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

• (a) Each material advisor (as defined in section 6111) with respect to any reportable transaction (as defined in section 6707A(c)) shall (whether or not required to file a return under section 6111 with respect to such transaction) maintain (in such manner as the Secretary may by regulations prescribe) a list—
  • (1) identifying each person with respect to whom such advisor acted as a material advisor with respect to such transaction, and
  • (2) containing such other information as the Secretary may by regulations require.
• (b)
  • (1) Any person who is required to maintain a list under subsection (a) (or was required to maintain a list under subsection (a) as in effect before the enactment of the American Jobs Creation Act of 2004)—
    • (A) shall make such list available to the Secretary for inspection upon written request by the Secretary, and
    • (B) except as otherwise provided under regulations prescribed by the Secretary, shall retain any information which is required to be included on such list for 7 years.
  • (2) The Secretary may prescribe regulations which provide that, in cases in which 2 or more persons are required under subsection (a) to maintain the same list (or portion thereof), only 1 person shall be required to maintain such list (or portion).