Amended 2004
- 2004 Pub. L. 108-357 Pub. L. 108–357, § 815(b)(2), substituted “Material advisors of reportable transactions must keep lists of advisees, etc.” for “Organizers and sellers of potentially abusive tax shelters must keep lists of investors” in section catchline.
- 2004 Pub. L. 108-357 Pub. L. 108–357, § 815(b)(3)(A), redesignated subsec. (c) as (b).
Cases: United States v. Arthur Andersen, 273 F. Supp. 2d 955 (N.D. Ill. 2003)
Final rules 4
(a) In general Each material advisor (as defined in section 6111) with respect to any reportable transaction (as defined in section 6707A(c)) shall (whether or not required to file a return under section 6111 with respect to such transaction) maintain (in such manner as the Secretary may by regulations prescribe) a list—
Amended 2004
- 2004 Pub. L. 108-357 Pub. L. 108–357, § 815(b)(2), reenacted heading without change and amended text of subsec. (a) generally, substituting provisions requiring each material advisor to maintain a list identifying each person with respect to whom such advisor acted as a material advisor with respect to a reportable transaction and containing such other information as required by regulations, for provisions requiring any person who organized any potentially abusive tax shelter or sold any interest in such a shelter to maintain a list identifying each person who had been sold an interest in such shelter and containing such other information as required by regulations.
Cited by 5
(1) identifying each person with respect to whom such advisor acted as a material advisor with respect to such transaction, and
(2) containing such other information as the Secretary may by regulations require.
(b) Special rules
Amended 2004
- 2004 Pub. L. 108-357 Pub. L. 108–357, § 815(b)(2), (3)(A), redesignated subsec. (c) as (b) and struck out former subsec. (b), which defined “potentially abusive tax shelter” for purposes of this section.
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(1) Availability for inspection; retention of information on list Any person who is required to maintain a list under subsection (a) (or was required to maintain a list under subsection (a) as in effect before the enactment of the American Jobs Creation Act of 2004)—
Amended 2005
- 2005 Pub. L. 109-135 Pub. L. 109–135, in introductory provisions, inserted “(or was required to maintain a list under subsection (a) as in effect before the enactment of the American Jobs Creation Act of 2004)” after “a list under subsection (a)”.
(A) shall make such list available to the Secretary for inspection upon written request by the Secretary, and
Amended 2004
- 2004 Pub. L. 108-357 Pub. L. 108–357, § 815(b)(3)(B), inserted “written” before “request”.
(B) except as otherwise provided under regulations prescribed by the Secretary, shall retain any information which is required to be included on such list for 7 years.
(2) Lists which would be required to be maintained by 2 or more persons The Secretary may prescribe regulations which provide that, in cases in which 2 or more persons are required under subsection (a) to maintain the same list (or portion thereof), only 1 person shall be required to maintain such list (or portion).
Amended 2004
- 2004 Pub. L. 108-357 Pub. L. 108–357, § 815(b)(3)(C), substituted “may prescribe” for “shall prescribe”.