W. Va. Code R. § 101-10J-7

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

Section 101-10J-7 - Investor Lists

7.1. Any person required to maintain a list under I.R.C. § 6112 and Treasury Regulations Section 301.6112-1 with respect to a potentially abusive tax shelter shall furnish the list to the Tax Commissioner not later than the time the list is required to be furnished to the Internal Revenue Service under federal income tax law. The list required under this section 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.

7.2. For transactions entered into on or after February 28, 2000, that become listed transactions at any time thereafter, the list shall be furnished to the Tax Commissioner by the later of:

7.2.1. Sixty days after entering into the transaction; or

7.2.2. Sixty days after the transaction becomes a listed transaction.

7.3. The provisions of this section apply to any tax shelter described in this rule in which a person:

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

7.3.2. Which is or was one or more of the following:

7.3.2.1. Organized in this state;

7.3.2.2. Doing business in this state; or

7.3.2.3. Deriving income from sources in this state.

W. Va. Code R. § 101-10J-7