DAR File No. 30842

Tax Commission, Auditing

R865-6F-37

Disclosure of Reportable Transactions and Material Advisor List Pursuant to Utah Code Ann. Sections 59-1-1301 through 59-1-1309

NOTICE OF PROPOSED RULE

DAR File No.: 30842
Filed: 12/14/2007, 10:32
Received by: NL

RULE ANALYSIS

Purpose of the rule or reason for the change:

The section is amended because of federal form change.

Summary of the rule or change:

The proposed amendment updates the federal forms a material advisory must attach to the state return.

State statutory or constitutional authorization for this rule:

Sections 59-1-1301 through 59-1-1309

Anticipated cost or savings to:

the state budget:

None--The proposed amendment reflects recent federal form changes.

local governments:

None--The proposed amendment reflects recent federal form changes.

small businesses and persons other than businesses:

None--The proposed amendment reflects recent federal form changes.

Compliance costs for affected persons:

None--The proposed amendment merely directs affected persons to updated federal forms.

Comments by the department head on the fiscal impact the rule may have on businesses:

There are no anticipated costs. D'Arcy Dixon, Commissioner

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Tax Commission
Auditing
210 N 1950 W
SALT LAKE CITY UT 84134

Direct questions regarding this rule to:

Cheryl Lee at the above address, by phone at 801-297-3900, by FAX at 801-297-3919, or by Internet E-mail at clee@utah.gov

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

01/31/2008

This rule may become effective on:

02/07/2008

Authorized by:

D'Arcy Dixon, Commissioner

R865. Tax Commission, Auditing.

R865-6F. Franchise Tax.

R865-6F-37. Disclosure of Reportable Transactions and Material Advisor List Pursuant to Utah Code Ann. Sections 59-1-1301 through 59-1-1309.

(1) A taxpayer shall disclose a reportable transaction to the commission by:

(a) marking the box on the taxpayer's corporate franchise or income tax return indicating that the taxpayer has filed federal form 8886, or successor form, with the Internal Revenue Service; and

(b) providing the commission a copy of the form described in Subsection (1)(a) upon the request of the commission.

(2)(a) A material advisor shall disclose a reportable transaction to the commission by attaching a copy of the federal form 8264, or successor form, and any additional information that the material advisor submitted to the Internal Revenue Service, to the form prescribed by the commission.

(b) A material advisor shall provide the commission the information described in Subsection (2)(a) within 60 days after the form 8264, or successor form, was required to be filed with the Internal Revenue Service.

(3)(a) The list of persons a material advisor is required to maintain under 26 C.F.R. Sec. 301.6112-1 shall satisfy the requirement for the list of persons a material advisor is required to maintain under Section 59-1-1307.

(b) If more than one material advisor is required to maintain a list of persons in accordance with Section 59-1-1307, the material advisor that maintained the list required by 26 C.F.R. Sec. 301.6112-1 shall maintain the list required by Section 59-1-1307.

 

KEY: taxation, franchises, historic preservation, trucking industries

Date of Enactment or Last Substantive Amendment: [November 27, 2007]2008

Notice of Continuation: March 8, 2007

Authorizing, and Implemented or Interpreted Law: 59-1-1301 through 59-1-1309