Final Regulations Govern Listed Transactions for GST Tax


The IRS issued final regulations on Thursday that add transactions that reduce or eliminate the generation-skipping transfer (GST) tax as listed transactions or transactions of interest and require the disclosure of those transactions under Sec. 6011 (T.D. 9556).

The final regulations adopt without change proposed regulations issued in 2009 (REG-136563-07). They provide rules for the disclosure of listed transactions and transactions of interest with respect to the GST tax and rules relating to the preparation and maintenance of reportable transaction lists.

The regulations also provide guidance regarding how long a material adviser has to prepare the list that must be maintained after the list maintenance requirement under Regs. Sec. 301.6112-1 first arises with respect to a reportable transaction. A material adviser will have 30 calendar days from the date the list maintenance requirement first arises to prepare the required list. However, when designating a transaction as a reportable transaction, the IRS may in guidance provide for a period longer than 30 days.

The regulations are effective upon their publication in the Federal Register.

More from the JofA:

 Find us on Facebook  |   Follow us on Twitter  |   View JofA videos

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.

SPONSORED REPORT

Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.