59-1-1307 - Material advisor maintenance of list.
59-1-1307. Material advisor maintenance of list.
(1) For each reportable transaction, a material advisor shall maintain a list of the personsto which the material advisor provides material aid, assistance, or advice with respect toorganizing, managing, promoting, selling, implementing, insuring, or carrying out a reportabletransaction.
(2) The list described in Subsection (1) shall include:
(a) the name of each person described in Subsection (1) that is:
(i) a taxpayer;
(ii) (A) a taxpayer; and
(B) a member of a unitary group; or
(iii) (A) a taxpayer; and
(B) included in a federal consolidated return under Sections 1501 and 1504(b), InternalRevenue Code;
(b) the same information required to be contained in the list described in 26 C.F.R. Sec.301.6112-1; and
(c) any additional information required by the commission by rule made in accordancewith Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
(3) The list described in Subsection (1) shall be maintained in the same form and manneras the list described in 26 C.F.R. Sec. 301.6112-1.
(4) A material advisor required to maintain a list under Subsection (1) shall:
(a) make the list available to the commission upon written request by the commission;and
(b) retain the information that is required to be included on the list for seven years.
(5) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, thecommission shall make rules prescribing that only one person may be required to meet therequirements of this section if two or more persons would otherwise be required to meet therequirements of this section.
Amended by Chapter 382, 2008 General Session