Illinois § 1405.5 Registration of tax shelters

Illinois Statutes

§ 1405.5 — Registration of tax shelters

Illinois § 1405.5

JurisdictionIllinois

TopicGOVERNMENT

Ch. 35REVENUE

Act 35 ILCS 5/Illinois Income Tax Act.

Art.Article 14 - Miscellaneous Provisions

This text of Illinois § 1405.5 (Registration of tax shelters) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

35 Ill. Comp. Stat. 1405.5 (2026).

Text

(a)Federal tax shelter. Any material advisor required to make a return under Section 6111 of the Internal Revenue Code with respect to a reportable transaction shall send a duplicate of the return to the Department not later than the day on which the return is required to be filed under federal law.

(b)(Blank).

(c)Transactions subject to this Section. The provisions of this Section apply to any reportable transaction having a nexus with this State. For returns that must be filed under this Section on or after January 1, 2008, a reportable transaction has nexus with this State if, at the time the transaction is entered into, the transaction has one or more investors that is an Illinois taxpayer. For returns that must be filed under this Section prior to January 1, 2008, a tax shelter has

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Federal tax shelter. Any material advisor required to make a return under Section 6111 of the Internal Revenue Code with respect to a reportable transaction shall send a duplicate of the return to the Department not later than the day on which the return is required to be filed under federal law. (b) (Blank). (c) Transactions subject to this Section. The provisions of this Section apply to any reportable transaction having a nexus with this State. For returns that must be filed under this Section on or after January 1, 2008, a reportable transaction has nexus with this State if, at the time the transaction is entered into, the transaction has one or more investors that is an Illinois taxpayer. For returns that must be filed under this Section prior to January 1, 2008, a tax shelter has a nexus with this State if it satisfies any of the following conditions: (1) is organized in this State; (2) is doing business in this State; or (3) is deriving income from sources in this State. (d) (Blank).