Modification of Tax Shelter Rules

DEPARTMENT OF THE TREASURY
Internal Revenue Service 26 CFR Parts 1 and 301 [TD 8896] RIN 1545-
AY37

TITLE: Modification of Tax Shelter Rules

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Temporary regulations.

SUMMARY: These temporary regulations modify the rules relating to
the filing by certain corporate taxpayers of a statement with their
Federal corporate income tax returns under section 6011(a), the
registration of confidential corporate tax shelters under section
6111(d), and the maintenance of lists of investors in potentially
abusive tax shelters under section 6112. These regulations provide
the public with additional guidance needed to comply with the
disclosure rules, the registration requirement, and the list
maintenance requirement applicable to tax shelters. The temporary
regulations affect corporations participating in certain reportable
transactions, persons responsible for registering confidential
corporate tax shelters, and organizers of potentially abusive tax
shelters. The text of these temporary regulations also serves as the
text of the proposed regulations set forth in the notice of proposed
rulemaking on this subject in the Proposed Rules section of this
issue of the Federal Register.

DATES: Effective Date: These temporary regulations are effective
August 11, 2000.

     Applicability Date: For dates of applicability, see
§§1.6011-4T(g), 301.6111-2T(h), and 301.6112-1T, A-22.

FOR FURTHER INFORMATION CONTACT: Catherine Moore, (202) 622-3080,
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

     The collections of information contained in these regulations
previously have been reviewed and approved by the office of
Management and Budget under control numbers 1545-1685 and 1545-1686.
No material changes to these collections of information are made by
these regulations.

     An agency may not conduct or sponsor, and a person is not
required to respond to, a collection of information unless the
collection of information displays a valid OMB control number.

     Books or records relating to a collection of information must
be retained as long as their contents may become material in the
administration of any internal revenue law. Generally, tax returns
and tax return information are confidential, as required by 26
U.S.C. 6103.

Background

     This document amends 26 CFR parts 1 and 301 to provide modified
rules relating to the disclosure of certain tax shelters by
corporate investors on their Federal corporate income tax returns
under section 6011, the registration of confidential corporate tax
shelters under section 6111, and the maintenance of lists of
investors in potentially abusive tax shelters under section 6112.

     On February 28, 2000, the IRS issued temporary and proposed
regulations regarding section 6011 (TD 8877, REG-103735-00), section
6111 (TD 8876, REG-110311-98), and section 6112 (TD 8875,
REG-103736-00). The regulations were published in the Federal
Register (65 FR 11205, 65 FR 11215, 65 FR 11211) on March 2, 2000.

     Based on comments that have been received, the IRS and Treasury
have determined that certain interim changes to the temporary and
proposed regulations are warranted. The changes in the proposed
rules are published elsewhere in this issue of the Federal Register.
The interim changes are intended to clarify certain provisions of
the regulations, address certain practical problems relating to
compliance with the regulations, and make certain other changes
relating to the scope of the regulations.

     It is anticipated that other changes will be made in the final
regulations. The IRS and Treasury have determined that additional
time is needed to evaluate a number of the comments and
recommendations. The IRS and Treasury continue to invite comments on
all provisions of the temporary and proposed regulations, including
provisions modified by this document. Furthermore, to the extent
that taxpayers or other persons believe that there are specific
types of transactions for which disclosure is required under the
regulations, and that such disclosure is not consistent with the
purposes of the regulations, the IRS and Treasury solicit comments
that identify such types of transactions and explain those concerns.
Such comments will be taken into account in establishing the scope
of the final regulations and will also assist the IRS and Treasury
in determining whether there are classes of transactions that should
be specifically excepted from disclosure under the final
regulations.

Explanation of Provisions

1. Disclosure Statement Required for Certain Corporate Taxpayers

     The temporary regulations under section 6011 provide that every
taxpayer that is required to file a return for a taxable year with
respect to any tax imposed under section 11 and that has
participated, directly or indirectly, in a reportable transaction
shall attach a disclosure statement to its return for each taxable
year for which the taxpayer’s Federal income tax liability is
affected by its participation in the reportable transaction. It has
come to the attention of the IRS and Treasury that the temporary
regulations under section 6011 may have technically failed to
include insurance companies and mutual savings banks conducting life
insurance business. The IRS and Treasury intended those corporations
to be subject to the disclosure requirement in the regulations. The
regulations are amended accordingly.

