W. Va. Code R. § 110-10J-6

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

Section 110-10J-6 - Registration of Tax Shelters

6.1. Any tax shelter organizer required to register a tax shelter under I.R.C. § 6111 prior to its amendment on October 22, 2004, and any material advisor required under I.R.C. § 6111 after its amendment on October 22, 2004 to register a reportable transaction or listed transaction shall send a duplicate of the federal registration information to the Tax Commissioner not later than the day on which registration is required under federal law. Any person required to register under I.R.C. § 6111 who receives a tax registration number from the Secretary of the Treasury shall, within thirty days after request by the Tax Commissioner, file a statement of that registration number with the Tax Commissioner.

6.2. In addition to the requirements of subsection 6.1 of this rule, any transactions entered into on or after February 28, 2000, that become listed transactions at any time, shall be registered with the Tax Commissioner by the later of:

6.2.1. Sixty days after entering into the transaction;

6.2.2. Sixty days after the transaction becomes a listed transaction; or

6.2.3. July1, 2006.

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

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

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

6.3.2.1. Organized in this state;

6.3.2.2. Doing business in this state; or

6.3.2.3. Deriving income from sources in this state.

6.4. Any person required to file a return under W. Va. Code § 11-10E-1 et seq., and this rule and required to include on the person's federal income tax return a tax shelter identification number pursuant to I.R.C. § 6111 shall furnish the number when filing the person's West Virginia return.

W. Va. Code R. § 110-10J-6