Modifications of actions to enjoin certain conduct related to tax shelters and reportable transactions.
AJCA Section 820, modifying Sec. 7408, expands the current rules to allow an injunction to be sought against a material advisor for failing to (1) fulfill the reporting requirements for reportable and listed transactions and (2) keep investor lists. It also permits injunctions to be sought for violations of any of the rules under Circular 230.
The provision is effective on Oct. 23, 2004.
FROM PAUL MANNING, WASHINGTON, DC
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|Publication:||The Tax Adviser|
|Date:||Jan 1, 2005|
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