43154 Federal Register / Vol. 72, No. 149 / Friday, August 3, 2007 / Rules and Regulations 

PART 31—EMPLOYMENT TAXES AND 

COLLECTION OF INCOME TAX AT THE 

SOURCE 

■ Par. 8. The authority citation for part 

31 continues to read, in part, as follows: 

Authority: 26 U.S.C. 7805 * * * 

■ Par. 9. Section 31.6011–4 is revised to 

read as follows: 

§ 31.6011–4 Requirement of statement 

disclosing participation in certain 

transactions by taxpayers. 

(a) In general. If a transaction is 

identified as a listed transaction or a 

transaction of interest as defined in 

§ 1.6011–4 of this chapter by the 

Commissioner in published guidance 

(see § 601.601(d)(2)(ii)(b) of this 

chapter), and the listed transaction or 

transaction of interest involves an 

employment tax under chapters 21 

through 25 of subtitle C of the Internal 

Revenue Code, the transaction must be 

disclosed in the manner stated in such 

published guidance. 

(b) Effective/applicability date. This 

section applies to listed transactions 

entered into on or after January 1, 2003. 

This section applies to transactions of 

interest entered into on or after 

November 2, 2006. 

PART 53—FOUNDATION AND SIMILAR 

EXCISE TAXES 

■ Par. 10. The authority citation for part 

53 continues to read, in part, as follows: 

Authority: 26 U.S.C. 7805 * * * 

■ Par. 11. Section 53.6011–4 is revised 

to read as follows: 

§ 53.6011–4 Requirement of statement 

disclosing participation in certain 

transactions by taxpayers. 

(a) In general. If a transaction is 

identified as a listed transaction or a 

transaction of interest as defined in 

§ 1.6011–4 of this chapter by the 

Commissioner in published guidance 

(see § 601.601(d)(2)(ii)(b) of this 

chapter), and the listed transaction or 

transaction of interest involves an excise 

tax under chapter 42 of subtitle D of the 

Internal Revenue Code (relating to 

private foundations and certain other 

tax-exempt organizations), the 

transaction must be disclosed in the 

manner stated in such published 

guidance. 

(b) Effective/applicability date. This 

section applies to listed transactions 

entered into on or after January 1, 2003. 

This section applies to transactions of 

interest entered into on or after 

November 2, 2006. 

PART 54—PENSION EXCISE TAXES 

■ Par. 12. The authority citation for part 

54 continues to read, in part, as follows: 

Authority: 26 U.S.C. 7805 * * * 

■ Par. 13. Section 54.6011–4 is revised 

to read as follows: 

§ 54.6011–4 Requirement of statement 

disclosing participation in certain 

transactions by taxpayers. 

(a) In general. If a transaction is 

identified as a listed transaction or a 

transaction of interest as defined in 

§ 1.6011–4 of this chapter by the 

Commissioner in published guidance 

(see § 601.601(d)(2)(ii)(b) of this 

chapter), and the listed transaction or 

transaction of interest involves an excise 

tax under chapter 43 of subtitle D of the 

Internal Revenue Code (relating to 

qualified pension, etc., plans) the 

transaction must be disclosed in the 

manner stated in such published 

guidance. 

(b) Effective/applicability date. This 

section applies to listed transactions 

entered into on or after January 1, 2003. 

This section applies to transactions of 

interest entered into on or after 

November 2, 2006. 

PART 56—PUBLIC CHARITY EXCISE 

TAXES 

■ Par. 14. The authority citation for part 

56 continues to read, in part, as follows: 

Authority: 26 U.S.C. 7805 * * * 

■ Par. 15. Section 56.6011–4 is revised 

to read as follows: 

§ 56.6011–4 Requirement of statement 

disclosing participation in certain 

transactions by taxpayers. 

(a) In general. If a transaction is 

identified as a listed transaction or a 

transaction of interest as defined in 

§ 1.6011–4 of this chapter by the 

Commissioner in published guidance 

(see § 601.601(d)(2) of this chapter), and 

the listed transaction or transaction of 

interest involves an excise tax under 

chapter 41 of subtitle D of the Internal 

Revenue Code (relating to public 

charities), the transaction must be 

disclosed in the manner stated in such 

published guidance. 