2. Record Retention Requirement for Certain Reportable Transactions

     The temporary regulations under section 6011 provide that a
taxpayer must retain all documents relating to a reportable
transaction until the expiration of the statute of limitations for
the first taxable year for which a disclosure statement is filed
with the taxpayer’s tax return.

     The IRS and Treasury seek to clarify the record retention
requirement. As modified, the temporary regulations provide that a
taxpayer must retain a copy of all documents and other records
related to a transaction subject to disclosure under this section
that are material to an understanding of the facts of the
transaction, the expected tax treatment of the transaction, or the
corporation’s decision to participate in the transaction.

3. Confidentiality

     Under section 6111(d), a confidential corporate tax shelter
must be registered. In describing confidentiality, the temporary
regulations under section 6111(d) provide that if an offeree’s
disclosure of the structure or tax aspects of the transaction is
limited in any way by an express or implied understanding or
agreement with or for the benefit of any tax shelter promoter, an
offer is considered made under conditions of confidentiality,
whether or not such understanding or agreement is legally binding.
An offer will also be considered made under conditions of
confidentiality in the absence of any such understanding or
agreement if any tax shelter promoter knows or has reason to know
that the transaction is protected from disclosure or use in any
other manner. However, unless the facts and circumstances clearly
indicate otherwise, an offer is not considered made under conditions
of confidentiality if the tax shelter promoter enters into a written
agreement with each person who participates or discusses
participation in the transaction and such agreement expressly
authorizes such persons to disclose every aspect of the transaction
with any and all persons, without limitation of any kind.

     The IRS and Treasury understand that, in certain circumstances,
limitations on disclosure of the structure or tax aspects of a
transaction may be considered necessary to comply with Federal or
state securities laws. Consequently, the temporary regulations under
section 6111(d) are modified to provide an exception for
restrictions on disclosure of the structure or tax aspects of the
transaction reasonably necessary to comply with those securities
laws.

     The IRS and Treasury received comments inquiring whether an
exclusivity agreement (i.e., an agreement requiring the offeree to
pay a fee to a promoter if the offeree engages in the transaction,
whether or not the offeree uses the services of that promoter) is a
condition of confidentiality. It is the view of the IRS and Treasury
that an exclusivity agreement is within the scope of section 6111(d)
(2)(B) because it is a limitation on use, and the temporary
regulations have been clarified to so provide. However, the
regulations have also been clarified to provide that an exclusivity
arrangement ordinarily will not result in an offer being treated as
made under conditions of confidentiality if the tax shelter promoter
provides express written authorization for disclosure. As modified,
the written authorization rule is applicable if the promoter
expressly authorizes each offeree to disclose the structure and tax
aspects of the transaction to any and all persons, without
limitation of any kind on such disclosure.

     In addition, the temporary regulations are modified to provide
that, under section 6111(d)(2)(B), limitations on disclosure or use
create a condition of confidentiality only if the limitations relate
to the structure or tax aspects of the transaction and such
limitations are for the benefit of any person other than the
offeree.

4. Tax Shelter Promoter

     The temporary regulations under section 6111(d) provide that
the term tax shelter promoter includes a tax shelter organizer under
section 6111(e)(1) and §301.6111-1T(Q&A-26 through Q&A-32) and any
other person who participates in the organization, management or
sale of a tax shelter (other than a person who merely performs
services of the kind described in §301.6111-1T Q&A-33) or any person
related (within the meaning of section 267 or 707) to such tax
shelter organizer or such other person.

     The IRS and Treasury recognize that the definition of a
promoter as currently worded implies that a person can be a promoter
by participating in the organization, management or sale of a tax
shelter in a way other than as described in section 6111(e)(1) and
§301.6111-1T(Q&A-26 through Q&A-32). The regulations under section
6111(d) are amended to clarify that a person is a promoter only if
the person participates in the organization, management or sale of a
tax shelter under the rules in section 6111(e)(1) and
§301.6111-1T(Q&A-26 through Q&A-33), or is related to such person
under section 267 or 707(b).

     The regulations are also modified to clarify that only
promoters that are classified as organizers under section 6111(e)(1)
are required to register tax shelters.

