N.Y. Comp. Codes R. & Regs. tit. 20 § 2500.6

Current through Register Vol. 46, No. 50, December 11, 2024

Section 2500.6 - Determinations and protective disclosures for New York reportable transactions

(a) A taxpayer may, on or before the date that disclosure would otherwise be required under this Part, submit a request to the Department of Taxation and Finance for a determination as to whether a transaction is subject to the disclosure requirements of this Part. The request for a determination shall be submitted to the address designated by the department for such purpose. If the request fully discloses all relevant facts relating to the transaction, the potential obligation of that taxpayer to disclose the transaction will be suspended during the period that the determination request is pending and, if the department subsequently concludes that the transaction is a New York reportable transaction subject to disclosure under this Part, until the 60th day after the issuance of the determination (or, if the request is withdrawn, 60 days after the date that the request is withdrawn). Furthermore, in the determination, the commissioner may determine that the submission satisfies the disclosure rules under this Part for that particular transaction or type of transaction.

(b) Protective disclosures. If a taxpayer is uncertain whether a transaction must be disclosed under this Part, the taxpayer may disclose the transaction in accordance with the requirements of this Part, and indicate on the appropriate forms that the taxpayer is uncertain whether the transaction is required to be disclosed under this Part and that the disclosure is being filed on a protective basis.

(c) Determination on the merits of a transaction. If a taxpayer requests a determination on the merits of a specific New York reportable transaction on or before the date that disclosure would otherwise be required under this Part, and receives a favorable determination as to the transaction, the disclosure rules under this Part will be deemed to have been satisfied by that taxpayer with regard to that transaction, so long as the request fully discloses all relevant facts relating to the transaction which would otherwise be required to be disclosed under this Part.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 2500.6