Page:United States Statutes at Large Volume 98 Part 1.djvu/729

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 681

(1) IN GENERAL.—The amendments made by this section shall apply to any tax shelter (within the meaning of section 6111 of the Internal Revenue Code of 1954, as added by this section) any Ante, p. 677. interest in which is first sold to any investor after August 31, 1984. (2) SUBSTANTIAL INVESTMENT TEST.—For purposes of determin-

ing whether any investment is a tax shelter by reason of section 6111(c)(l)(B)(iii) of such Code (as added by this section), only offers for sale after August 31, 1984, shall be taken into account.

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(3) FURNISHING OF SHELTER IDENTIFICATION NUMBER FOR INTERESTS SOLD BEFORE SEPTEMBER 1, 1984.—With respect to interests

sold before September 1, 1984, any liability to act under paragraph (1) of section 6111(b) of such Code (as added by this section) which would (but for this sentence) arise before such date shall be deemed to arise on December 31, 1984. SEC. 142. ORGANIZERS AND SELLERS OF POTENTIALLY ABUSIVE TAX SHELTERS MUST KEEP LISTS OF INVESTORS. (a) IN GENERAL.—Subchapter B of chapter 61 (relating to miscellaneous provisions involving information and returns) is amended by redesignating section 6112 as section 6113 and by inserting after section 6111 the following new section:

Ante, p. 677. ^^ USC 6113.

"SEC. 6112. ORGANIZERS AND SELLERS OF POTENTIALLY ABUSIVE TAX 26 USC 6112. SHELTERS MUST KEEP LISTS OF INVESTORS. "(a) IN GENERAL.—Any person who— "(1) organizes any potentially abusive tax shelter, or ^ • r;- Or' i "(2) sells any interest in such a shelter, ^ shall maintain (in such manner as the Secretary may by regulations prescribe) a list identifying each person who was sold an interest in such shelter and containing such other information as the Secretary may by regulations require. "(b) POTENTIALLY ABUSIVE TAX SHELTER.—For purposes of this section, the term 'potentially abusive tax shelter' means— "(1) any tax shelter (as defined in section 6111) with respect to Ante, p. 677. which registration is required under section 6111, and "(2) any entity, investment plan or arrangement, or other plan or arrangement which is of a type which the Secretary ,a5>? D8i> determines by regulations as having a potential for tax avoidance or evasion. "(c) SPECIAL RULES.— "(1) AVAILABILITY FOR INSPECTION; RETENTION OF INFORMATION



ON LIST.—Any person who is required to maintain a list under subsection (a)— "(A) shall make such list available to the Secretary for inspection upon request by the Secretary, and "(B) except as otherwise provided under regulations prescribed by the Secretary, shall retain any information which is required to be included on such list for 7 years.

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"(2) LISTS WHICH WOULD BE REQUIRED TO BE MAINTAINED BY 2

OR MORE PERSONS.—The Secretary shall prescribe regulations Regulations. which provide that, in cases in which 2 or more persons are required under subsection (a) to maintain the same list (or portion thereof), only 1 person shall be required to maintain such list (or portion)."

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