(b) Effective date. This section applies 

to listed transactions entered into on or 

after January 1, 2003. This section 

applies to transactions of interest 

entered into on or after November 2, 

2006. 

Kevin M. Brown, 

Deputy Commissioner for Services and 

Enforcement. 

Approved: July 25, 2007. 

Eric Solomon, 

Assistant Secretary of the Treasury (Tax 

Policy). 

[FR Doc. 07–3786 Filed 7–31–07; 11:22 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 301 

[TD 9352] 

RIN 1545–BE28 

AJCA Modifications to the Section 

6112 Regulations 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Final regulations. 

SUMMARY: This document contains final 

regulations under section 6112 of the 

Internal Revenue Code that provide the 

rules relating to the obligation of 

material advisors to prepare and 

maintain lists with respect to reportable 

transactions. These regulations affect 

material advisors responsible for 

keeping lists under section 6112. 

DATES: Effective Date: These regulations 

are effective August 3, 2007. 

FOR FURTHER INFORMATION CONTACT: 

Charles D. Wien, Michael H. Beker, or 

Tolsun N. Waddle, 202–622–3070; (not 

a toll-free number). 

SUPPLEMENTARY INFORMATION: 

Paperwork Reduction Act 

The collections of information 

contained in this final regulation have 

been reviewed and approved by the 

Office of Management and Budget in 

accordance with the Paperwork 

Reduction Act (44 U.S.C. 3507) under 

control number 1545–1686. Responses 

to these collections of information are 

mandatory. An agency may not conduct 

or sponsor, and a person is not required 

to respond to, a collection of 

information unless the collection of 

information displays a valid OMB 

control number assigned by the Office of 

Management and Budget. 

The estimated annual burden per 

recordkeeper for the collection of 

information in § 301.6112–1 is 100 

hours and the estimated number of 

recordkeepers is 500. 

Comments concerning the accuracy of 

these burden estimates and suggestions 


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Federal Register / Vol. 72, No. 149 / Friday, August 3, 2007 / Rules and Regulations 43155 

for reducing these burdens should be 

sent to Internal Revenue Service, Attn: 

IRS Reports Clearance Officer, 

SE:W:CAR:MP:T:T:SP, Washington, DC 

20224, and to the Office of Management 

and Budget, Attn: Desk Officer for the 

Department of Treasury, Office of 

Information and Regulatory Affairs, 

Washington, DC 20503. 

Books and records relating to these 

collections of information must be 

retained as long as their contents may 

become material in the administration 

of any internal revenue law. Generally, 

tax returns and tax information are 

confidential, as required by 26 U.S.C. 

6103. 

Background 

This document contains final 

regulations that amend 26 CFR part 301 

by amending the rules relating to the list 

maintenance requirements of material 

advisors with respect to reportable 

transactions under section 6112. 

The American Jobs Creation Act of 

2004, Public Law 108–357 (118 Stat. 

1418), (AJCA) was enacted on October 

22, 2004. Section 815 of the AJCA 

amended section 6112 to provide that 

each material advisor (as defined in 

section 6111, as amended by the AJCA) 

with respect to any reportable 

transaction is required to maintain a list 

(in such manner as the Secretary may by 

regulations prescribe) identifying each 

person with respect to whom the 

advisor acted as a material advisor with 

respect to the transaction, and 

containing other information as the 

Secretary may by regulations require. 

Section 815 of the AJCA is effective for 

transactions with respect to which 

material aid, assistance, or advice is 

provided after October 22, 2004. Prior to 

the amendments to section 6111 made 

by the AJCA, the definition of material 

advisor was in § 301.6112–1 of the 

Procedure and Administration 

Regulations. 

On November 1, 2006, the IRS and 

Treasury Department issued a notice of 

proposed rulemaking and temporary 

and final regulations under sections 

6011, 6111, and 6112 (REG–103038–05, 

REG–103039–05, REG–103043–05, TD 

9295) (the November 2006 regulations). 

The November 2006 regulations were 

published in the Federal Register (71 

FR 64488, 71 FR 64496, 71 FR 64501, 

71 FR 64458) on November 2, 2006. 

The IRS and Treasury Department 

received written public comments 

responding to the proposed regulations 

and held a public hearing regarding the 

proposed rules on March 20, 2007. After 

consideration of the comments received 

and comments made at the hearing, the 

proposed regulations are adopted as 

revised by this Treasury decision. These 

final regulations generally retain the 

provisions of the proposed regulations 

but include some modifications based 

on recommendations in the public 

comments. 

