Skip to main content
Find a Lawyer

Utah Code Title 59. Revenue and Taxation § 59-1-1307. Material advisor maintenance of list

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) For each reportable transaction, a material advisor shall maintain a list of the persons to which the material advisor provides material aid, assistance, or advice with respect to organizing, managing, promoting, selling, implementing, insuring, or carrying out a reportable transaction.

(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), Internal Revenue Code;  1

(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 accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

(3) The list described in Subsection (1) shall be maintained in the same form and manner as 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, the commission shall make rules prescribing that only one person may be required to meet the requirements of this section if two or more persons would otherwise be required to meet the requirements of this section.

1 See 26 U.S.C.A §§ 1501 and 1504.
Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Utah Code Title 59. Revenue and Taxation § 59-1-1307. Material advisor maintenance of list - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-59-revenue-and-taxation/ut-code-sect-59-1-1307/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard