Source: http://fhsugift.org/?pageID=134&docID=224
Timestamp: 2018-08-16 16:43:25
Document Index: 521517618

Matched Legal Cases: ['§ 1', '§ 601', '§ 1', 'ART 301', '§ 301', '§ 1']

T.D. 9335 (5 Jul 2007)
Treasury Decision 9335
Applicability Date: For dates of applicability, see § 1.6033-5T(g).
On July 11, 2006, the IRS released Notice 2006-65 (2006-31 IRB 102), which alerted taxpayers to the new provisions. On February 7, 2007, the IRS released Notice 2007-18 (2007-9 IRB 608), which provided interim guidance regarding the circumstances under which a tax-exempt entity will be treated as a party to a prohibited tax shelter transaction for purposes of sections 4965, 6033(a)(2) and 6011(g) and regarding the allocation to various periods of net income and proceeds attributable to a prohibited tax shelter transaction, including amounts received prior to the effective date of the section 4965 tax. See § 601.601(d)(2)(ii)(b).
§ 1.6033-5T Disclosure by tax-exempt entities that are parties to certain reportable transactions (temporary).
(b) Definition of tax-exempt party to a prohibited tax shelter transaction -- (1) In general. For purposes of section 6033(a)(2), a tax-exempt entity is a party to a prohibited tax shelter transaction if the entity --
(d) By whom disclosure is made -- (1) Tax-exempt entities referred to in section 4965(c)(1), (2) or (3). In the case of tax-exempt entities referred to in section 4965(c)(1), (2) or (3), the disclosure required by this section must be made by the entity. (2) Tax-exempt entities referred to in section 4965(c)(4), (5), (6) or (7). In the case of tax-exempt entities referred to in section 4965(c)(4), (5), (6) or (7), including a fully self-directed qualified plan, IRA, or other savings arrangement, the disclosure required by this section must be made by the entity manager (as defined in section 4965(d)(2)) of the entity.
(e) Time and place for filing -- (1) Tax-exempt entities described in paragraph (b)(1)(i) of this section -- (i) In general. The disclosure required by this section shall be filed on or before May 15 of the calendar year following the close of the calendar year during which the tax-exempt entered into the prohibited tax shelter transaction.
(g) Effective date -- (1) Applicability date. This section applies with respect to transactions entered into by a tax-exempt entity after May 17, 2006.
PART 301 -- PROCEDURE AND ADMINISTRATION
Par. 4. Section 301.6033-5T is added to read as follows: § 301.6033-5T Disclosure by tax-exempt entities that are parties to certain reportable transactions (temporary).
(a) In general. For provisions relating to the requirement of the disclosure by a tax-exempt entity that it is a party to certain reportable transactions, see § 1.6033-5T of this chapter (Income Tax Regulations).
(b) Effective date -- (1) Applicability date. This section applies with respect to transactions entered into by a tax-exempt entity after May 17, 2006.
Eric Solomon, Assistant Secretary of the Treasury (Tax Policy).
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