26 Cfr 1.6033-5

eCFR — Code of Federal Regulations

Page 1 of 1

ELECTRONIC CODE OF FEDERAL REGULATIONS
e-CFR data is current as of May 26, 2017
Title 26 → Chapter I → Subchapter A → Part 1 → §1.6033-5
Title 26: Internal Revenue
PART 1—INCOME TAXES (CONTINUED)
§1.6033-5 Disclosure by tax-exempt entities that are parties to certain reportable transactions.
(a) In general. Every tax-exempt entity (as defined in section 4965(c)) shall file with the IRS on Form 8886-T,
“Disclosure by Tax-Exempt Entity Regarding Prohibited Tax Shelter Transaction” (or a successor form), in accordance
with this section and the instructions to the form, a disclosure of—
(1) Such entity's being a party (as defined in §53.4965-4 of this chapter) to a prohibited tax shelter transaction (as
defined in section 4965(e)); and
(2) The identity of any other party (whether taxable or tax-exempt) to such transaction that is known to the tax-exempt
entity.
(b) Frequency of disclosure. A single disclosure is required for each prohibited tax shelter transaction.
(c) By whom disclosure is made—(1) Tax-exempt entities referred to in section 4965(c)(1), (2) or (3). In the case of
tax-exempt entities referred to in section 4965(c)(1), (2) or (3), the disclosure required by this section must be made by the
entity.
(2) Tax-exempt entities referred to in section 4965(c)(4), (5), (6) or (7). In the case of tax-exempt entities referred to in
section 4965(c)(4), (5), (6) or (7), including a fully self-directed qualified plan, IRA, or other savings arrangement, the
disclosure required by this section must be made by the entity manager (as defined in section 4965(d)(2)) of the entity.
(d) Time and place for filing—(1) In general. The disclosure required by this section shall be filed on or before May 15
of the calendar year following the close of the calendar year during which the tax-exempt entity entered into the prohibited
tax shelter transaction.
(2) Subsequently listed transactions. In the case of subsequently listed transactions (as defined in section 4965(e)(2)),
the disclosure required by this section shall be filed on or before May 15 of the calendar year following the close of the
calendar year during which the transaction was identified by the Secretary as a listed transaction.
(3) Transition rule. If a tax-exempt entity entered into a prohibited tax shelter transaction after May 17, 2006, and
before January 1, 2007, the disclosure required by this section shall be filed on or before November 2, 2007.
(4) No disclosure. Disclosure is not required with respect to any prohibited tax shelter transaction entered into by a
tax-exempt entity on or before May 17, 2006.
(e) Penalty for failure to provide disclosure statement. See section 6652(c)(3) for the penalty applicable to the failure
to disclose a prohibited tax shelter transaction in accordance with this section.
(f) Effective date/applicability date. This section applies with respect to transactions entered into by a tax-exempt
entity after May 17, 2006.
[T.D. 9492, 75 FR 38702, July 6, 2010]

Need assistance?

https://www.ecfr.gov/cgi-bin/retrieveECFR?gp=1&SID=d50f108fe50a71ebacf08550a4573... 5/31/2017