Approved with the revised instructions submitted November 26, 1991. I is our understanding that the item "total assets" is considered in the targeting of audits. Hereafter, IRS should more clearly explain: 1) the use of statistical information, 2) the unit that will use it, a 3) the nature and currency of the review to ensure that only the minimum information needed will be collected for statistical use. Finally, the instructions should be reorganized to: 1) move the section, "Reasonable Estimates" found on page 4, to the general instructions, and 2) associate the line 7 - line 21 instructions with Part IV of the specific instructions.
Inventory as of this Action
Requested
Previously Approved
10/31/1994
10/31/1994
10/31/1993
75,000
0
75,000
1,279,500
0
1,073,250
0
0
0
FORM 5472 IS USED BY U.S. CORPORATIONS THAT ARE 25 PERCENT FOREIGN OWNED AND BY FOREIGN CORPORATIONS THAT ARE ENGAGED IN A U.S. TRADE OR BUSINESS TO REPORT TRANSACTIONS BETWEEN THEMSELVES AND ANY RELATED FOREIGN PARTY. IRS USES FORM 5472 TO DETERMINE IF INVENTORY OR OTHER COSTS DEDUCTED BY THE U.S. OR FOREIGN CORPORATION ARE CORRECT.
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.
INFORMATION RETURN OF A 25 PERCENT FOREIGN-OWNED U.S. CORPORATION OR FOREIGN CORPORATION ENGAGED IN A U.S. TRADE OR BUSINESS