Summary of Comments and 

Explanation of Provisions 

Furnishing of Lists 

The proposed regulations provided 

that each material advisor must prepare 

and maintain a list for each reportable 

transaction. The proposed regulations 

also provided that each list must 

include three components: An itemized 

statement, a description of the 

transaction, and documents. Further, 

the proposed regulations provided that 

each material advisor responsible for 

maintaining a list must, upon written 

request by the IRS, make each 

component of the list available to the 

IRS by furnishing each component of 

the list to the IRS within 20 business 

days from the day on which the request 

is provided. The proposed regulations 

stated that each component of the list 

must be furnished to the IRS in a form 

that enables the IRS to determine 

without undue delay or difficulty the 

information required to be on the list. If 

any component of the list is not in such 

form, the material advisor will not be 

considered to have complied with the 

list maintenance provisions of section 

6112 and the regulations thereunder. 

Several commentators recommended 

that the proposed regulations should 

provide the IRS with flexibility to 

determine, based on the amount of 

information required, a production 

schedule that will be sufficient to avoid 

the imposition of penalties. Two 

commentators suggested providing a 

phased disclosure procedure. One 

commentator recommended that the 20 

business days begin after the advisor 

had an adequate opportunity to gather 

the required information. Another 

commentator recommended amending 

the proposed regulations to provide a 

substantial compliance standard. 

The IRS and Treasury Department 

believe that providing the IRS the ability 

to determine an alternative production 

schedule will benefit both taxpayers and 

the IRS. These final regulations remove 

the language regarding the period for 

furnishing a list or the components of 

the list to the IRS because that period 

will be addressed in forthcoming 

published guidance under section 6708. 

In addition, an alternative schedule for 

furnishing the list or the components of 

the list will be addressed in published 

guidance under section 6708. 

Special Analyses 

It has been determined that this 

Treasury decision is not a significant 

regulatory action as defined in 

Executive Order 12866. Therefore, a 

regulatory assessment is not required. It 

also has been determined that section 

553(b) of the Administrative Procedure 

Act (5 U.S.C. chapter 5) does not apply 

to these regulations. It is hereby 

certified that the collection of 

information in these regulations will not 

have a significant economic impact on 

a substantial number of small entities. 

This certification is based upon the fact 

that most of the information is already 

required to be reported under the 

current regulations; the clarifications 

and new information required by the 

final regulations add little or no new 

burden to the existing requirements. 

Therefore, a Regulatory Flexibility 

Analysis under the Regulatory 

Flexibility Act (5 U.S.C. chapter 6) is 

not required. Pursuant to section 7805(f) 

of the Internal Revenue Code, the notice 

of proposed rulemaking preceding these 

regulations was submitted to the Chief 

Counsel for Advocacy of the Small 

Business Administration for comment 

on its impact on small business. 

Drafting Information 

The principal authors of these 

regulations are Charles D. Wien, 

Michael H. Beker, and Tolsun N. 

Waddle, Office of the Associate Chief 

Counsel (Passthroughs and Special 

Industries). However, other personnel 

from the IRS and Treasury Department 

participated in their development. 

List of Subjects in 26 CFR Part 301 

Employment taxes, Estate taxes, 

Excise taxes, Gift taxes, Income taxes, 

Penalties, Reporting and recordkeeping 

requirements. 

Adoption of Amendments to the 

Regulations 

■ Accordingly, 26 CFR part 301 is 

amended as follows: 

PART 301—PROCEDURE AND 

ADMINISTRATION 

■ Paragraph 1. The authority citation 

for part 301 continues to read, in part, 

as follows: 

Authority: 26 U.S.C. 7805 * * * 

■ Par. 2. Section 301.6112–1 is revised 

to read as follows: 

§ 301.6112–1 Material advisors of 

reportable transactions must keep lists of 

advisees, etc. 

(a) In general. Each material advisor, 

as defined in § 301.6111–3(b), with 


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43156 Federal Register / Vol. 72, No. 149 / Friday, August 3, 2007 / Rules and Regulations 

respect to any reportable transaction, as 

defined in § 1.6011–4(b) of this chapter, 

shall prepare and maintain a list in 

accordance with paragraph (b) of this 

section and shall furnish such list to the 

Internal Revenue Service (IRS) in 

accordance with paragraph (e) of this 

section. 

