§6707 — Failure to furnish information regarding reportable transactions
107 citing cases
Statute Text — 26 U.S.C. §6707
If a person who is required to file a return under section 6111(a) with respect to any reportable transaction—
fails to file such return on or before the date prescribed therefor, or
files false or incomplete information with the Secretary with respect to such transaction,
such person shall pay a penalty with respect to such return in the amount determined under subsection (b).
Except as provided in paragraph (2), the penalty imposed under subsection (a) with respect to any failure shall be $50,000.
The penalty imposed under subsection (a) with respect to any listed transaction shall be an amount equal to the greater of—
$200,000, or
50 percent of the gross income derived by such person with respect to aid, assistance, or advice which is provided with respect to the listed transaction before the date the return is filed under section 6111.
Subparagraph (B) shall be applied by substituting “75 percent” for “50 percent” in the case of an intentional failure or act described in subsection (a).
The provisions of section 6707A(d) (relating to authority of Commissioner to rescind penalty) shall apply to any penalty imposed under this section.
For purposes of this section, the terms “reportable transaction” and “listed transaction” have the respective meanings given to such terms by section 6707A(c).
Treasury Regulations
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Treas. Reg. §301.6707-1Failure to furnish information regarding reportable transactions
(a)(1) In general. A material advisor who is required to file a return under section 6111(a) of the Internal Revenue Code (Code) with respect to any reportable transaction who fails to file a timely return in accordance with § 301.6111-3(e) or who files a return with false or incomplete information with respect to the reportable transaction will be subject to a penalty. A material advisor who fails to file a timely return or who files a false or incomplete return with respect to more than one reportable transaction will be subject to a separate section 6707 penalty for each transaction.
(i) Reportable transactions. The amount of the penalty for failing to timely file a return under section 6111(a), or filing the return with false or incomplete information with respect to any reportable transaction other than a listed transaction is $50,000.
(ii) Listed transactions. (A) In general. The amount of the penalty for failing to timely file a return under section 6111(a), or filing the return with false or incomplete information with respect to a listed transaction is the greater of $200,000 or 50 percent of the gross income derived by the material advisor with respect to aid, assistance, or advice that is provided with respect to the listed transaction before the date the return is filed under section 6111.
(B) Intentional action or failure. If the failure or action subject to the penalty is with respect to a listed transaction and is intentional, the penalty is the greater of $200,000 or 75 percent of the gross income derived by the material advisor with respect to aid, assistance, or advice that is provided with respect to the listed transaction before the date the return is filed under section 6111.
(C) Transaction that is both a listed transaction and reportable transaction other than a listed transaction. In the case of a penalty imposed under section 6707 with respect to a transaction that is both a listed transaction and a reportable transaction other than a listed transaction, the penalty under this paragraph (a)(1)(ii), and not the penalty under paragraph (a)(1)(i) of this section, will apply.
(2) Gross income derived by the material advisor. For purposes of calculating the amount of the penalty with respect to a listed transaction, the gross income derived by the material advisor will be determined in accordance with § 301.6111-3(b)(3)(ii) of this chapter. If a person is a material advisor with regard to more than one type of listed transaction, the gross income derived from each type of listed transaction will be considered separately and will not be aggregated to determine the amount of any section 6707 penalty for failing to make a proper return under section 6111(a). Further, only gross income derived from listed transactions for which the advisor is a material advisor under section 6111 is taken into account for purposes of computing the penalty.
(b) Definitions—(1) Derive. The term “derive” is defined in § 301.6111-3(c)(3).
(2) False information. For purposes of this section, the term “false information” means information provided on a Form 8918, “Material Advisor Disclosure Statement” (or successor form), filed with the Internal Revenue Service (IRS) that is untrue or incorrect when the Form 8918 (or successor form) was filed. False information does not include information provided on a Form 8918 (or successor form) filed with the IRS that is immaterial or that is untrue or incorrect due to a mistake or accident after the exercise of reasonable care.
