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Highlights of Final Section 6011 Regulations: New reportable transaction category for “transactions of interest” (TOI) which is a transaction that IRS and Treasury believe has a potential for tax avoidance, but for which they lack enough information to determine whether the transaction should be identified specifically as a tax avoidance ...
Material advisors with respect to the transaction are required to disclose the transaction under I.R.C. § 6111 and maintain a list of their advisees under I.R.C. § 6112.
(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:
Section 611 provides that there shall be allowed as a deduction in computing taxable income in the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion.
For a protective disclosure to be effective, the advisor must comply with the regulations under this section and § 301.6112-1 by providing to the IRS all information requested by the IRS under these sections.
Learn about the types of costs you’ll pay in a Medicare drug plan. Part D (Medicare drug coverage) helps cover cost of prescription drugs, may lower your costs and protect against higher costs.
§6111. Disclosure of reportable transactions (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,