(b) Preparation and maintenance of 

lists—(1) In general. A separate list must 

be prepared and maintained for each 

reportable transaction. However, one list 

must be maintained for substantially 

similar transactions. A list must be 

maintained in a form that enables the 

IRS to determine without undue delay 

or difficulty the information required in 

paragraph (b)(3) of this section. The 

Commissioner in his discretion may 

provide in published guidance a form or 

method for maintaining and/or 

furnishing the list. 

(2) Persons required to be included on 

lists. A material advisor is required to 

maintain a list identifying each person 

with respect to whom the advisor acted 

as a material advisor with respect to the 

reportable transaction. However, a 

material advisor is not required to 

identify a person on the list if the 

person entered into a listed transaction 

or a transaction of interest more than 6 

years before the transaction was 

identified in published guidance as a 

listed transaction or a transaction of 

interest. 

(3) Contents. Each list must include 

the three components described in 

paragraph (b)(3)(i), (ii), and (iii) of this 

section. 

(i) Statement. An itemized statement 

containing the following information—

(A) The name of each reportable 

transaction, the citation to the published 

guidance number identifying the 

transaction if the transaction is a listed 

transaction or a transaction of interest, 

and the reportable transaction number 

obtained under section 6111; 

(B) The name, address, and TIN of 

each person required to be included on 

the list; 

(C) The date on which each person 

required to be included on the list 

entered into each reportable transaction, 

if known by the material advisor; 

(D) The amount invested in each 

reportable transaction by each person 

required to be included on the list, if 

known by the material advisor; 

(E) A summary or schedule of the tax 

treatment that each person is intended 

or expected to derive from participation 

in each reportable transaction; and 

(F) The name of each other material 

advisor to the transaction, if known by 

the material advisor. 

(ii) Description of the transaction. A 

detailed description of each reportable 

transaction that describes both the tax 

structure of the transaction and the 

purported tax treatment of the 

transaction. 

(iii) Documents. The following 

documents—

(A) A copy of any designation 

agreement (as described in paragraph (f) 

of this section) to which the material 

advisor is a party; and 

(B) Copies of any additional written 

materials, including tax analyses or 

opinions, relating to each reportable 

transaction that are material to an 

understanding of the purported tax 

treatment or tax structure of the 

transaction that have been shown or 

provided to any person who acquired or 

may acquire an interest in the 

transactions, or to their representatives, 

tax advisors, or agents, by the material 

advisor or any related party or agent of 

the material advisor. However, a 

material advisor is not required to retain 

earlier drafts of a document provided 

the material advisor retains a copy of 

the final document (or, if there is no 

final document, the most recent draft of 

the document) and the final document 

(or most recent draft) contains all the 

information in the earlier drafts of such 

document that is material to an 

understanding of the purported tax 

treatment or the tax structure of the 

transaction. 

(c) Definitions. For purposes of this 

section, the following terms are defined 

as: 

(1) Material advisor. The term 

material advisor is defined in 

§ 301.6111–3(b). 

(2) Reportable transaction. The term 

reportable transaction is defined in 

§ 1.6011–4(b)(1) of this chapter. 

(3) Listed transaction. The term listed 

transaction is defined in § 1.6011–

4(b)(2) of this chapter. See also 

§§ 20.6011–4(a), 25.6011–4(a), 31.6011–

4(a), 53.6011–4(a), 54.6011–4(a), or 

56.6011–4(a) of this chapter. 

(4) Substantially similar. The term 

substantially similar is defined in 

§ 1.6011–4(c)(4) of this chapter. 

(5) Person. The term person is defined 

in § 301.6111–3(c)(4). 

(6) Related party. A person is a related 

party with respect to another person if 

such person bears a relationship to such 

other person described in section 267(b) 

or 707(b). 

(7) Tax. The term tax is defined in 

§ 301.6111–3(c)(6). 

(8) Tax benefit. The term tax benefit 

is defined in § 301.6111–3(c)(7). 

(9) Tax return. The term tax return is 

defined in § 301.6111–3(c)(8). 

(10) Tax structure. The term tax 

structure is defined in § 301.6111–

3(c)(9). 

