West Virginia Code of State Rules
Agency 110 - Tax
Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT
Series 110-10E - Tax Shelter Voluntary Compliance Program
Section 110-10E-6 - Investor List Requirements
Universal Citation: 110 WV Code of State Rules 110-10E-6
Current through Register Vol. XLI, No. 38, September 20, 2024
6.1. Following are the requirements for the providing of investor lists to the Tax Commissioner for any investor list required to be maintained under I.R.C. §6112 and Treasury Regulations Section 301.6112-1 with respect to a potentially abusive tax shelter.
6.1.1. Federal potentially abusive tax
shelter. -- Each person required to maintain an investor list is required to
furnish the investor list to the Tax Commissioner not later than the time the
investor list is required to be furnished to the Internal Revenue Service under
federal income tax law. The list required under this subdivision 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.
6.1.2. Additional requirements for listed
transactions. - For transactions entered into on or after February 28, 2000 and
that become listed transactions (as defined under Treasury Regulations Section
1.6011-4 and section 3 of this rule) at any time thereafter, the investor list
shall be furnished to the Tax Commissioner by the later of 60 days after
entering into the transaction or 60 days after the transaction becomes a listed
transaction.
6.1.3. Tax shelters
subject to this section. - The provisions of this section apply to any tax
shelter herein described in which a person:
6.1.3.1. Organizes or participates in the
sale of an interest in a partnership, entity or other plan or arrangement;
and
6.1.3.2. Makes or causes
another person to make a false or fraudulent statement with respect to securing
a tax benefit or a gross valuation as to any material matter; and which is or
was one or more of the following:
6.1.3.2.a.
Organized in this state;
6.1.3.2.b.
Doing business in this state; or
6.1.3.2.c. Deriving income from sources in
this state.
Disclaimer: These regulations may not be the most recent version. West Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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