N.Y. Comp. Codes R. & Regs. tit. 20 § 2500.5

Current through Register Vol. 46, No. 45, November 2, 2024

Section 2500.5 - Form, timing, and content of disclosure of New York reportable transactions

Tax Law, § 25(a)(2), (e)

(a) A taxpayer subject to disclosure as required by Tax Law, section 25(a)(2) is required to report such disclosure on the forms and in the manner prescribed by the commissioner.

(b) If a transaction becomes a New York listed transaction after the filing of a taxpayer's tax return reflecting either tax consequences or a tax strategy described in the notice or other form of published guidance listing the transaction (or a tax benefit derived from tax consequences or a tax strategy described in the notice or other form of published guidance listing the transaction) and before the end of the period of the statute of limitations for the tax return (whether or not already filed) reflecting the tax consequences, tax strategy, or tax benefit, then a taxpayer must disclose the New York listed transaction on the forms and in the manner prescribed by the commissioner with the tax return next filed after the date the transaction is listed regardless of whether the taxpayer participated in the transaction in that tax year.

(c) The disclosure and filing requirements of this Part are in addition to any other disclosure or filing requirements, general or specific, provided by law.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 2500.5