5. Investor List Requirement of Section 6112

     Any person who organizes or sells an interest in a confidential
corporate tax shelter must maintain a list of persons who were sold
an interest in the tax shelter and such other information as
required by section 6112. See §301.6112-1T. The temporary
regulations under section 6112 require that, in addition to the
lists required for confidential corporate tax shelters, lists must
also be maintained with respect to transactions for which the
avoidance or evasion of Federal income tax is considered to be a
significant purpose of the structure of the transaction, as
determined in section 6111(d)(1)(A) and §301.6111-2T(b), whether or
not the transactions are offered under conditions of
confidentiality.

     Section 6111(d)(1)(A) provides that the term tax shelter
includes any entity, plan, arrangement, or transaction a significant
purpose of the structure of which is the avoidance or evasion of
Federal income tax for a direct or indirect participant which is a
corporation. The temporary regulations cross-reference section
6111(d)(1)(A) to provide the standard for determining whether the
structure of a transaction has a significant purpose of avoidance or
evasion of Federal income tax. The temporary regulations are amended
to provide that a transaction may be subject to the list maintenance
requirement whether or not the transaction is offered to corporate
investors. Thus, a list of noncorporate investors will be required
to be maintained whether or not the transaction is ever offered to a
corporate investor. However, as discussed below, the temporary
regulations are modified to include fee and tax reduction thresholds
for list maintenance.

     Two additional modifications are made to the temporary
regulations. First, the definitions of organizer and seller are
clarified for purposes of section 6112. Second, the procedure for
designating a person to maintain the list under section 6112 is
modified for transactions other than section 6111(c) shelters and
projected income investments.

6. Tax Reduction and Fee Thresholds for Investor List Requirement of
Section 6112

     The temporary regulations under section 6112 do not limit the
investors who must be included on the list. In response to comments,
the IRS and Treasury have determined that in certain cases
organizers and sellers of interests in potentially abusive tax
shelters should be required to include on the list only investors
that meet fee and tax reduction thresholds. Accordingly, the
temporary regulations under section 6112 are amended to provide
that, for a potentially abusive tax shelter that is not required to
be registered under section 6111, is not a listed transaction
described in §301.6111-2T(b)(2), and is not a projected income
investment as described in §301.6111-1T A-57A, an organizer or
seller of an interest in a shelter may, but is not required to, list
an investor if the total consideration paid to all organizers and
sellers with respect to such investor’s acquisition of the interest
is less than $25,000, or if the organizer reasonably believes that
such investor’s acquisition of the interest will not result in a
reduction of the Federal income tax liability of any corporation or
corporations that exceeds, or exceeds in the aggregate, $1 million
in any single taxable year or a total of $2 million for any
combination of taxable years and will not result in a reduction of
the Federal income tax liability of any noncorporate taxpayer or
taxpayers that exceeds, or exceeds in the aggregate, $250,000 in any
single taxable year or a total of $500,000 for any combination of
taxable years.

7. Effective Date

     The regulations are applicable August 11, 2000. However, in
general, taxpayers may rely on the regulations after February 28,
2000.

Special Analyses

     It has been determined that this Treasury decision is not a
significant regulatory action as defined in Executive Order 12866.
Therefore, a regulatory assessment is not required. It has also been
determined that section 553(b) of the Administrative Procedure Act
(5 U.S.C. chapter 5) does not apply to these regulations. Because
these regulations impose no new collection of information on small
entities, a Regulatory Flexibility Analysis under the Regulatory
Flexibility Act (5 U.S.C. chapter 6) is not required. Pursuant to
section 7805(f) of the Internal Revenue Code, these temporary
regulations will be submitted to the Chief Counsel for Advocacy of
the Small Business Administration for comment on their impact on
small business.

Drafting Information

     The principal author of these regulations is Catherine Moore,
Office of the Associate Chief Counsel (Passthroughs and Special
Industries). However, other personnel from the IRS and Treasury
Department participated in their development.

List of Subjects

26 CFR Part 1

     Income taxes, Reporting and recordkeeping requirements.

26 CFR Part 301

     Employment taxes, Estate taxes, Excise taxes, Gift taxes,
Income taxes, Penalties, Reporting and recordkeeping requirements.

Adoption of Amendments to the Regulations

     Accordingly, 26 CFR parts 1 and 301 are amended as follows:

PART 1--INCOME TAXES

     Paragraph 1. The authority citation for part 1 continues to

read in part as follows:

     Authority: 26 U.S.C. 7805 * * *

     Par. 2. Section 1.6011-4T is amended as follows:

     1. The first sentence of paragraph (a) is revised.

     2. Paragraph (d)(1), second sentence, is amended by @ A @ A
removing the language LM:PF  and adding LM:PFTG:OTSA in its place.

