Federal Register #15451861

IRS Request for Comments on Information Collection: Probable or Prospective Reserves Safe Harbor

This opportunity is a request for public comment from the Internal Revenue Service (IRS), part of the Department of the Treasury, regarding its information collection process for the Probable or Prospective Reserves Safe Harbor: - Government Buyer: - Department of the Treasury - Internal Revenue Service (IRS) - Purpose: - Soliciting feedback on the information collection required for taxpayers electing to use the safe harbor method for estimating probable or prospective oil and gas reserves for cost depletion under Section 611 of the Internal Revenue Code - Scope: - No products, OEMs, or vendors are being procured - The request is strictly for comments on the necessity, accuracy, clarity, and burden of the information collection process - Unique Requirements: - Taxpayers must file an election statement to use the safe harbor method - The IRS is seeking input from the public to improve the collection process - No procurement of goods or services is involved in this notice

Description

The Internal Revenue Service (IRS) is requesting comments on an information collection related to the Probable or Prospective Reserves Safe Harbor. This collection involves taxpayers filing an election statement to use the safe harbor for estimating oil and gas properties' probable or prospective reserves for cost depletion calculations under Section 611 of the Internal Revenue Code. The IRS seeks to assess the impact and minimize the burden of this information collection. Comments are invited on the necessity, accuracy, clarity, and burden of the collection, with a deadline for comments on August 31, 2026.

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