You’re Now on the List! Reporting Listed Transactions as Potential Tax Shelters

A listed transaction is a transaction that is the same as or substantially similar to one of the types of transactions the IRS has determined to be a tax avoidance transaction and identified as such by notice, regulation, or other form of published guidance. It is also one of the reportable transactions under I.R.C. § 6011, for which information must be included with a return or statement under Treas. Reg. § 1.6011-4 because the IRS has determined that this type of transaction has a potential for tax avoidance or evasion.

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Related Content

• Identifying Basket Contract Transactions as Listed Transactions
  Review recent proposed regulations on basket transactions being treated as listed transactions. On July 12, 2024, IRS and Treasury issued proposed regulations under I.R.C. § 6011 that would identify as listed transactions those transactions that are the same as certain basket transactions or substantially similar to certain basket contract transactions. The proposed regulations would affect material advisors and participants in the listed transactions, which are a type of reportable transaction.

• How Tax Shelters Are Structured
  Learn more about how tax shelters are structured. The tax shelters discussed in this analysis produce sizable tax losses that offset a taxpayer's capital gains or other income, with minimal costs to the taxpayer. Tax shelters generally follow Internal Revenue Code requirements but produce unintended (favorable) tax results.

• Tax Shelter Disclosure Requirements Checklist
  Reference this checklist providing reportable transaction disclosure requirements that outline prescribed steps and procedures to satisfy reporting requirements and avoid IRS challenges.

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