     3. Paragraphs (e) and (g) are revised.

     The revisions read as follows:

§1.6011-4T Requirement of statement disclosing participation in
certain transactions by corporate taxpayers (Temporary).

     (a) In general. Every taxpayer that is required to file a
return for a taxable year with respect to a tax imposed under
section 11, 594, 801, or 831 and that has participated, directly or
indirectly, in a reportable transaction within the meaning of
paragraph (b) of this section must attach to its return for the
taxable year described in paragraph (d) of this section a disclosure
statement in the form prescribed by paragraph (c) of this section. *
* *

* * * * *

    (e) Retention of documents. The taxpayer must retain a copy of
all documents and other records related to a transaction subject to
disclosure under this section that are material to an understanding
of the facts of the transaction, the expected tax treatment of the
transaction, or the corporation’s decision to participate in the
transaction. Such documents must be retained until the expiration of
the statute of limitations applicable to the first taxable year for
which disclosure of the transaction was made in accordance with the
requirements of this section.

(This document retention requirement is in addition to any document
retention requirements that section 6001 generally imposes on the
taxpayer.) Such documents generally include, but are not limited to,
the following: marketing materials related to the transaction;
written analyses used in decision-making related to the transaction;
correspondence and agreements between the taxpayer and any promoter,
advisor, lender, or other party to the reportable transaction that
relate to the transaction; documents discussing, referring to, or
demonstrating the tax benefits arising from the reportable
transaction; and documents, if any, referring to the business
purposes for the reportable transaction.

* * * * *

     (g) Effective date. This section applies to Federal corporate
income tax returns filed after February 28, 2000. However,
paragraphs (a) and (e) of this section apply to Federal corporate
income tax returns filed after August 11, 2000 and to documents and
other records that the taxpayer acquires, prepares, or has in its
possession on or after August 11, 2000. Taxpayers may rely on the
rules in paragraphs (a) and (e) of this section for Federal
corporate income tax returns filed after February 28, 2000, and for
documents and other records that the taxpayer acquires, prepares, or
has in its possession on or after February 28, 2000. Otherwise, the
rules that apply with respect to Federal corporate income tax
returns filed after February 28, 2000, and records that the taxpayer
acquires, prepares, or has in its possession prior to August 11,
2000, are contained in §1.6011-4T in effect prior to August 11, 2000
(see 26 CFR part 1 revised as of April 1, 2000).

PART 301--PROCEDURE AND ADMINISTRATION

     Par. 3. The authority citation for part 301 continues to read
in part as follows:

     Authority: 26 U.S.C. 7805 * * *

     Par. 4. Section 301.6111-2T is amended as follows:

     1. Paragraph (b)(3)(ii) is amended by removing the word @ A
		  corporate @ .

     2. Paragraph (c) is amended as follows:

     a. The last two sentences of paragraph (c)(1) are revised.

     b. Paragraph (c)(2) is revised.

     c. Paragraph (c)(3) is added.

     3. Paragraphs (f) and (g)(1) are revised.

     4. Paragraph (h) is amended by adding three sentences at the
end of the paragraph.

     The revisions and additions read as follows:

§301.6111-2T Confidential corporate tax shelters (temporary).

* * * * *

     (c) * * * (1) * * * Pursuant to section 6111(d)(2)(B), an offer
will also be considered made under conditions of confidentiality in
the absence of any such understanding or agreement if any tax
shelter promoter knows or has reason to know that the offeree’s use
or disclosure of information relating to the structure or tax
aspects of the transaction is limited for the benefit of any person
other than the offeree in any other manner, such as where the
transaction is claimed to be proprietary or exclusive to the tax
shelter promoter or any party other than the offeree. An offeree’s
privilege to maintain the confidentiality of a communication
relating to a tax shelter in which the offeree might participate or
has agreed to participate, including an offeree’s confidential
communication with the offeree’s attorney, is not itself a condition
of confidentiality.

     (2) Securities law exception. An offer is not considered made
under conditions of confidentiality if disclosure of the structure
or tax aspects of the transaction is subject to restrictions
reasonably necessary to comply with federal or state securities laws
and such disclosure is not otherwise limited.