(11) Tax treatment. The term tax 

treatment is defined in § 301.6111–

3(c)(10). 

(12) Transaction of interest. The term 

transaction of interest is defined in 

§ 1.6011–4(b)(6) of this chapter. See also 

§§ 20.6011–4(a), 25.6011–4(a), 31.6011–

4(a), 53.6011–4(a), 54.6011–4(a), or 

56.6011–4(a) of this chapter. 

(d) Retention of lists. Each material 

advisor must maintain each component 

of the list described in paragraph (b)(3) 

of this section in a readily accessible 

form for seven years following the 

earlier of the date on which the material 

advisor last made a tax statement 

relating to the transaction, or the date 

the transaction was last entered into, if 

known. If the material advisor required 

to prepare, maintain, and furnish the list 

is a corporation, partnership, or other 

entity (entity) that has dissolved or 

liquidated before completion of the 

seven-year period, the person 

responsible under state law for winding 

up the affairs of the entity must prepare, 

maintain and furnish each component 

of the list on behalf of the entity, unless 

the entity submits the list to the Office 

of Tax Shelter Analysis (OTSA) within 

60 days after the dissolution or 

liquidation. If state law does not specify 

any person as responsible for winding 

up the affairs, then each of the directors 

of the corporation, the general partners 

of the partnership, or the trustees, 

owners, or members of the entity are 

responsible for preparing, maintaining 

and furnishing each component of the 

list on behalf of the entity, unless the 

entity submits the list to the OTSA 

within 60 days after the dissolution or 

liquidation. The responsible person 

must also provide notice to OTSA of 

such dissolution or liquidation within 

60 days after the dissolution or 

liquidation. The list and the notice 

provided to OTSA must be sent to: 

Internal Revenue Service, OTSA Mail 

Stop 4915, 1973 North Rulon White 

Blvd., Ogden, Utah 84404, or to such 

other address as provided by the 

Commissioner. 

(e) Furnishing of lists—(1) In general. 

Each material advisor responsible for 

maintaining a list must, upon written 

request by the IRS, make each 

component of the list described in 

paragraph (b)(3) of this section available 

to the IRS. Each component of the list 

must be furnished to the IRS in a form 

that enables the IRS to determine 

without undue delay or difficulty the 

information required in paragraph (b)(3) 

of this section. If any component of the 

list is not in a form that enables the IRS 

to determine without undue delay or 

difficulty the information required in 

paragraph (b)(3) of this section, the 


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Federal Register / Vol. 72, No. 149 / Friday, August 3, 2007 / Rules and Regulations 43157 

material advisor will not be considered 

to have complied with the list 

maintenance provisions in section 6112 

and this section. A material advisor 

must make the list or each component 

of the list available to the IRS within the 

period prescribed in section 6708 or 

published guidance relating to section 

6708. 

(2) Claims of privilege. Each material 

advisor who is required to maintain a 

list with respect to a reportable 

transaction, must still maintain the list 

pursuant to the requirements of this 

section even if a person asserts a claim 

of privilege with respect to the 

information specified in paragraph 

(b)(3)(iii)(B) of this section. 

(f) Designation agreements. If more 

than one material advisor is required to 

maintain a list of persons for a 

reportable transaction, in accordance 

with paragraph (b) of this section, the 

material advisors may designate by 

written agreement a single material 

advisor to maintain the list or a portion 

of the list. The designation of one 

material advisor to maintain the list 

does not relieve the other material 

advisors from their obligation to furnish 

the list to the IRS in accordance with 

paragraph (e)(1) of this section, if the 

designated material advisor fails to 

furnish the list to the IRS in a timely 

manner. A material advisor is not 

relieved from the requirement of this 

section because a material advisor is 

unable to obtain the list from any 

designated material advisor, any 

designated material advisor did not 

maintain a list, or the list maintained by 

any designated material advisor is not 

complete. 

(g) Effective/applicability date. In 

general, this section applies to 

transactions with respect to which a 

material advisor makes a tax statement 

under § 301.6111–3 on or after August 3, 

2007. However, this section applies to 

transactions of interest entered into on 

or after November 2, 2006, with respect 

to which a material advisor makes a tax 

statement under § 301.6111–3 on or 

after November 2, 2006. Otherwise, the 

rules that apply before August 3, 2007 

are contained in § 301.6112–1 in effect 

prior to August 3, 2007 (see 26 CFR part 

301 revised as of April 1, 2007), and see 

also Notice 2004–80 (2004–50 IRB 963); 

Notice 2005–17 (2005–8 IRB 606); and 

Notice 2005–22 (2005–12 IRB 756) (see 

§ 601.601(d)(2)). 

