The IRS and Department of Treasury issued proposed regulations identifying certain monetized installment sale transactions, and substantially similar transactions, as listed transactions that must be reported, the IRS announced Aug. 3. Material advisors and certain participants in listed transactions are required to file disclosures with the IRS and are subject to penalties for failure to do so, the IRS stated. The announcement lists elements generally included in such transactions. The IRS placed monetized installment sales on its Dirty Dozen list of common tax scams and schemes this year. [IR-2023-139 (Aug. 3, 2023)]
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