SECTION 1. PURPOSE

Notice 2001–16, 2001–1 C.B. 730, identified the Intermediary Transaction Tax Shelter as a listed transaction under § 1.6011–4(b)(2) of the Income Tax Regulations. Since that notice was published, the Internal Revenue Service (Service) has received disclosure statements with respect to Notice 2001–16 transactions pursuant to § 1.6011–4 and other information pursuant to §§ 6111 and 6112 of the Internal Revenue Code and through promoter audits. After reviewing the disclosure statements and other information, the Service and Treasury Department have decided to identify the components of an Intermediary Transaction Tax Shelter. A transaction that does not have all of the components identified herein is not the same as or substantially similar to the listed transaction described in Notice 2001–16. The Service and Treasury Department also are identifying the persons who are treated as participants in an Intermediary Transaction Tax Shelter under § 1.6011–4(c)(3)(i)(A). This notice should not otherwise be construed as limiting the scope or application of Notice 2001–16 and should not otherwise create any inference as to whether or not a transaction was required to be disclosed or registered under § 6011 or § 6111 prior to January 17, 2008.