(3) Incomplete information. For purposes of this section, the term “incomplete information” means a Form 8918 (or successor form) filed with the IRS that does not provide the information required under § 301.6111-3(d). A Form 8918 (or successor form) filed with the IRS will not be considered incomplete when the information not provided on the form is immaterial or was not provided due to mistake or accident after the exercise of reasonable care. Whether information is immaterial will be determined based upon the facts and circumstances surrounding each failure to file or filing of an incomplete return. A material advisor who completes the form to the best of the material advisor's ability and knowledge after the exercise of reasonable effort to obtain the information will not be considered to have filed incomplete information within the meaning of this section. A Form 8918 (or successor form) will be considered to provide incomplete information when it omits information required to be provided under § 301.6111-3(d) or contains a statement that the omitted information will be provided upon request.
(4) Intentional. For purposes of this section, the failure to timely file a return or the submission of a return with false or incomplete information is intentional if—
(i) The material advisor knew of the obligation to file a return and knowingly did not timely file a return with the IRS; or
(ii) The material advisor filed a return knowing that it was false or incomplete.
(5) Listed transaction. The term “listed transaction” is defined in section 6707A(c)(2) of the Code and § 1.6011-4(b)(2) of this chapter.
(6) Material Advisor. The term “material advisor” is defined in section 6111(b)(1) of the Code and § 301.6111-3(b).
(7) Reportable transaction. The term “reportable transaction” is defined in section 6707A(c)(1) of the Code and § 1.6011-4(b)(1) of this chapter.
(c) Assessment of penalty—(1) Intentional failure determined based on all the facts and circumstances. Whether a material advisor intentionally failed to timely file a return or intentionally filed a false or incomplete return will be determined based upon all the facts and circumstances surrounding the non-filing or filing of a false and/or incomplete return. The higher penalty under the flush language of section 6707(b)(2) will not apply to any material advisor whose failure to timely file or whose furnishing of false or incomplete information was unintentional. The failure to timely file a return, or filing a return with false or incomplete information, will be considered unintentional if the material advisor subsequently files a true and complete return prior to the earlier of the date that any taxpayer files a Form 8886, “Reportable Transaction Disclosure Statement” (or successor form) identifying the material advisor with respect to the reportable transaction in question, or the date the IRS contacts the material advisor concerning the reportable transaction.
(2) Individual liability in the case of more than one material advisor. If there is more than one material advisor who is responsible for filing a return under section 6111 with respect to the same reportable transaction, a separate penalty under section 6707 may be assessed against each material advisor who fails to timely file or files a return with false or incomplete information. The determination of whether the failure or action subject to the penalty is intentional will be made individually for each material advisor.
(3) Designation agreements. A material advisor who is required to file a return under section 6111 and who is a party to a designation agreement within the meaning of § 301.6111-3(f) is subject to a penalty under section 6707 if the designated material advisor fails to file a return timely or files a return with false or incomplete information. In the case of a listed transaction, if the designated material advisor fails to file a return timely, or files a return with false or incomplete information, the nondesignated material advisor who is a party to the designation agreement will not be treated as intentionally failing to file the return, or intentionally filing a return with false or incomplete information, unless the nondesignated material advisor knew or should have known that the designated material advisor would fail to file a true and complete return timely.
(d) Examples. The rules of paragraphs (a) through (c) of this section are illustrated by the following examples:
(e) Rescission authority—(1) In general. The Commissioner (or the Commissioner's delegate) may rescind the section 6707 penalty if—
(i) The violation relates to a reportable transaction that is not a listed transaction; and
(ii) Rescinding the penalty would promote compliance with the requirements of the Code and effective tax administration.
(2) Requesting rescission. The Secretary may prescribe the procedures for a material advisor to request rescission of a section 6707 penalty by guidance published in the Internal Revenue Bulletin.
(3) Factors that weigh in favor of granting rescission. In determining whether rescission would promote compliance with the requirements of the Code and effective tax administration, the Commissioner (or the Commissioner's delegate) will take into account the following list of factors that weigh in favor of granting rescission. This is not an exclusive list, and no single factor will be determinative of whether to grant rescission in any particular case. Rather, the Commissioner (or the Commissioner's delegate) will consider and weigh all relevant factors, regardless of whether the factor is included in this list.
(i) The material advisor, upon becoming aware of the failure to disclose a reportable transaction in accordance with section 6111 and the regulations thereunder, filed a complete and proper, albeit untimely, Form 8918 (or successor form). This factor weighs in favor of rescission if circumstances suggest that the material advisor did not delay in filing an untimely but properly completed Form 8918 (or successor form) until after the IRS had taken steps to identify the person as a material advisor with respect to the reportable transaction. For instance, this factor will weigh strongly in favor of rescission if the material advisor files the Form 8918 (or successor form) prior to the date the IRS contacts the material advisor concerning the reportable transaction. However, this factor will not weigh in favor of rescission if the facts and circumstances indicate that the material advisor delayed filing the Form 8918 (or successor form) until after a taxpayer files a Form 8886 (or successor form) identifying the material advisor with respect to the reportable transaction in question.
