West Virginia Code 11-10E-8 – Registration of tax shelters
(a) Federal tax shelter. — Any tax shelter organizer or material advisor required to register a tax shelter under Section 6111 of the Internal Revenue Code shall send a duplicate of the federal registration information to the Tax Commissioner not later than the day on which registration is required under federal law. Any person required to register under Section 6111 of the Internal Revenue Code who receives a tax registration number from the Secretary of the Treasury shall, within thirty days after request by the Tax Commissioner, file a statement of that registration number with the Tax Commissioner.
Terms Used In West Virginia Code 11-10E-8
- Commissioner: means the State Tax Commissioner. See West Virginia Code 11-22-1
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means every natural person, association or corporation. See West Virginia Code 11-22-1
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- Transaction: means the delivering, accepting or presenting for recording of a document. See West Virginia Code 11-22-1
(b) Additional requirements for listed transactions. — In addition to the requirements of subsection (a), for any transactions entered into on or after February 28, 2000, that become listed transactions (as defined under Treasury Regulations Section 1.6011-4) at any time, those transactions shall be registered with the Tax Commissioner (in the form and manner prescribed by the Tax Commissioner) by the later of: (i) Sixty days after entering into the transaction; (ii) sixty days after the transaction becomes a listed transaction; or (iii) July 1, 2006.
(c) Tax shelters subject to this section for taxable years commencing before January 1, 2007. — The provisions of this section apply to any tax shelter herein described in which a person:
(1) Organizes or participates in the sale of an interest in a partnership, entity or other plan or arrangement; and
(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: (A) Organized in this state; (B) doing business in this state; or (C) deriving income from sources in this state.
(d) Tax shelters subject to this section for taxable years commencing on or after January 1, 2007. — The provisions of this section apply to any tax shelter herein described in which a person organizes or participates in the sale of an interest in a partnership, entity or other plan or arrangement that is or was one or more of the following: (i) Organized in this state; (ii) doing business in this state; or (iii) deriving income from sources in this state.
(e) Tax shelter identification number. — Any person required to file a return under this article and required to include on the person's federal income tax return a tax shelter identification number pursuant to Section 6111 of the Internal Revenue Code shall furnish such number when filing the person's West Virginia return.