Kevin M. Brown, 

Deputy Commissioner for Services and 

Enforcement. 

Approved: July 25, 2007. 

Eric Solomon, 

Assistant Secretary of the Treasury (Tax 

Policy). 

[FR Doc. 07–3787 Filed 7–31–07; 11:22 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

26 CFR Part 301 

[TD 9351] 

RIN 1545–BE26 

AJCA Modifications to the Section 

6111 Regulations 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Final regulations. 

SUMMARY: This document contains final 

regulations under section 6111 of the 

Internal Revenue Code that provide the 

rules relating to the disclosure of 

reportable transactions by material 

advisors. These regulations affect 

material advisors responsible for 

disclosing reportable transactions under 

section 6111 and material advisors 

responsible for keeping lists under 

section 6112. 

DATES: Effective Date: These regulations 

are effective August 3, 2007. 

FOR FURTHER INFORMATION CONTACT: 

Charles D. Wien, Michael H. Beker, or 

Tolsun N. Waddle, 202–622–3070 (not a 

toll-free number). 

SUPPLEMENTARY INFORMATION: 

Background 

This document contains final 

regulations that amend 26 CFR part 301 

by providing rules relating to the 

disclosure of reportable transactions by 

material advisors under section 6111. 

The American Jobs Creation Act of 

2004, Public Law 108–357 (118 Stat. 

1418), (AJCA) was enacted on October 

22, 2004. Section 815 of the AJCA 

amended section 6111 to require each 

material advisor with respect to any 

reportable transaction to make a return 

(in such form as the Secretary may 

prescribe) setting forth: (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. Section 6111(a), as amended, 

also provides that the return must be 

filed not later than the date specified by 

the Secretary. Section 6111(b)(1), as 

amended, provides a definition for the 

term material advisor and includes as 

part of that definition a requirement that 

the material advisor derive certain 

threshold amounts of gross income that 

the Secretary may prescribe. The AJCA 

amendments to section 6111 also 

authorize the Secretary to prescribe 

regulations that provide: (1) That only 

one person shall be required to meet the 

requirements of section 6111(a) in cases 

in which two or more persons would 

otherwise be required to meet such 

requirements; (2) exemptions from the 

requirements of section 6111; and (3) 

rules as may be necessary or appropriate 

to carry out the purposes of section 

6111. Section 815 of the AJCA is 

effective for transactions with respect to 

which material aid, assistance, or advice 

is provided after October 22, 2004. 

In response to the AJCA, the IRS and 

Treasury Department issued interim 

guidance on section 6111 in Notice 

2004–80 (2004–2 CB 963); Notice 2005–

17 (2005–1 CB 606); Notice 2005–22 

(2005–1 CB 756); and Notice 2006–6 

(2006–5 IRB 385) (see § 601.601(d)(2)). 

On November 1, 2006, the IRS and 

Treasury Department issued a notice of 

proposed rulemaking and temporary 

and final regulations under sections 

6011, 6111, and 6112 (REG–103038–05, 

REG–103039–05, REG–103043–05, TD 

9295) (the November 2006 regulations). 

The November 2006 regulations were 

published in the Federal Register (71 

FR 64488, 71 FR 64496, 71 FR 64501, 

71 FR 64458) on November 2, 2006. 

The IRS and Treasury Department 

received written public comments 

responding to the proposed regulations 

and held a public hearing regarding the 

proposed rules on March 20, 2007. After 

consideration of the comments received 

and comments made at the hearing, the 

proposed regulations are adopted as 

revised by this Treasury decision. These 

final regulations generally retain the 

provisions of the proposed regulations 

but include some modifications based 

on recommendations in the public 

comments. 

Summary of Comments and 

Explanation of Provisions 

Nine written comments were received 

in response to the NPRM. All comments 

were considered and are available for 

public inspection upon request. 

Reportable Transaction Number 

The proposed regulations provide that 

a material advisor must provide a 

reportable transaction number to all 


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