§ 6112. Material advisors of reportable transactions must keep lists of advisees, etc.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1984

   Tax Reform Act of 1984

   Pub. L. 98–369 div. A title I § 142(a) · 98 Stat. 494

   Enacted · 26 U.S.C. § 6112

   Added Pub. L. 98–369, div. A, title I, § 142(a), July 18, 1984, 98 Stat. 681

   Source evidence

   Code source credit
   Added Pub. L. 98–369, div. A, title I, § 142(a), July 18, 1984, 98 Stat. 681

   Enacted provision · exact public law section
   (a) In General.— Subchapter B of chapter 61 (relating to miscellaneous provisions involving information and returns) is amended by redesignating section 6112 as section 6113 and by inserting after Ante, p. 677. 26 USC 6113. section 6111 the following new section: “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 Ante, p. 677. 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. “(c) Special Rules.— “(1) Availability for inspection; retention of information on list.— Any person who is required to maintain a list under subsection (a)— “(A) shall make such list available to the Secretary for inspection upon request by the Secretary, and “(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. “(2) Lists which would be required to be maintained by 2 or more persons.— The Secretary shall prescribe regulations 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).”

2. 2004

   Pub. L. 108–357 § 815(b)(2) · 118 Stat. 1418

   Substituted · 26 U.S.C. § 6112

   Pub. L. 108–357, § 815(b)(2), substituted “Material advisors of reportable transactions must keep lists of advisees, etc.” for “Organizers and sellers of potentially abusive tax shelters must keep lists of investors” in section catchline

   Source evidence

   Code amendment note
   Pub. L. 108–357, § 815(b)(2), substituted “Material advisors of reportable transactions must keep lists of advisees, etc.” for “Organizers and sellers of potentially abusive tax shelters must keep lists of investors” in section catchline.

   Enacted provision · exact public law section
   (2) So much of section 6112 as precedes subsection (c) thereof is amended to read as follows: “SEC. 6112. MATERIAL ADVISORS OF REPORTABLE TRANSACTIONS MUST KEEP LISTS OF ADVISEES, ETC. “(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— “(1) identifying each person with respect to whom such advisor acted as a material advisor with respect to such transaction, and “(2) containing such other information as the Secretary may by regulations require.” .

   Effective date note
   Amendment by Pub. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108–357, to which such amendment relates, see section 403(nn) of Pub. L. 109–135, set out as a note under section 26 of this title.

3. 2004

   Pub. L. 108–357 § 815(b)(2) · 118 Stat. 1418

   1. Amended · 26 U.S.C. § 6112(a)

      Pub. L. 108–357, § 815(b)(2), reenacted heading without change and amended text of subsec. (a) generally

   2. Substituted · 26 U.S.C. § 6112(a)

      Pub. L. 108–357, § 815(b)(2), reenacted heading without change and substituting provisions requiring each material advisor to maintain a list identifying each person with respect to whom such advisor acted as a material advisor with respect to a reportable transaction and containing such other information as required by regulations, for provisions requiring any person who organized any potentially abusive tax shelter or sold any interest in such a shelter to maintain a list identifying each person who had been sold an interest in such shelter and containing such other information as required by regulations

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 108–357, § 815(b)(2), reenacted heading without change and amended text of subsec. (a) generally, substituting provisions requiring each material advisor to maintain a list identifying each person with respect to whom such advisor acted as a material advisor with respect to a reportable transaction and containing such other information as required by regulations, for provisions requiring any person who organized any potentially abusive tax shelter or sold any interest in such a shelter to maintain a list identifying each person who had been sold an interest in such shelter and containing such other information as required by regulations.

   Enacted provision · exact public law section
   (2) So much of section 6112 as precedes subsection (c) thereof is amended to read as follows: “SEC. 6112. MATERIAL ADVISORS OF REPORTABLE TRANSACTIONS MUST KEEP LISTS OF ADVISEES, ETC. “(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— “(1) identifying each person with respect to whom such advisor acted as a material advisor with respect to such transaction, and “(2) containing such other information as the Secretary may by regulations require.” .

   Effective date note
   Amendment by Pub. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108–357, to which such amendment relates, see section 403(nn) of Pub. L. 109–135, set out as a note under section 26 of this title.

