118 STAT. 1581 PUBLIC LAW 108–357—OCT. 22, 2004 SEC. 813. TAX SHELTER EXCEPTION TO CONFIDENTIALITY PRIVILEGES RELATING TO TAXPAYER COMMUNICATIONS. (a) IN GENERAL.—Section 7525(b) (relating to section not to apply to communications regarding corporate tax shelters) is amended to read as follows: ‘‘(b) SECTION NOT TO APPLY TO COMMUNICATIONS REGARDING TAX SHELTERS.—The privilege under subsection (a) shall not apply to any written communication which is— ‘‘(1) between a federally authorized tax practitioner and— ‘‘(A) any person, ‘‘(B) any director, officer, employee, agent, or represent ative of the person, or ‘‘(C) any other person holding a capital or profits interest in the person, and ‘‘(2) in connection with the promotion of the direct or indirect participation of the person in any tax shelter (as defined in section 6662(d)(2)(C)(ii)).’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to communications made on or after the date of the enactment of this Act. SEC. 814. STATUTE OF LIMITATIONS FOR TAXABLE YEARS FOR WHICH REQUIRED LISTED TRANSACTIONS NOT REPORTED. (a) IN GENERAL.—Section 6501(c) (relating to exceptions) is amended by adding at the end the following new paragraph: ‘‘(10) LISTED TRANSACTIONS.—If a taxpayer fails to include on any return or statement for any taxable year any information with respect to a listed transaction (as defined in section 6707A(c)(2)) which is required under section 6011 to be included with such return or statement, the time for assessment of any tax imposed by this title with respect to such transaction shall not expire before the date which is 1 year after the earlier of— ‘‘(A) the date on which the Secretary is furnished the information so required, or ‘‘(B) the date that a material advisor (as defined in section 6111) meets the requirements of section 6112 with respect to a request by the Secretary under section 6112(b) relating to such transaction with respect to such taxpayer.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years with respect to which the period for assessing a deficiency did not expire before the date of the enact ment of this Act. SEC. 815. DISCLOSURE OF REPORTABLE TRANSACTIONS. (a) IN GENERAL.—Section 6111 (relating to registration of tax shelters) is amended to read as follows: ‘‘SEC. 6111. DISCLOSURE OF REPORTABLE TRANSACTIONS. ‘‘(a) IN GENERAL.—Each material advisor with respect to any reportable transaction shall make a return (in such form as the Secretary may prescribe) setting forth— ‘‘(1) information identifying and describing the transaction, ‘‘(2) information describing any potential tax benefits expected to result from the transaction, and ‘‘(3) such other information as the Secretary may prescribe. Such return shall be filed not later than the date specified by the Secretary. 26 USC 6501 note. 26 USC 7525 note.
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