IRS Notice
2001-51
 
Cumulative Bulletin Notice 2001-51, , I.R.B. 2001-34, August
2, 2001.
On
February 28, 2000
, the Internal Revenue Service issued Notice 2000-15
, 2000-12 I.R.B. 826, identifying certain
transactions as "listed transactions" for
purposes of §1.6011-4T(b)(2) of the temporary
Income Tax Regulations and §301.6111-2T(b)(2) of
the temporary Procedure and Administration
Regulations. This notice restates the list of
transactions identified in Notice 2000-15 as
"listed transactions" effective
February 28, 2000
, and updates the list by adding transactions
identified in notices released subsequent to
February 28, 2000
.
Transactions
that are the same as or substantially similar to
transactions described in the list below have been
determined by the Service to be tax avoidance
transactions and are identified as "listed
transactions" for purposes of §1.6011-4T(b)(2)
and §301.6111-2T(b)(2) . As a result, corporate
taxpayers may need to disclose their participation
in these listed transactions as prescribed in §1.6011-4T
, and promoters (or other persons responsible for
registering tax shelter transactions) may need to
register these transactions under §301.6111-2T . In
addition, promoters must maintain lists of investors
and other information with respect to these listed
transactions pursuant to §301.6112-1T .
(1)
Rev. Rul. 90-105 , 1990-2 C.B. 69 (transactions in
which taxpayers claim deductions for contributions
to a qualified cash or deferred arrangement or
matching contributions to a defined contribution
plan where the contributions are attributable to
compensation earned by plan participants after the
end of the taxable year (identified as "listed
transactions" on
February 28, 2000
));
(2)
Notice 95-34 , 1995-1 C.B. 309 (certain trust
arrangements purported to qualify as multiple
employer welfare benefit funds exempt from the
limits of §§419 and 419A of the Internal Revenue
Code (identified as "listed transactions"
on
February 28, 2000
));
(3)
Notice 95-53 , 1995-2 C.B. 334 (certain
multiple-party transactions intended to allow one
party to realize rental or other income from
property or service contracts and to allow another
party to report deductions related to that income
(often referred to as "lease strips")
(identified as "listed transactions" on
February 28, 2000
));
(4)
Transactions described in Part II of Notice 98-5 ,
1998-1 C.B. 334 (transactions in which the
reasonably expected economic profit is insubstantial
in comparison to the value of the expected foreign
tax credits (identified as "listed
transactions" on February 28, 2000));
(5)
Transactions substantially similar to those at issue
in ASA Investerings Partnership v. Commissioner,
201 F.3d 505 (D.C. Cir. 2000), and ACM
Partnership v. Commissioner, 157 F.3d 231 (3d
Cir. 1998) (transactions involving contingent
installment sales of securities by partnerships in
order to accelerate and allocate income to a
tax-indifferent partner, such as a tax-exempt entity
or foreign person, and to allocate later losses to
another partner (identified as "listed
transactions" on
February 28, 2000
));
(6)
Treas. Reg. §1.643(a)-8 (transactions involving
distributions described in §1.643(a)-8 from
charitable remainder trusts (identified as
"listed transactions" on February 28,
2000));
(7)
Rev. Rul. 99-14 , 1999-1 C.B. 835 (transactions in
which a taxpayer purports to lease property and then
purports to immediately sublease it back to the
lessor (that is, lease-in/lease-out or LILO
transactions) (identified as "listed
transactions" on
February 28, 2000
));
(8)
Notice 99-59 , 1999-2 C.B. 761 (transactions
involving the distribution of encumbered property in
which taxpayers claim tax losses for capital outlays
that they have in fact recovered (identified as
"listed transactions" on
February 28, 2000
));
(9)
Treas. Reg. §1.7701(l)-3 , (transactions involving
fast-pay arrangements as defined in §1.7701(l)-3(b)
(identified as "listed transactions" on
February 28, 2000));
(10)
Rev. Rul. 2000-12, 2000-11 I.R.B. 744 (certain
transactions involving the acquisition of two debt
instruments the values of which are expected to
change significantly at about the same time in
opposite directions (identified as "listed
transactions" on
February 28, 2000
));
(11)
Notice 2000-44 , 2000-36 I.R.B. 255 (transactions
generating losses resulting from artificially
inflating the basis of partnership interests
(identified as "listed transactions" on
August 11, 2000));
(12)
Notice 2000-60 , 2000-49 I.R.B. 568 (transactions
involving the purchase of a parent corporation's
stock by a subsidiary, a subsequent transfer of the
purchased parent stock from the subsidiary to the
parent's employees, and the eventual liquidation or
sale of the subsidiary (identified as "listed
transactions" on
November 16, 2000
));
(13)
Notice 2000-61 , 2000-49 I.R.B. 569 (transactions
purporting to apply §935 to Guamanian trusts
(identified as "listed transactions" on
November 21, 2000));
(14)
Notice 2001-16 , 2001-9 I.R.B. 730 (transactions
involving the use of an intermediary to sell the
assets of a corporation (identified as "listed
transactions" on January 18, 2001));
(15)
Notice 2001-17 , 2001-9 I.R.B. 730 (transactions
involving a loss on the sale of stock acquired in a
purported §351 transfer of a high basis asset to a
corporation and the corporation's assumption of a
liability that the transferor has not yet taken into
account for federal income tax purposes (identified
as "listed transactions" on
January 18, 2001
)); and
(16)
Notice 2001-45 , 2001-33 I.R.B. __ (certain
redemptions of stock in transactions not subject to
U.S.
tax in which the basis of the redeemed stock is
purported to shift to a
U.S.
taxpayer (identified as "listed
transactions" on July 26, 2001)).
Notice
2000-15 is supplemented and superseded.
The
principal author of this notice is David A. Shulman
of the Office of Associate Chief Counsel (Passthroughs
and Special Industries). For further information
regarding this notice contact Mr. Shulman at
(202)
622-3080
(not a toll-free call).
|