4. 2004

   Pub. L. 108–357 § 815(b)(2) · 118 Stat. 1418

   1. Redesignated · 26 U.S.C. § 6112(b)

      Pub. L. 108–357, § 815(b)(2), (3)(A), redesignated subsec. (c) as (b)

   2. Struck · 26 U.S.C. § 6112(b)

      Pub. L. 108–357, § 815(b)(2), (3)(A), struck out former subsec. (b), which defined “potentially abusive tax shelter” for purposes of this section

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 108–357, § 815(b)(2), (3)(A), redesignated subsec. (c) as (b) and struck out former subsec. (b), which defined “potentially abusive tax shelter” for purposes of this section.

   Enacted provision · exact public law section
   (2) So much of section 6112 as precedes subsection (c) thereof is amended to read as follows: “SEC. 6112. MATERIAL ADVISORS OF REPORTABLE TRANSACTIONS MUST KEEP LISTS OF ADVISEES, ETC. “(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— “(1) identifying each person with respect to whom such advisor acted as a material advisor with respect to such transaction, and “(2) containing such other information as the Secretary may by regulations require.” .

   Effective date note
   Amendment by Pub. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108–357, to which such amendment relates, see section 403(nn) of Pub. L. 109–135, set out as a note under section 26 of this title.

5. 2004

   Pub. L. 108–357 § 815(b)(3)(B) · 118 Stat. 1418

   Inserted · 26 U.S.C. § 6112(b)(1)(A)

   Pub. L. 108–357, § 815(b)(3)(B), inserted “written” before “request”

   Source evidence

   Code amendment note
   Subsec. (b)(1)(A). Pub. L. 108–357, § 815(b)(3)(B), inserted “written” before “request”.

   Enacted provision · exact public law section
   (B) by inserting “written” before “request” in subsection (b)(1) (as so redesignated), and

   Effective date note
   Amendment by Pub. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108–357, to which such amendment relates, see section 403(nn) of Pub. L. 109–135, set out as a note under section 26 of this title.

6. 2004

   Pub. L. 108–357 § 815(b)(3)(C) · 118 Stat. 1418

   Substituted · 26 U.S.C. § 6112(b)(2)

   Pub. L. 108–357, § 815(b)(3)(C), substituted “may prescribe” for “shall prescribe”

   Source evidence

   Code amendment note
   Subsec. (b)(2). Pub. L. 108–357, § 815(b)(3)(C), substituted “may prescribe” for “shall prescribe”.

   Enacted provision · exact public law section
   (C) by striking “shall prescribe” in subsection (b)(2) (as so redesignated) and inserting “may prescribe”.

   Effective date note
   Amendment by Pub. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108–357, to which such amendment relates, see section 403(nn) of Pub. L. 109–135, set out as a note under section 26 of this title.

7. 2004

   Pub. L. 108–357 § 815(b)(3)(A) · 118 Stat. 1418

   Redesignated · 26 U.S.C. § 6112(c)

   Pub. L. 108–357, § 815(b)(3)(A), redesignated subsec. (c) as (b)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 108–357, § 815(b)(3)(A), redesignated subsec. (c) as (b).

   Enacted provision · exact public law section
   (A) by redesignating subsection (c) as subsection (b),

   Effective date note
   Amendment by Pub. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108–357, to which such amendment relates, see section 403(nn) of Pub. L. 109–135, set out as a note under section 26 of this title.

8. 2005

   Tax Technical Corrections Act of 2005

   Pub. L. 109–135 title IV § 403(z) · 119 Stat. 2577

   Inserted · 26 U.S.C. § 6112(b)(1)

   Pub. L. 109–135, in introductory provisions, inserted “(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)”

   Source evidence

   Code amendment note
   Subsec. (b)(1). Pub. L. 109–135, in introductory provisions, inserted “(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)”.

   Enacted provision · exact public law section
   (z) Amendment Related to Section 815 of the Act.— Paragraph (1) of section 6112(b) is amended 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)”.

   Effective date note
   Amendment by Pub. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108–357, to which such amendment relates, see section 403(nn) of Pub. L. 109–135, set out as a note under section 26 of this title.

10 of 10 references resolved to an enrolled provision