2011 US Code
Title 26 - Internal Revenue Code
Subtitle F - Procedure and Administration (§§ 6001 - 7874)
Chapter 61 - INFORMATION AND RETURNS (§§ 6001 - 6117)
Subchapter B - Miscellaneous Provisions (§§ 6101 - 6117)
Section 6111 - Disclosure of reportable transactions
View MetadataPublication Title | United States Code, 2006 Edition, Supplement 5, Title 26 - INTERNAL REVENUE CODE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 26 - INTERNAL REVENUE CODE Subtitle F - Procedure and Administration CHAPTER 61 - INFORMATION AND RETURNS Subchapter B - Miscellaneous Provisions Sec. 6111 - Disclosure of reportable transactions |
Contains | section 6111 |
Date | 2011 |
Laws in Effect as of Date | January 3, 2012 |
Positive Law | No |
Disposition | standard |
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. |
Statutes at Large References | 98 Stat. 677 100 Stat. 2142, 2095 111 Stat. 926 118 Stat. 1581, 1583 119 Stat. 2641 |
Public Law References | Public Law 98-369, Public Law 99-514, Public Law 105-34, Public Law 108-357, Public Law 109-135 |
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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) DefinitionsFor purposes of this section:
(1) Material advisor (A) In generalThe 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 amountFor 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 transactionThe term “reportable transaction” has the meaning given to such term by section 6707A(c).
(c) RegulationsThe 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.
(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.)
Prior ProvisionsA prior section 6111 was renumbered 6116 of this title.
Amendments2005—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 2004 AmendmentPub. L. 108–357, title VIII, §815(c), Oct. 22, 2004, 118 Stat. 1583, provided that: “The amendments made by this section [amending this section and sections 6112 and 6708 of this title] shall apply to 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 [Oct. 22, 2004].”
Effective Date of 1997 AmendmentSection 1028(e) of Pub. L. 105–34 provided that:
“(1)
“(2)
Amendment by section 201(d)(13) of Pub. L. 99–514 applicable to property placed in service after Dec. 31, 1986, in taxable years ending after such date, with exceptions, see sections 203 and 204 of Pub. L. 99–514, set out as a note under section 168 of this title.
Amendment by section 201(d)(13) of Pub. L. 99–514 not applicable to any property placed in service before Jan. 1, 1994, if such property placed in service as part of specified rehabilitations, and not applicable to certain additional rehabilitations, see section 251(d)(2), (3) of Pub. L. 99–514, set out as a note under section 46 of this title.
Section 1531(b) of Pub. L. 99–514 provided that: “The amendment made by this section [amending this section] shall apply to any tax shelter (within the meaning of section 6111 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] as amended by this section) interests in which are first offered for sale after December 31, 1986.”
Effective DateSection 141(d) of Pub. L. 98–369, as amended by Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095, provided that:
“(1)
“(2)
“(3)
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