 FR 39227	06/09/2008

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
REG-146895-05 - Election to expense certain refineries

ICR Summary of Burden

	Total Approved	Change Due to Agency Discretion
Annual Number of Responses	12	12
Annual Time Burden (Hours)	120	120
Annual Cost Burden (Dollars)	0	0

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: Section 179C of the Internal Revenue Code provides that a taxpayer can elect to treat 50% of the cost of qualified refinery property as a deductible expense not chargeable to capital account. The taxpayer makes an election under section 179C by entering the amount of the deduction at the appropriate place on the taxpayers timely filed original federal income tax return for the taxable year in which the qualified refinery property is placed in service and by attaching a report specifying (a) the name and address of the refinery and (b) the production capacity requirement under which the refinery qualifies. If the taxpayer making the expensing election described above is a cooperative described in section 1381, and one or more persons directly holding an ownership interest in the taxpayer are organizations described in section 1381, the taxpayer can elect to allocate all or a portion of the deduction allowable under section 179C to those persons. The allocation must be equal to the persons ratable share of the total amount allocated, determined on the basis of the persons ownership interest in the taxpayer/cooperative. If the taxpayer/cooperative makes such an election, it must provide written notice of the amount of the allocation to any owner receiving an allocation by written notice on Form 1099-PAT Taxable Distributions Received from Cooperatives. This notice must be provided before the due date (including extensions) of the cooperative owners federal income tax return for the taxable year for which the election applies.

Annual Cost to Federal Government: $0

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]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Philip Tiegerman 202 927-9524 philip.tiegerman@irscounsel.treas.gov

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