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United States Code (Last Updated: May 24, 2014) |
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Title 26. INTERNAL REVENUE CODE |
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SubTitle F. Procedure and Administration |
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Chapter 61. INFORMATION AND RETURNS |
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SubChapter B. Miscellaneous Provisions |
§ 6111. Disclosure of reportable transactions
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(a) In general Each material advisor with respect to any reportable transaction shall make a return (in such form as the Secretary may prescribe) setting forth— (1) information identifying and describing the transaction, (2) information describing any potential tax benefits expected to result from the transaction, and (3) such other information as the Secretary may prescribe. Such return shall be filed not later than the date specified by the Secretary. (b) Definitions For purposes of this section: (1) Material advisor (A) In general The term “material advisor” means any person— (i) who provides any material aid, assistance, or advice with respect to organizing, managing, promoting, selling, implementing, insuring, or carrying out any reportable transaction, and (ii) who directly or indirectly derives gross income in excess of the threshold amount (or such other amount as may be prescribed by the Secretary) for such aid, assistance, or advice. (B) Threshold amount For purposes of subparagraph (A), the threshold amount is— (i) $50,000 in the case of a reportable transaction substantially all of the tax benefits from which are provided to natural persons, and (ii) $250,000 in any other case. (2) Reportable transaction The term “reportable transaction” has the meaning given to such term by section 6707A(c).
(c) Regulations The Secretary may prescribe regulations which provide— (1) that only 1 person shall be required to meet the requirements of subsection (a) in cases in which 2 or more persons would otherwise be required to meet such requirements, (2) exemptions from the requirements of this section, and (3) such rules as may be necessary or appropriate to carry out the purposes of this section.
Prior Provisions
A prior section 6111 was renumbered 6116 of this title.
Amendments
2005—Subsec. (b)(1)(A)(ii). Pub. L. 109–135 substituted “aid, assistance, or advice” for “advice or assistance”.
2004—Pub. L. 108–357 amended section catchline and text generally, substituting provisions relating to disclosure of reportable transactions for provisions relating to registration of tax shelters and inclusion of identification numbers on returns.
1997—Subsecs. (d) to (f). Pub. L. 105–34 added subsec. (d) and redesignated former subsecs. (d) and (e) as (e) and (f), respectively.
1986—Subsec. (c)(2)(A). Pub. L. 99–514, § 1531(a), substituted “350 percent” for “200 percent”.
Subsec. (c)(3)(B)(ii). Pub. L. 99–514, § 201(d)(13), substituted “section 465(b)(3)(C)” for “section 168(e)(4)”.
Subsec. (d)(1)(B). Pub. L. 99–514, § 1899A(54), substituted “subparagraph” for “subpargraph”.
Effective Date Of Amendment
Pub. L. 108–357, title VIII, § 815(c),
Pub. L. 105–34, title X, § 1028(e),
Amendment by section 201(d)(13) of Pub. L. 99–514 applicable to property placed in service after
Amendment by section 201(d)(13) of Pub. L. 99–514 not applicable to any property placed in service before
Pub. L. 99–514, title XV, § 1531(b),
Effective Date
Pub. L. 98–369, div. A, title I, § 141(d),