2023 Colorado Revised Statutes › Title 39 - TAXATION (§§ 39-1-101 — 39-37-301) › SPECIFIC TAXES (§§ 39-20-101 — 39-37-301) › INCOME TAX (§§ 39-22-101 — 39-22-5508) › Article 22 - Income Tax (§§ 39-22-101 — 39-22-5508) › Part 6 - PROCEDURE AND ADMINISTRATION (§§ 39-22-601 — 39-22-659) › Subpart 2 - REPORTABLE TRANSACTIONS (§§ 39-22-651 — 39-22-659) › Section 39-22-653 - Taxpayer disclosure of reportable or listed transactions

(1)
A taxpayer shall be subject to the provisions of this section for each taxable year in which the taxpayer participates in a reportable or listed transaction.
(2)
A taxpayer subject to the provisions of this section shall disclose any reportable or listed transaction to the department in a disclosure statement as specified in subsection (5) of this section; except that, in the case of multiple transactions described in section
39-22-652(5)(b) or (5)(c)
that occur within a single tax year, in lieu of a disclosure for each transaction with a regulated investment company or a real estate investment trust, a taxpayer may file a disclosure for multiple transactions with a regulated investment company or real estate investment trust showing the name and ownership of each such entity and each such entity's total assets and total income earned prior to any dividend paid deduction.
(3)
If a taxpayer participates in or has participated in any reportable or listed transaction for any period that is still open for assessment pursuant to section
39-21-107
as of the due date of the taxpayer's income tax return, then the taxpayer shall file a disclosure statement as specified in subsection (5) of this section with respect to the reportable or listed transaction.
(4)
(a)
Any statement that is required to be filed or disclosure required to be made by this section with respect to any tax year for which the return has already been filed by a date sixty days after April 2, 2009, and that is filed or made prior to or together with the taxpayer's next filed return shall be considered timely filed or made.
(b)
Any statement that is required to be filed or disclosure required to be made by this section with respect to any tax year the return for which has not been filed by a date sixty days after April 2, 2009, and that is filed or made on or before July 1, 2010, shall be considered timely filed or made.
(c)
The statute of limitations with respect to any return for which a statement is required to be filed or disclosure required to be made by this section shall be tolled from April 2, 2009, until such statement or disclosure is filed or made, but in no event shall the statute of limitations be tolled for more than twenty-four months.
(5)
(a)
With respect to any reportable transaction or with respect to any listed transaction as specified in section
39-22-652(5)(a)
, the taxpayer shall, at the taxpayer's discretion, file with the taxpayer's next filed return a copy of the federal disclosure form or a form specified by the department.
(b)
With respect to any listed transaction not specified in section
39-22-652(5)(a)
, the department may specify the form and manner of any statement required to be filed or disclosure required to be made, which statement shall be filed with the taxpayer's next filed return.
L. 2009: Entire section added, (HB 09-1093), ch. 75, p. 272, §4, effective April 2.