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Final Regs. on Listed Transactions for GST Tax

By Alistair M. Nevius, J.D.

Please note: This item is from our archives and was published in 2012. It is provided for historical reference. The content may be out of date and links may no longer function.

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The IRS issued final regulations that add transactions that reduce or eliminate the generation-skipping transfer (GST) tax as listed transactions or transactions of interest and require the disclosure of those transactions under Sec. 6011 (T.D. 9556). 

The final regulations adopt without change proposed regulations issued in 2009 (REG-136563-07). They provide rules for the disclosure of listed transactions and transactions of interest with respect to the GST tax and rules relating to the preparation and maintenance of reportable transaction lists.

The regulations also provide guidance regarding how long a material adviser has to prepare the list that must be maintained after the list maintenance requirement under Regs. Sec. 301.6112-1 first arises with respect to a reportable transaction. A material adviser will have 30 calendar days from the date the list maintenance requirement first arises to prepare the required list. However, when designating a transaction as a reportable transaction, the IRS may in guidance provide for a period longer than 30 days.

The regulations are effective November 14, 2011.