26 U.S.C. § 6111 — Disclosure of reportable transactions
submitted 42 years ago by Pub. L. 98-369 to r/title-26-INTERNAL-REVENUE-CODE · 270 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
Each material advisor with respect to any reportable transaction shall make a return (in such form as the Secretary* may prescribe) setting forth—
information identifying and describing the transaction,
information describing any potential tax benefits expected to result from the transaction, and
such other information as the Secretary may prescribe.
Such return shall be filed not later than the date specified by the Secretary.
For purposes of this section:
The term “material advisor” means any person—
who provides any material aid, assistance, or advice with respect to organizing, managing, promoting, selling, implementing, insuring, or carrying out any reportable transaction, and
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.
For purposes of subparagraph (A), the threshold amount is—
$50,000 in the case of a reportable transaction substantially all of the tax benefits from which are provided to natural persons, and
$250,000 in any other case.
The term “reportable transaction” has the meaning given to such term by section 6707A(c).
The Secretary may prescribe regulations which provide—
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,
exemptions from the requirements of this section, and
such rules as may be necessary or appropriate to carry out the purposes of this section.
Source credit: (Added Pub. L. 98–369, div. A, title I, § 141(a), July 18, 1984, 98 Stat. 677; amended Pub. L. 99–514, title II, § 201(d)(13), title XV, § 1531(a), title XVIII, § 1899A(54), Oct. 22, 1986, 100 Stat. 2142, 2749, 2961; Pub. L. 105–34, title X, § 1028(a), Aug. 5, 1997, 111 Stat. 926; Pub. L. 108–357, title VIII, § 815(a), Oct. 22, 2004, 118 Stat. 1581; Pub. L. 109–135, title IV, § 412(zz), Dec. 21, 2005, 119 Stat. 2641.)
- 1984Enacted · Pub. L. 98-369 · 98 Stat. 677
- 1986Amended · Pub. L. 99-514 · 100 Stat. 2142, 2749, 2961
- 1997Amended · Pub. L. 105-34 · 111 Stat. 926
- 2004Amended · Pub. L. 108-357 · 118 Stat. 1581
- 2005Amended · Pub. L. 109-135 · 119 Stat. 2641
A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-369 on 1984-07-18.
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