§6112 — Material advisors of reportable transactions must keep lists of advisees, etc.
16 cases·1 followed·15 cited—6% support
Statute Text — 26 U.S.C. §6112
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—
identifying each person with respect to whom such advisor acted as a material advisor with respect to such transaction, and
containing such other information as the Secretary may by regulations require.
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)—
shall make such list available to the Secretary for inspection upon written request by the Secretary, and
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.
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).
Treasury Regulations
- Treas. Reg. §Treas. Reg. §301.6112-1 Material advisors of reportable transactions must keep lists of advisees, etc
- Treas. Reg. §Treas. Reg. §301.6112-1(a) In general.
- Treas. Reg. §Treas. Reg. §301.6112-1(b) Preparation and maintenance of lists—(1) In general.
- Treas. Reg. §Treas. Reg. §301.6112-1(c) Definitions.
- Treas. Reg. §Treas. Reg. §301.6112-1(d) Retention of lists.
- Treas. Reg. §Treas. Reg. §301.6112-1(e) Furnishing of lists—(1) In general.
- Treas. Reg. §Treas. Reg. §301.6112-1(f) Designation agreements.
- Treas. Reg. §Treas. Reg. §301.6112-1(g) Effective/applicability date.
- Treas. Reg. §Treas. Reg. §301.6112-1(i) Statement.
16 Citing Cases
As with the disclosure under section 6111, the information required to be maintained as part of these lists under section 6112 is substantial.
orary Proced. & Admin. Regs., 49 Fed. Reg. 34201 (Aug. 29, 1984). Persons who failed to comply with these re- quirements could be liable for penalties under sections 6707 (for failure to comply with section 6111) and 6708 (for failure to comply with section 6112). The IRS prepared a report on Form 886-A, Explanation ofItems, setting forth its conclusions concerning Mr. Beer's affiliation with Bricolage Capital, LLC (one ofthe partnerships), and his alleged promotion oftax shelters in connec- tio
orary Proced. & Admin. Regs., 49 Fed. Reg. 34201 (Aug. 29, 1984). Persons who failed to comply with these re- quirements could be liable for penalties under sections 6707 (for failure to comply with section 6111) and 6708 (for failure to comply with section 6112). The IRS prepared a report on Form 886-A, Explanation ofItems, setting forth its conclusions concerning Mr. Beer's affiliation with Bricolage Capital, LLC (one ofthe partnerships), and his alleged promotion oftax shelters in connec- tio
orary Proced. & Admin. Regs., 49 Fed. Reg. 34201 (Aug. 29, 1984). Persons who failed to comply with these re- quirements could be liable for penalties under sections 6707 (for failure to comply with section 6111) and 6708 (for failure to comply with section 6112). The IRS prepared a report on Form 886-A, Explanation ofItems, setting forth its conclusions concerning Mr. Beer's affiliation with Bricolage Capital, LLC (one ofthe partnerships), and his alleged promotion oftax shelters in connec- tio
statement for any taxable year any information with respect to a listed transaction (as defined in section 6707A(c)(2)) which is required under section 6011 to be included with such return or statement, the time for assessment of any tax imposed by this title with respect to such transaction shall not expire before the date which is 1 year after the earlier of-- (A) the date on which the Secreta
Procedural History On October 13, 2006, respondent issued the partnership a notice of final partnership administrative adjustment (fpaa). Respondent determined that the partnership was a sham, was formed and availed of solely for the purpose of overstating the bases of partnership interests, and lacked economic substance. Respondent