(ii) The material advisor's failure to disclose the reportable transaction properly was due to an unintentional mistake of fact that existed despite the material advisor's reasonable attempts to ascertain the correct facts with respect to the transaction.
(iii) The material advisor has an established history of properly disclosing other reportable transactions and complying with other tax laws, including compliance with any requests made by the IRS under section 6112, if applicable.
(iv) The material advisor demonstrates that the failure to include on any return or statement any information required to be disclosed under section 6111 arose from events beyond the material advisor's control.
(v) The material advisor cooperates with the IRS by providing timely information with respect to the transaction at issue that the Commissioner (or the Commissioner's delegate) may request in consideration of the rescission request. In considering whether a material advisor cooperates with the IRS, the Commissioner (or the Commissioner's delegate) will take into account whether the material advisor meets the deadlines described in guidance published in the Internal Revenue Bulletin for complying with requests for additional information.
(vi) Assessment of the penalty weighs against equity and good conscience, including whether the material advisor demonstrates that there was reasonable cause for, and the material advisor acted in good faith with respect to, the failure to timely file or to include on any return any information required to be disclosed under section 6111. An important factor in determining reasonable cause and good faith is the extent of the material advisor's efforts to determine whether there was a requirement to file the return required under section 6111. The presence of reasonable cause, however, will not necessarily be determinative of whether to grant rescission.
(4) Absence of favorable factors weighs against rescission. The absence of facts establishing the factors described in paragraph (e)(3) of this section weighs against granting rescission. The presence or absence of any one of these factors, however, will not necessarily be determinative of whether to grant rescission; rather the determination will be made in consideration of all of the factors and any other facts and circumstances.
(5) Factors not considered. In determining whether to grant rescission, the Commissioner (or the Commissioner's delegate) will not consider doubt as to collectability of, or liability for, the penalties (except that the Commissioner (or the Commissioner's delegate) may consider doubt as to liability to the extent it is a factor in the determination of reasonable cause and good faith).
(f) Effective/applicability date. The rules of this section apply to returns the due date for which is after July 31, 2014.
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Treas. Reg. §301.6707-1(a)§301.6707-1(a)
(1) In general. A material advisor who is required to file a return under section 6111(a) of the Internal Revenue Code (Code) with respect to any reportable transaction who fails to file a timely return in accordance with § 301.6111-3(e) or who files a return with false or incomplete information with respect to the reportable transaction will be subject to a penalty. A material advisor who fails to file a timely return or who files a false or incomplete return with respect to more than one reportable transaction will be subject to a separate section 6707 penalty for each transaction.
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Treas. Reg. §301.6707-1(b)Definitions—(1) Derive.
Definitions—(1) Derive. The term “derive” is defined in § 301.6111-3(c)(3).
(2) False information. For purposes of this section, the term “false information” means information provided on a Form 8918, “Material Advisor Disclosure Statement” (or successor form), filed with the Internal Revenue Service (IRS) that is untrue or incorrect when the Form 8918 (or successor form) was filed. False information does not include information provided on a Form 8918 (or successor form) filed with the IRS that is immaterial or that is untrue or incorrect due to a mistake or accident after the exercise of reasonable care.
(3) Incomplete information. For purposes of this section, the term “incomplete information” means a Form 8918 (or successor form) filed with the IRS that does not provide the information required under § 301.6111-3(d). A Form 8918 (or successor form) filed with the IRS will not be considered incomplete when the information not provided on the form is immaterial or was not provided due to mistake or accident after the exercise of reasonable care. Whether information is immaterial will be determined based upon the facts and circumstances surrounding each failure to file or filing of an incomplete return. A material advisor who completes the form to the best of the material advisor's ability and knowledge after the exercise of reasonable effort to obtain the information will not be considered to have filed incomplete information within the meaning of this section. A Form 8918 (or successor form) will be considered to provide incomplete information when it omits information required to be provided under § 301.6111-3(d) or contains a statement that the omitted information will be provided upon request.
