Section 100.5080  Registration of Tax Shelters (IITA Section 1405.5)

a)         Requirement to Register Tax Shelters and Listed Transactions.

1)         Under IITA Section 1405.5(a), any tax shelter organizer required to register a "tax shelter" under 26 USC 6111 is required to register that tax shelter with the Department.  26 USC 6111 was amended by Public Law 108-357 to delete any reference to "tax shelter".  Accordingly IITA Section 1405.5(a) has no application after October 22, 2004, the effective date of Public Law 108-357.

2)         Under IITA Section 1405.5(b), registration in the form and manner prescribed by the Department is required for any transactions entered into after February 28, 2000 that become listed transactions (as defined in Section 100.5060 of Subpart N of this Part) at any time.  Transactions requiring registration under this provision are those transactions for which a list is required to be furnished to the Department pursuant to IITA Section 1405.6(b) and Section 100.5070(a)(2) of this Part.

b)         Time and Manner for Making Registration.  Registration under IITA Section 1405.5(b) and this Section shall be required only of the person required to furnish the investor list with respect to the transaction under Section 100.5070 of this Part.  Registration will be due at the time the investor list is required to be furnished to the Department, and properly furnishing the investor list for a transaction (including the name, address, and taxpayer identification number of the person required to furnish the list) shall be deemed to be registration of the transaction for purposes of IITA Section 1405.5(b) and this Section.

(Source:  Added at 32 Ill. Reg. 872, effective January 7, 2008)