     (3) Presumption. Unless facts and circumstances clearly
indicate otherwise, an offer is not considered made under conditions
of confidentiality if the tax shelter promoter provides express
written authorization to each offeree permitting the offeree (and
each employee, representative, or other agent of such offeree) to
disclose the structure and tax aspects of the transaction to any and
all persons, without limitation of any kind on such disclosure.

* * * * *

     (f) Definition of tax shelter promoter. For purposes of section
6111(d)(2) and this section, the term tax shelter promoter includes
a tax shelter organizer and any other person who participates in the
organization, management or sale of a tax shelter (as those persons
are described in section 6111(e)(1) and §301.6111-1T (Q&A-26 through
Q&A-33) or any person related (within the meaning of section 267 or
707) to such tax shelter organizer or such other person.

     (g) Person required to register--(1) Tax shelter promoters. The
rules in section 6111(a) and (e) and §301.6111-1T (Q&A-34 through
Q&A-39) determine who is required to register a confidential
corporate tax shelter. A promoter of a confidential corporate tax
shelter must register the tax shelter only if it is a person
required to register under the rules in section 6111(a) and (e) and
§301.6111-1T (Q&A-34 through Q&A-39).

* * * * *

     (h) * * * However, paragraphs (b)(3)(ii), (c)(1),(2) and (3),
(f), and (g)(1) of this section apply to confidential corporate tax
shelters in which any interests are offered for sale after August
11, 2000. The rules in paragraphs (b)(3)(ii), (c)(1),(2) and (3),
(f), and (g)(1) of this section may be relied upon for confidential
corporate tax shelters in which any interests are offered for sale
after February 28, 2000. Otherwise, the rules that apply to
confidential corporate tax shelters in which any interests are
offered for sale after February 28, 2000, are contained in
§301.6111-2T in effect prior to August 11, 2000 (see 26 CFR part 301
revised as of April 1, 2000).

     Par. 5. Section 301.6112-1T is amended as follows:

     1. A-4(a) is revised.

     2. The last two sentences of A-5 are removed and a new sentence
is added in their place.

     3. A-6 is amended as follows: @ A a. Paragraph (b) is amended
by removing the language and at the end of the paragraph.

     b. Paragraph (c) is amended by removing the period at the @ A
adding and in its place.

     c. Paragraph (d) is added immediately after paragraph (c).

     4. The last sentence of A-7 is revised.

     5. A-8 is amended as follows:

     a. In A-8, introductory text and paragraphs (a) through (e) are
redesignated as paragraph (a) introductory text and paragraphs (a)
(1) through (a)(5), respectively.

     b. New paragraph (b) is added immediately after Example (2) in
newly designated paragraph (a)(5).

     6. The last two sentences of A-9 are amended by removing @ A @
A the language paragraph (e) and adding paragraph(a) (5)   in its
place.

     7. One sentence is added at the end of A-10.

     8. A-11 is amended as follows:

     a. In A-11, introductory text and paragraphs (a) and (b) are
redesignated as paragraph (a) introductory text and paragraphs (a)
(1) and (a)(2), respectively.

     b. New paragraph (b) is added.

     9. A-17 is amended as follows:

     a. Paragraph (a)(3) is revised.

     b. Paragraph (c) is added.

     10. The first and second sentences of A-19 are amended by @ A
removing the language paragraph (d) or paragraph (e) and adding @ A
paragraph (a)(4) or (5) in its place.

     11. A-22 is amended by adding three sentences before the last
sentence.

     The additions and revisions read as follows: §301.6112-1T
Questions and answers relating to the requirement to maintain a list
of investors in potentially abusive tax shelters (temporary).

* * * * *

     A-4.(a) Yes; for purposes of the list requirement, a tax
shelter includes any tax shelter that is a projected income
investment, as defined in §301.6111-1T A-57A, and any transaction a
significant purpose of the structure of which is the avoidance or
evasion of Federal income tax within the meaning of section 6111(d)
(1)(A) and §301.6111-2T(b) (whether or not offered to any direct or
indirect corporate participant). For this purpose, as under
§301.6111-2T, the term transaction includes all of the factual
elements necessary to support the tax benefits that are expected to
be claimed with respect to any entity, plan, or arrangement,
including any series of related steps carried out as part of a
prearranged plan.

