SECTION 5. APPLICATION TO

MATERIAL ADVISORS

.01 Disclosure of an undisclosed listed transaction by material advisors . In general, a material advisor must furnish the Secretary with the information described in section 6112 if a material advisor receives a request by the Secretary under section 6112 relating to a listed transaction. See Treas. Reg. § 301.6112–1(g) and Notice 2004–80, 2004–50 I.R.B. 963 (December 13, 2004), amplified by Notice 2005–17, 2005–8 I.R.B. 606 (February 22, 2005), clarified and modified by Notice 2005–22, 2005–12 I.R.B. 756 (March 21, 2005), or subsequent published guidance, for instructions on how to comply with these requirements. Until further guidance is issued, the limitations period on assessment with respect to an undisclosed listed

transaction that is not otherwise disclosed by a taxpayer in accordance with section 4 of this revenue procedure will not expire earlier than one year after the date on which the IRS receives from the material advisor the information described in section 301.6112–1(e)(3) with respect to that taxpayer.

.02 Date of disclosure by mate- rial advisors for purposes of section 6501(c)(10)(B) . For purposes of section 6501(c)(10)(B) and this section 5, the limitations period on assessment for a taxpayer with respect to an undisclosed listed transaction will not expire earlier than one year after the date on which the material advisor makes available for inspection by the IRS the information described in section 5.01, regardless of whether the material advisor provides the information within 20 days of the IRS’s request as required by section 301.6112–1(g)(1). Alternatively, if the material advisor sends the required information to the IRS, then for purposes of section 6501(c)(10)(B), the limitations period on assessment will not expire earlier than one year after the date on which the IRS receives the information.