(4) Intentional. For purposes of this section, the failure to timely file a return or the submission of a return with false or incomplete information is intentional if—
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Treas. Reg. §301.6707-1(c)Assessment of penalty—(1) Intentional failure determined based on all the facts and circumstances.
Assessment of penalty—(1) Intentional failure determined based on all the facts and circumstances. Whether a material advisor intentionally failed to timely file a return or intentionally filed a false or incomplete return will be determined based upon all the facts and circumstances surrounding the non-filing or filing of a false and/or incomplete return. The higher penalty under the flush language of section 6707(b)(2) will not apply to any material advisor whose failure to timely file or whose furnishing of false or incomplete information was unintentional. The failure to timely file a return, or filing a return with false or incomplete information, will be considered unintentional if the material advisor subsequently files a true and complete return prior to the earlier of the date that any taxpayer files a Form 8886, “Reportable Transaction Disclosure Statement” (or successor form) identifying the material advisor with respect to the reportable transaction in question, or the date the IRS contacts the material advisor concerning the reportable transaction.
(2) Individual liability in the case of more than one material advisor. If there is more than one material advisor who is responsible for filing a return under section 6111 with respect to the same reportable transaction, a separate penalty under section 6707 may be assessed against each material advisor who fails to timely file or files a return with false or incomplete information. The determination of whether the failure or action subject to the penalty is intentional will be made individually for each material advisor.
(3) Designation agreements. A material advisor who is required to file a return under section 6111 and who is a party to a designation agreement within the meaning of § 301.6111-3(f) is subject to a penalty under section 6707 if the designated material advisor fails to file a return timely or files a return with false or incomplete information. In the case of a listed transaction, if the designated material advisor fails to file a return timely, or files a return with false or incomplete information, the nondesignated material advisor who is a party to the designation agreement will not be treated as intentionally failing to file the return, or intentionally filing a return with false or incomplete information, unless the nondesignated material advisor knew or should have known that the designated material advisor would fail to file a true and complete return timely.
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Treas. Reg. §301.6707-1(d)Examples.
Examples. The rules of paragraphs (a) through (c) of this section are illustrated by the following examples:
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Treas. Reg. §301.6707-1(e)Rescission authority—(1) In general.
Rescission authority—(1) In general. The Commissioner (or the Commissioner's delegate) may rescind the section 6707 penalty if—
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Treas. Reg. §301.6707-1(f)Effective/applicability date.
Effective/applicability date. The rules of this section apply to returns the due date for which is after July 31, 2014.
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Treas. Reg. §301.6707-1(i)The material advisor, upon becoming aware of the failure to disclose a reportable transaction in accordance with section 6111 and the regulations thereunder, filed a complete and proper, albeit untimely, Form 8918 (or successor form).
The material advisor, upon becoming aware of the failure to disclose a reportable transaction in accordance with section 6111 and the regulations thereunder, filed a complete and proper, albeit untimely, Form 8918 (or successor form). This factor weighs in favor of rescission if circumstances suggest that the material advisor did not delay in filing an untimely but properly completed Form 8918 (or successor form) until after the IRS had taken steps to identify the person as a material advisor with respect to the reportable transaction. For instance, this factor will weigh strongly in favor of rescission if the material advisor files the Form 8918 (or successor form) prior to the date the IRS contacts the material advisor concerning the reportable transaction. However, this factor will not weigh in favor of rescission if the facts and circumstances indicate that the material advisor delayed filing the Form 8918 (or successor form) until after a taxpayer files a Form 8886 (or successor form) identifying the material advisor with respect to the reportable transaction in question.
(ii) The material advisor's failure to disclose the reportable transaction properly was due to an unintentional mistake of fact that existed despite the material advisor's reasonable attempts to ascertain the correct facts with respect to the transaction.
(iii) The material advisor has an established history of properly disclosing other reportable transactions and complying with other tax laws, including compliance with any requests made by the IRS under section 6112, if applicable.
(iv) The material advisor demonstrates that the failure to include on any return or statement any information required to be disclosed under section 6111 arose from events beyond the material advisor's control.
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Treas. Reg. §301.6707-1(v)The material advisor cooperates with the IRS by providing timely information with respect to the transaction at issue that the Commissioner (or the Commissioner's delegate) may request in consideration of the rescission request.
