W. Va. Code R. § 110-10E-6

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 110-10E-6 - Investor List Requirements

6.1. Following are the requirements for the providing of investor lists to the Tax Commissioner for any investor list required to be maintained under I.R.C. §6112 and Treasury Regulations Section 301.6112-1 with respect to a potentially abusive tax shelter.

6.1.1. Federal potentially abusive tax shelter. -- Each person required to maintain an investor list is required to furnish the investor list to the Tax Commissioner not later than the time the investor list is required to be furnished to the Internal Revenue Service under federal income tax law. The list required under this subdivision shall include the same information required with respect to a potentially abusive tax shelter under Treasury Regulations Section 301.6112-1 and any other information that the Tax Commissioner may require.

6.1.2. Additional requirements for listed transactions. - For transactions entered into on or after February 28, 2000 and that become listed transactions (as defined under Treasury Regulations Section 1.6011-4 and section 3 of this rule) at any time thereafter, the investor list shall be furnished to the Tax Commissioner by the later of 60 days after entering into the transaction or 60 days after the transaction becomes a listed transaction.

6.1.3. Tax shelters subject to this section. - The provisions of this section apply to any tax shelter herein described in which a person:

6.1.3.1. Organizes or participates in the sale of an interest in a partnership, entity or other plan or arrangement; and

6.1.3.2. Makes or causes another person to make a false or fraudulent statement with respect to securing a tax benefit or a gross valuation as to any material matter; and which is or was one or more of the following:

6.1.3.2.a. Organized in this state;

6.1.3.2.b. Doing business in this state; or

6.1.3.2.c. Deriving income from sources in this state.

W. Va. Code R. § 110-10E-6