* * * * *

     A-5. * * * In addition, an organizer is any other person who
participates in the organization or management of the tax shelter
within the meaning of §301.6111-1T A-28 or A-29, except those
persons whose activities do not constitute participation in the
organization or management of a tax shelter under §301.6111-1T A- 30
or A-33.

* * * * *

     A-6. * * *

     (d) Any other person who receives consideration in connection
with another person’s right to participate in a tax shelter, for
services necessary to the organization or structure of such tax
shelter (other than services that do not constitute participation in
the organization or management of a tax shelter under §301.6111-1T
A-30 or A-33), or for information that is integral to participation
in such tax shelter.

* * * * *

     A-7. * * * In addition, in any case in which a person has
directly or indirectly paid consideration to an organizer or seller
for the right to participate in a tax shelter, for services
necessary to the organization or structure of such tax shelter
(other than services that do not constitute participation in the
organization or management of a tax shelter under §301.6111-1T A-30
or A-33), or for information that is integral to participation in
such tax shelter, the participant shall be considered to have
acquired an interest in the tax shelter and to have been sold an
interest in the tax shelter by the organizer or seller.

* * * * *

     A-8. * * *

     (b) An organizer may, but is not required to, list a person
that acquired an interest in a potentially abusive tax shelter if
the shelter is not subject to registration under section 6111, is
not a listed transaction described in §301.6111-2T(b)(2), and is not
a projected income investment described in §301.6111-1T A- 57A, if
the total consideration paid to all organizers and sellers with
respect to such person's acquisition of the interest is less than
$25,000, or if the organizer reasonably believes that such person's
acquisition of the interest will not result in a reduction of the
Federal income tax liability of any corporation or corporations that
exceeds, or exceeds in the aggregate, $1 million in any single
taxable year or a total of $2 million for any combination of taxable
years and will not result in a reduction of the Federal income tax
liability of any noncorporate taxpayer or taxpayers that exceeds, or
exceeds in the aggregate, $250,000 in any single taxable year or a
total of $500,000 for any combination of taxable years. For purposes
of this paragraph (b), the fees paid by or to, and the tax savings
of, persons related within the meaning of section 267 or section
707(b) are aggregated.

* * * * *

     A-10. * * * However, a seller may, but is not required to, list
a person that is described in A-8(b) of this section.

* * * * *

     A-11. * * *

     (b) In the case of a confidential corporate tax shelter under
section 6111(d) and §301.6111-2T or a tax shelter described in Q&A-4
of this section (other than one required to be registered under
section 6111(c) or a projected income investment as described in
§301.6111-1T A-57A), the rules contained in A-11(a)(1), A-13(a)(2),
the second sentence of A-13(b), A-13(c) and A-14 of this section do
not apply.

* * * * *

     A-17. (a) * * *

     (3) The name, address, and TIN (as defined in section 7701(a)
(41)) of each person who is required to be included on the list
under A-8 or A-10 of this section and, in the case of a tax shelter
that is a transaction described in section 6111(d)(1)(A) and
§301.6111-2T(b) whether or not the direct or indirect participant is
a corporation, the name, address, and TIN of each investor and any
indirect corporate participant in the shelter if known to the
organizer or seller;

* * * * *

     (c) No information needs to be included on a list with regard
to any tax shelter for which no person is an investor required to be
included on the list under A-8(b) or A-10 of this section.

* * * * *

     A-22. * * * However, the rules in A-4(a), A-5, A-6(d), A-7,
A-8(b), A-10, A-11(b), and A-17(a)(3) and (c) of this section apply
to any interest acquired by an investor (within the meaning of
paragraph (c) of A-6 of this section) in a potentially abusive tax
shelter after August 11, 2000. The rules in A-4(a), A-5, A- 6(d),
A-7, A-8(b), A-10, A-11(b), and A-17(a)(3) and (c) of this section
may be relied upon for any interest acquired by an investor (within
the meaning of paragraph (c) of A-6 of this section) in a
potentially abusive tax shelter after February 28, 2000. Otherwise,
the rules that apply with respect to interests acquired in
potentially abusive tax shelters after February 28, 2000, are
contained in §301.6112-1T in effect prior to August 11, 2000 (see 26
CFR part 301 revised as of April 1, 2000). * * *

Robert E. Wenzel  
Deputy Commissioner of Internal Revenue   
Approved: 8-8-00   
Jonathan Talisman 
Acting Assistant Secretary of the Treasury

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