Proposed and Temporary Prohibited Tax Shelter Regulations Issued
Federal Register, July 24, 2007, Page 36927-36939
Internal Revenue Service (IRS), Treasury.
Notice of proposed rulemaking by reference to temporary regulations and notice of proposed rulemaking.
This document contains proposed regulations that provide guidance under section 4965 of the Internal Revenue Code (Code), relating to entity-level and manager-level excise taxes with respect to prohibited tax shelter transactions to which tax-exempt entities are parties; Sec. Sec. 6033(a)(2) and 6011(g), relating to certain disclosure obligations with respect to such transactions; and Sec. Sec. 6011 and 6071, relating to the requirement of a return and time for filing with respect to section 4965 taxes. In the Rules and Regulations section of this issue of the Federal Register, the IRS is
issuing cross-referencing temporary regulations that provide guidance under Sec. 6033(a)(2), relating to certain disclosure obligations with respect to prohibited tax shelter transactions; and Sec. Sec. 6011 and 6071, relating to the requirement of a return and time for filing with respect to Sec. 4965 taxes.
This action is necessary to implement Sec. 516 of the Tax Increase Prevention Reconciliation Act of 2005. These proposed regulations affect a broad array of tax-exempt entities, including charities, state and local government entities, Indian tribal governments and employee benefit plans, as well as entity managers of these entities.
Written or electronic comments and requests for a public hearing must be received by October 4, 2007.
Send submissions to: CC:PA:LPD:PR (REG-142039-06; REG- 139268-06), room 5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand delivered Monday through Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG-142039-06, REG-139268-06), Courier's Desk, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC. Alternatively, taxpayers may submit comments electronically via the Federal eRulemaking Portal at http://www.regulations.gov (IRS-REG-142039-06; REG-139268-06).
Concerning the regulations, Galina Kolomietz, (202) 622-6070 or Michael Blumenfeld, (202) 622-1124; concerning submission of comments and requests for a public hearing, Richard Hurst, Richard.A.Hurst@irscounsel.treas.gov (not toll-free numbers). For questions specifically relating to qualified pension plans, individual retirement accounts, and similar tax-favored savings arrangements, contact Dana Barry, (202) 622-6060 (not a toll-free number).