The material advisor cooperates with the IRS by providing timely information with respect to the transaction at issue that the Commissioner (or the Commissioner's delegate) may request in consideration of the rescission request. In considering whether a material advisor cooperates with the IRS, the Commissioner (or the Commissioner's delegate) will take into account whether the material advisor meets the deadlines described in guidance published in the Internal Revenue Bulletin for complying with requests for additional information.
(vi) Assessment of the penalty weighs against equity and good conscience, including whether the material advisor demonstrates that there was reasonable cause for, and the material advisor acted in good faith with respect to, the failure to timely file or to include on any return any information required to be disclosed under section 6111. An important factor in determining reasonable cause and good faith is the extent of the material advisor's efforts to determine whether there was a requirement to file the return required under section 6111. The presence of reasonable cause, however, will not necessarily be determinative of whether to grant rescission.
(4) Absence of favorable factors weighs against rescission. The absence of facts establishing the factors described in paragraph (e)(3) of this section weighs against granting rescission. The presence or absence of any one of these factors, however, will not necessarily be determinative of whether to grant rescission; rather the determination will be made in consideration of all of the factors and any other facts and circumstances.
(5) Factors not considered. In determining whether to grant rescission, the Commissioner (or the Commissioner's delegate) will not consider doubt as to collectability of, or liability for, the penalties (except that the Commissioner (or the Commissioner's delegate) may consider doubt as to liability to the extent it is a factor in the determination of reasonable cause and good faith).
107 Citing Cases
In Goddard the IRS assessed penalties under then section 6707 against two taxpayers.
The FPAA also asserts that the 20% penalty under section 6662A for underpayments of tax attributable to reportable transactions under section 6707A(c) is applicable to Mill Road 36.
Court of Appeals for the Ninth Circuit recently considered this question in the context of an assessable penalty under section 6707A, which, as the Ninth Circuit noted, is not subject to the Code’s deficiency procedures.
2022) (finding agent’s timely approval where supervisor signed approval nearly three months after revenue agent’s formal communication of proposed section 6707A penalty but before assessment), rev’g and remanding 154 T.C.
In determining whether the taxpayer had a prior opportunity to dispute his liability, the regulations distinguish between liabilities that are subject to deficiency procedures and those that are not. Where the assessments against the taxpayer are assessable penalties like pre- AJCA section 6707 penalties, the Commissioner issues no notice of deficiency because the deficiency procedures do not apply.
Unlike interpretative rules, legislative rules have the force and effect of law. Id. at 96. The Sixth Circuit recently addressed respondent’s first argument, finding Notice 2007-83, entitled “Abusive Trust Arrangements Utilizing Cash Value Life Insurance Policies Purportedly to Provide Welfare Benefits,” to be a legislative rule requiring the IRS to comply with notice-and-comment requirements under the APA. Mann Constr., Inc., 27 F.4th at 1143–44. Like the Sixth Circuit, we find Notice 2017-10 t
In considering supervisory approval of an assessable penalty under section 6707A, the Court of Appeals for the Ninth Circuit construed section 6751(b)(1) differently from the Tax Court, so that the burden on the IRS was less demanding.
Laidlaw’s Harley Davidson concerned when section 6751(b) requires supervisory approval for assessable penalties under section 6707A and concluded that approval can be timely provided just before their assessment.
In Laidlaw’s Harley Davidson, the Commissioner determined a section 6707A penalty against the taxpayer for failure to properly disclose a reportable transaction.
