Md. Code Regs. 09.01.08.02

Current through Register Vol. 51, No. 19, September 20, 2024

Section 09.01.08.02 - Reporting by Persons Engaging in a Trade or Business

A. Each person engaged in a trade or business who receives more than $10,000 in currency in one transaction, which takes place in this State, shall keep a record of each transaction. Individuals shall keep a record of only those transactions occurring during the course of the individual's trade or business.

B. A single transaction may not be divided into multiple transactions in order to avoid reporting under this regulation.

C. Each single transaction in excess of $10,000 shall be recorded on Form 8300, as required by 26 U.S.C. § 6050 -I.

D. A copy in triplicate of the Form 8300 shall be filed with the Secretary of Licensing and Regulation, Operations and Management Unit, 501 St. Paul Place, Baltimore, Maryland 21202, within 15 days of the date of the transaction.

Md. Code Regs. 09.01.08.02

Regulations .02 adopted as an emergency provision effective August 1, 1990 (17:17 Md. R. 2074); emergency status expired January 1, 1991
Regulations .02 adopted effective October 28, 1991 (18:21 Md. R. 2307)