§ 39-22-653 — Taxpayer disclosure of reportable or listed transactions

Colorado § 39-22-653

• Jurisdiction: Colorado
• Title 39: Taxation
• Art.: Income Tax

Text

(1) A
taxpayer shall be subject to the provisions of this section for each taxable year in
which the taxpayer participates in a reportable or listed transaction.

(2) A taxpayer subject to the provisions of this section shall disclose any
reportable or listed transaction to the department in a disclosure statement as
specified in subsection (5) of this section; except that, in the case of multiple
transactions described in section 39-22-652 (5)(b) or (5)(c) that occur within a
single tax year, in lieu of a disclosure for each transaction with a regulated
investment company or a real estate investment trust, a taxpayer may file a
disclosure for multiple transactions with a regulated investment company or real
estate investment trust showing the name and ownership of each such entity and
each such entity's total assets and total income earned prior to any dividend paid
deduction.

(3) If a taxpayer participates in or has participated in any reportable or listed
transaction for any period that is still open for assessment pursuant to section 39-21-107 as of the due date of the taxpayer's income tax return, then the taxpayer
shall file a disclosure statement as specified in subsection (5) of this section with
respect to the reportable or listed transaction.

(4) (a) Any statement that is required to be filed or disclosure required to be
made by this section with respect to any tax year for which the return has already
been filed by a date sixty days after April 2, 2009, and that is filed or made prior to
or together with the taxpayer's next filed return shall be considered timely filed or
made.

(b) Any statement that is required to be filed or disclosure required to be
made by this section with respect to any tax year the return for which has not been
filed by a date sixty days after April 2, 2009, and that is filed or made on or before
July 1, 2010, shall be considered timely filed or made.

(c) The statute of limitations with respect to any return for which a
statement is required to be filed or disclosure required to be made by this section
shall be tolled from April 2, 2009, until such statement or disclosure is filed or
made, but in no event shall the statute of limitations be tolled for more than twenty-four months.

(5) (a) With respect to any reportable transaction or with respect to any
listed transaction as specified in section 39-22-652 (5)(a), the taxpayer shall, at the
taxpayer's discretion, file with the taxpayer's next filed return a copy of the federal
disclosure form or a form specified by the department.

(b) With respect to any listed transaction not specified in section 39-22-652
(5)(a), the department may specify the form and manner of any statement required
to be filed or disclosure required to be made, which statement shall be filed with
the taxpayer's next filed return.

Legislative History

Source: L. 2009: Entire section added, (HB 09-1093), ch. 75, p. 272, � 4, effective April 2.