. This product was fairly short lived because the IRS learned about such deals and made them a listed transaction.17 See Rev. Rul. 2003-6, 2003-1 C.B. 286. 17 A listed transaction is one that has been identified as a “tax avoidance transaction.” See sec. 6707A(c)(2). Taxpayers are required to disclose these transactions on their returns, and promoters of these transactions must register them with the IRS. Schwab v. Commissioner, 136 T.C. 120, 123 (2011), aff’d, 715 F.3d 1169 (9th Cir. 2013). - 2
. This product was fairly short lived because the IRS learned about such deals and made them a listed transaction.17 See Rev. Rul. 2003-6, 2003-1 C.B. 286. 17 A listed transaction is one that has been identified as a “tax avoidance transaction.” See sec. 6707A(c)(2). Taxpayers are required to disclose these transactions on their returns, and promoters of these transactions must register them with the IRS. Schwab v. Commissioner, 136 T.C. 120, 123 (2011), aff’d, 715 F.3d 1169 (9th Cir. 2013). - 2
. This product was fairly short lived because the IRS learned about such deals and made them a listed transaction.17 See Rev. Rul. 2003-6, 2003-1 C.B. 286. 17 A listed transaction is one that has been identified as a “tax avoidance transaction.” See sec. 6707A(c)(2). Taxpayers are required to disclose these transactions on their returns, and promoters of these transactions must register them with the IRS. Schwab v. Commissioner, 136 T.C. 120, 123 (2011), aff’d, 715 F.3d 1169 (9th Cir. 2013). - 2
. This product was fairly short lived because the IRS learned about such deals and made them a listed transaction.17 See Rev. Rul. 2003-6, 2003-1 C.B. 286. 17 A listed transaction is one that has been identified as a “tax avoidance transaction.” See sec. 6707A(c)(2). Taxpayers are required to disclose these transactions on their returns, and promoters of these transactions must register them with the IRS. Schwab v. Commissioner, 136 T.C. 120, 123 (2011), aff’d, 715 F.3d 1169 (9th Cir. 2013). - 2
. This product was fairly short lived because the IRS learned about such deals and made them a listed transaction.17 See Rev. Rul. 2003-6, 2003-1 C.B. 286. 17 A listed transaction is one that has been identified as a “tax avoidance transaction.” See sec. 6707A(c)(2). Taxpayers are required to disclose these transactions on their returns, and promoters of these transactions must register them with the IRS. Schwab v. Commissioner, 136 T.C. 120, 123 (2011), aff’d, 715 F.3d 1169 (9th Cir. 2013). - 2
We hold that the IRS did not comply with that approval requirement, and we will therefore grant LHDS's motion for summaryjudgment.
Exam proposed to assert, under section 6707, penalties totaling $1,608,126 for tax years 1998-2001.
tions. Sections 6671 through 6720 impose assessable penalties for such activities as promoting abusive tax shelters (sec. 6700), aiding and abet- ting understatements oftax (sec. 6701), failing to furnish information about report- able transactions (sec. 6707), and furnishing fraudulent statements to various par- ties (secs. 6690, 6720). And section 6663(a) imposes a civil fraud penalty equal to 75% ofan underpayment oftax due to fraud. These penalties can be extremely large relative to the cond
431 (2009) (considering whether the effective date ofsection 6707A precluded the application ofthe extended limitations period in section 6501(c)(10)).
In that regard, it is instructive to consider the reasons for enacting a "sister" section of6662A, section 6707A, which provides a penalty for failure to disclose reportable transactions: The Committee believes that the best way to combat tax shelters is to be aware ofthem.
Beer in which it seeks to assert against him penalties under section 6707 for failing to file information returns with respect to alleged tax shel- ters.
A listed transaction as defined in section 6707A(c) is a transaction that is the same as or substantially similar to one ofthe types oftransactions that the Commissioner has determined to be a tax avoidance transaction and has identified - 39 - [*39] in a written notice, regulation, or other published guidance as a listed transacti
A listed transaction as defined in section 6707A(c) is a transaction that is the same as or substantially similar to one ofthe types oftransactions that the Commissioner has determined to be a tax avoidance transaction and has identified - 39 - [*39] in a written notice, regulation, or other published guidance as a listed transacti
Beer in which it seeks to assert against him penalties under section 6707 for failing to file information returns with respect to alleged tax shel- ters.
Beer in which it seeks to assert against him penalties under section 6707 for failing to file information returns with respect to alleged tax shel- ters.
