Reportable Transactions Resources - Article
The IRS Says:
516 - 935 - 7346
to disclose a reportable
transaction to the IRS
penalty. Other
nonreporting taxpayers
are subject to a $50,000
penalty.

The penalties are
increased to $100,000
and $200,000,
respectively, for natural
persons and other
taxpayers who fail to
disclose a reportable
transaction that is a
listed transaction
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Notice 2008-99 identifies a transaction of interest in which a sale or other disposition of all
interests in a charitable remainder trust (subsequent to the contribution of appreciated
assets to and their reinvestment by the trust), results in the grantor or other noncharitable
recipient receiving the value of that person's trust interest while claiming to recognize little
or no taxable gain. Persons entering into these transactions on or after November 2,
2006, must disclose the transaction as described in section 1.6011-4. Material advisors
who make a tax statement on or after November 2, 2006, with respect to transactions
entered into on or after November 2, 2006, have disclosure and list maintenance
obligations under sections 6111 and 6112. Persons required to disclose these
transactions and/or maintain lists of advisees who fail to do so may be subject to the
penalties under sections 6707A, 6707, 6708, 6662, and/or 6662A
New Transaction of Interest - Potential for Avoidance of Tax
Call 516 935-7346
Call 516-935-7346