---
kind: "section"
citation: "26 U.S.C. § 6112"
title: "26"
title_heading: "Internal Revenue Code"
number: "6112"
heading: "Material advisors of reportable transactions must keep lists of advisees, etc."
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/26/6112"
units:
  - "Subtitle F — Procedure and Administration"
  - "Chapter 61 — Information and Returns"
  - "Subchapter B — Miscellaneous Provisions"
---

# §6112. Material advisors of reportable transactions must keep lists of advisees, etc.

- (a) **In general—** Each material advisor (as defined in [section 6111](/usc/26/6111.md)) with respect to any reportable [transaction](/usc/26/7701.md?p=o-5-D) (as defined in [section 6707A(c)](/usc/26/6707A.md?p=c)) shall (whether or not required to file a return under [section 6111](/usc/26/6111.md) with respect to such [transaction](/usc/26/7701.md?p=o-5-D)) maintain (in such manner as the [Secretary](/usc/26/7701.md?p=a-11-B) may by regulations prescribe) a list—
  - (1) identifying each [person](/usc/26/7701.md?p=a-1) with respect to whom such advisor acted as a material advisor with respect to such [transaction](/usc/26/7701.md?p=o-5-D), and
  - (2) containing such other information as the [Secretary](/usc/26/7701.md?p=a-11-B) may by regulations require.
- (b) **Special rules—**
  - (1) **Availability for inspection; retention of information on list—** Any [person](/usc/26/7701.md?p=a-1) who is required to maintain a list under [subsection (a)](#a) (or was required to maintain a list under [subsection (a)](#a) as in effect before the enactment of the American Jobs Creation Act of 2004)—
    - (A) shall make such list available to the [Secretary](/usc/26/7701.md?p=a-11-B) for inspection upon written request by the [Secretary](/usc/26/7701.md?p=a-11-B), and
    - (B) except as otherwise provided under regulations prescribed by the [Secretary](/usc/26/7701.md?p=a-11-B), shall retain any information which is required to be included on such list for 7 years.
  - (2) **Lists which would be required to be maintained by 2 or more persons—** The [Secretary](/usc/26/7701.md?p=a-11-B) may prescribe regulations which provide that, in cases in which 2 or more [persons](/usc/26/7701.md?p=a-1) are required under [subsection (a)](#a) to maintain the same list (or portion thereof), only 1 [person](/usc/26/7701.md?p=a-1) shall be required to maintain such list (or portion).

## Source credit

(Added Pub. L. 98–369, div. A, title I, § 142(a), July 18, 1984, 98 Stat. 681; amended Pub. L. 108–357, title VIII, § 815(b)(2), (3), Oct. 22, 2004, 118 Stat. 1582; Pub. L. 109–135, title IV, § 403(z), Dec. 21, 2005, 119 Stat. 2629.)

## Notes

### Editorial Notes

### References in Text

Enactment of the American Jobs Creation Act of 2004, referred to in subsec. (b)(1), means enactment of Pub. L. 108–357, which was approved Oct. 22, 2004.

### Prior Provisions

A prior section 6112 was renumbered 6116 of this title.

### Amendments

2005—Subsec. (b)(1). Pub. L. 109–135, in introductory provisions, inserted “(or was required to maintain a list under subsection (a) as in effect before the enactment of the American Jobs Creation Act of 2004)” after “a list under subsection (a)”.

2004—Pub. L. 108–357, § 815(b)(2), substituted “Material advisors of reportable transactions must keep lists of advisees, etc.” for “Organizers and sellers of potentially abusive tax shelters must keep lists of investors” in section catchline.

Subsec. (a). Pub. L. 108–357, § 815(b)(2), reenacted heading without change and amended text of subsec. (a) generally, substituting provisions requiring each material advisor to maintain a list identifying each person with respect to whom such advisor acted as a material advisor with respect to a reportable transaction and containing such other information as required by regulations, for provisions requiring any person who organized any potentially abusive tax shelter or sold any interest in such a shelter to maintain a list identifying each person who had been sold an interest in such shelter and containing such other information as required by regulations.

Subsec. (b). Pub. L. 108–357, § 815(b)(2), (3)(A), redesignated subsec. (c) as (b) and struck out former subsec. (b), which defined “potentially abusive tax shelter” for purposes of this section.

Subsec. (b)(1)(A). Pub. L. 108–357, § 815(b)(3)(B), inserted “written” before “request”.

Subsec. (b)(2). Pub. L. 108–357, § 815(b)(3)(C), substituted “may prescribe” for “shall prescribe”.

Subsec. (c). Pub. L. 108–357, § 815(b)(3)(A), redesignated subsec. (c) as (b).

### Statutory Notes and Related Subsidiaries

### Effective Date of 2005 Amendment

Amendment by Pub. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Pub. L. 108–357, to which such amendment relates, see section 403(nn) of Pub. L. 109–135, set out as a note under section 26 of this title.

### Effective Date of 2004 Amendment

Amendment by Pub. L. 108–357 applicable to transactions with respect to which material aid, assistance, or advice referred to in section 6111(b)(1)(A)(i) of this title is provided after Oct. 22, 2004, see section 815(c) of Pub. L. 108–357, set out as a note under section 6111 of this title.

### Effective Date

Pub. L. 98–369, div. A, title I, § 142(d), July 18, 1984, 98 Stat. 682, provided that: “The amendments made by this section [enacting this section and section 6708 of this title and renumbering former section 6112 as section 6113 of this title] shall apply to any interest which is first sold to any investor after August 31, 1984.”