urn oftax) and the proper tax treatment ofsuch item. [Sec. 6662A(b)(1).] - 95 - A transaction is a reportable transaction for purposes ofsection 6662A ifit is either a "reportable transaction" or a "listed transaction" as those terms are defined in section 6707A(c). See sec. 6662A(b)(2), (d). As to the latter term, section 6707A(c)(2) generally defines a "listed transaction" as a transaction that is the same as, or substantially similar to, a transaction that the Commissionerhas identified as a
urn oftax) and the proper tax treatment ofsuch item. [Sec. 6662A(b)(1).] - 95 - A transaction is a reportable transaction for purposes ofsection 6662A ifit is either a "reportable transaction" or a "listed transaction" as those terms are defined in section 6707A(c). See sec. 6662A(b)(2), (d). As to the latter term, section 6707A(c)(2) generally defines a "listed transaction" as a transaction that is the same as, or substantially similar to, a transaction that the Commissionerhas identified as a
urn oftax) and the proper tax treatment ofsuch item. [Sec. 6662A(b)(1).] - 95 - A transaction is a reportable transaction for purposes ofsection 6662A ifit is either a "reportable transaction" or a "listed transaction" as those terms are defined in section 6707A(c). See sec. 6662A(b)(2), (d). As to the latter term, section 6707A(c)(2) generally defines a "listed transaction" as a transaction that is the same as, or substantially similar to, a transaction that the Commissionerhas identified as a
urn oftax) and the proper tax treatment ofsuch item. [Sec. 6662A(b)(1).] - 95 - A transaction is a reportable transaction for purposes ofsection 6662A ifit is either a "reportable transaction" or a "listed transaction" as those terms are defined in section 6707A(c). See sec. 6662A(b)(2), (d). As to the latter term, section 6707A(c)(2) generally defines a "listed transaction" as a transaction that is the same as, or substantially similar to, a transaction that the Commissionerhas identified as a
urn oftax) and the proper tax treatment ofsuch item. [Sec. 6662A(b)(1).] - 95 - A transaction is a reportable transaction for purposes ofsection 6662A ifit is either a "reportable transaction" or a "listed transaction" as those terms are defined in section 6707A(c). See sec. 6662A(b)(2), (d). As to the latter term, section 6707A(c)(2) generally defines a "listed transaction" as a transaction that is the same as, or substantially similar to, a transaction that the Commissionerhas identified as a
urn oftax) and the proper tax treatment ofsuch item. [Sec. 6662A(b)(1).] - 95 - A transaction is a reportable transaction for purposes ofsection 6662A ifit is either a "reportable transaction" or a "listed transaction" as those terms are defined in section 6707A(c). See sec. 6662A(b)(2), (d). As to the latter term, section 6707A(c)(2) generally defines a "listed transaction" as a transaction that is the same as, or substantially similar to, a transaction that the Commissionerhas identified as a
urn oftax) and the proper tax treatment ofsuch item. [Sec. 6662A(b)(1).] - 95 - A transaction is a reportable transaction for purposes ofsection 6662A ifit is either a "reportable transaction" or a "listed transaction" as those terms are defined in section 6707A(c). See sec. 6662A(b)(2), (d). As to the latter term, section 6707A(c)(2) generally defines a "listed transaction" as a transaction that is the same as, or substantially similar to, a transaction that the Commissionerhas identified as a
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
We hold that respondent may calculate the amount ofthe penalty using the tax shown on the return giving rise to the violation ofthe disclosure obligation.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
Section 6662A(d) refers us to section 6707A(c)(2) for the definition ofa listed transaction.
6707A(c)(2); see·also BLAK Invs. v: Commissioner, 133 T;C. 431, 445 (2009). Respondent claims that the transaction is substantially similar to the transaction described in Notice 2004-8, supra. The regulations defme the term "substantially similar" as "any transaction that is expected to obtain the same or similar types oftax consequences and
6707A(c)(2); see·also BLAK Invs. v: Commissioner, 133 T;C. 431, 445 (2009). Respondent claims that the transaction is substantially similar to the transaction described in Notice 2004-8, supra. The regulations defme the term "substantially similar" as "any transaction that is expected to obtain the same or similar types oftax consequences and
On- Novemb¯er 17, 2004, Niche sentalettets to the employers participating¿ in the Plan announcing* that the Plan had been split into singlse-employer welfare benefit plans SEPs or individually SEP) . 5 The feasons stated in the ietters for the donversion included more employer control over Plah rassets arid the concern that the Plan mig
supra,: we..conclude that'Benistar' Plan is a listed, transaction under section 6707A(c)(2) .
OPINION HAINES, Judge : This case is before the Court on respondent's motion and petitioner's cross-motion for partial summary judgment filed pursuant to Rule 121 .1 The issues are : (1) Whether the effective date of section 6707A precludes application of section 6501(c)(10) to the transaction at issue ; (2) whether the transaction at issue is a listed transaction ; and (3) whether the period of limitations for assessment of tax resulting from the adjustment of partnership items with respect to
R filed a Motion to Dismiss for Lack of jurisdiction and to Strike as to the Section 6707A Penalties .