I.R.C. § 6112(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—
I.R.C. § 6112(a)(1) —
identifying each person with respect to whom such advisor acted as a material advisor
with respect to such transaction, and
I.R.C. § 6112(a)(2) —
containing such other information as the Secretary may by regulations require.
I.R.C. § 6112(b) Special Rules
I.R.C. § 6112(b)(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)—
I.R.C. § 6112(b)(1)(A) —
shall make such list available to the Secretary for inspection upon written request
by the Secretary, and
I.R.C. § 6112(b)(1)(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.
I.R.C. § 6112(b)(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).
(Added Pub. L. 98-369, div. A, title I, 142(a), July 18, 1984, 98 Stat. 681; amended by Pub. L. 108-357, title VIII, 815(b), Oct.
22, 2004, 118 Stat. 1418; Pub. L. 109-135, title IV, 403(z), Dec. 21, 2005, 119 Stat. 2577.)
BACKGROUND NOTES
AMENDMENTS
2005 - Subsec. (b)(1). Pub. L. 109-135, Sec. 403(z), amended par. (1) by inserting “(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)”.
2004 - Sec. 6112. Pub. L. 108-357, Sec. 815(b)(2), amended so much of section 6112 as precedes subsec. (c). Before being amended it
read as follows:
“Sec. 6112. Organizers and sellers of potentially abusive tax shelters must keep lists
of investors
“(a) In general
“Any person who--
“(1) organizes any potentially abusive tax shelter, or
“(2) sells any interest in such a shelter, shall maintain (in such manner as the Secretary
may by regulations prescribe) a list identifying each person who was sold an interest
in such shelter and containing such other information as the Secretary may by regulations
require.
“(b) Potentially abusive tax shelter
“For purposes of this section, the term “potentially abusive tax shelter” means--
“(1) any tax shelter (as defined in section 6111) with respect to which registration
is required under section 6111, and
“(2) any entity, investment plan or arrangement, or other plan or arrangement which
is of a type which the Secretary determines by regulations as having a potential for
tax avoidance or evasion.”
Subsec. (c). Pub. L. 108-357, Sec. 815(b)(3), redesignated subsec. (c) as subsec. (b).
Subsec. (b)(1)-(2), as redesignated. Pub. L. 108-357, Sec. 815(b)(3), amended par. (1) by inserting “written” before request and amended
par. (2) by substituting “may prescribe” for “shall prescribe”.
EFFECTIVE DATE OF 2005 AMENDMENT
Amendment by Sec. 403(z) of Pub. L. 109-135 effective as if included in the provisions of the American Jobs Creation Act of 2004
[Pub. L. 108-357, Sec. 815] to which it relates.
EFFECTIVE DATE OF 2004 AMENDMENTS
Amendments by Sec. 815(c) of Pub. L. 108-357 effective for transactions with respect to which material aid, assistance, or advice
referred to in section 6111(b)(1)(A)(i)
of the Internal Revenue Code of 1986 (as added by this section) is provided after the date of the enactment of
this Act
[Enacted: Oct. 22, 2004].
EFFECTIVE DATE
Section 142(d) of Pub. L. 98-369 provided that: “The amendments made by this section [enacting sections 6112 and 6708
of this title and redesignating former section 6112 as 6113 of this title] shall apply
to any interest which is first sold to any investor after August 31, 1984.”
PRIOR PROVISION
A prior section 6112 was renumbered 6115.
