Browse Arkansas Code titles and sections
26 U.S.C. § 6724 — Waiver; definitions and special rules
Federal law — U.S. Code and appendices · legal_authorities
**(a) Reasonable cause waiver** No penalty shall be imposed under this part with respect to any failure if it is shown that such failure is due to reasonable cause and not to willful neglect.
**(b) Payment of penalty** Any penalty imposed by this part shall be paid on notice and demand by the Secretary and in the same manner as tax.
**(c) Special rule for failure to meet magnetic media requirements** No penalty shall be imposed under section 6721 solely by reason of any failure to comply with the requirements of the regulations prescribed under section 6011(e)(2), except to the extent that such a failure occurs with respect to more than the applicable number (determined under section 6011(e)(5) with respect to the calendar year to which such returns relate) of information returns or with respect to a return described in section 6011(e)(4).
**(d) Definitions** For purposes of this part—
(1) **Information return** — The term “information return” means—
(A) any statement of the amount of payments to another person required by—
(i) section 6041(a) or (b) (relating to certain information at source),
(ii) section 6042(a)(1) (relating to payments of dividends),
(iii) section 6044(a)(1) (relating to payments of patronage dividends),
(iv) section 6049(a) (relating to payments of interest),
(v) section 6050A(a) (relating to reporting requirements of certain fishing boat operators),
(vi) section 6050N(a) (relating to payments of royalties),
(vii) section 6051(d) (relating to information returns with respect to income tax withheld),
(viii) section 6050R (relating to returns relating to certain purchases of fish), or
(ix) section 110(d) (relating to qualified lessee construction allowances for short-term leases),
(B) any return
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6724
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: c1378fd9313e233ed5641e26b57fa6d0aea07c2206f2d9cce6ca7297745579a7. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_0e40e05d2047cb19d0ed42d2
Source file: Laws/federal/codes/united-states-code/title-26/section-6724-waiver-definitions-and-special-rules--74c274f490.md
Pages: Not recorded – Not recorded
Passage SHA-256: 6ed3614679f38306b36270446a5c8e00430506af9cfb055bbcb443167f5258f0
Source location: Title 26, Chapter 68, § 6724; chapter-068-additions-to-the-tax-additional-amounts-and-assessable-penalties.md
Stored source content
**(a) Reasonable cause waiver** No penalty shall be imposed under this part with respect to any failure if it is shown that such failure is due to reasonable cause and not to willful neglect.
**(b) Payment of penalty** Any penalty imposed by this part shall be paid on notice and demand by the Secretary and in the same manner as tax.
**(c) Special rule for failure to meet magnetic media requirements** No penalty shall be imposed under section 6721 solely by reason of any failure to comply with the requirements of the regulations prescribed under section 6011(e)(2), except to the extent that such a failure occurs with respect to more than the applicable number (determined under section 6011(e)(5) with respect to the calendar year to which such returns relate) of information returns or with respect to a return described in section 6011(e)(4).
**(d) Definitions** For purposes of this part—
(1) **Information return** — The term “information return” means—
(A) any statement of the amount of payments to another person required by—
(i) section 6041(a) or (b) (relating to certain information at source),
(ii) section 6042(a)(1) (relating to payments of dividends),
(iii) section 6044(a)(1) (relating to payments of patronage dividends),
(iv) section 6049(a) (relating to payments of interest),
(v) section 6050A(a) (relating to reporting requirements of certain fishing boat operators),
(vi) section 6050N(a) (relating to payments of royalties),
(vii) section 6051(d) (relating to information returns with respect to income tax withheld),
(viii) section 6050R (relating to returns relating to certain purchases of fish), or
(ix) section 110(d) (relating to qualified lessee construction allowances for short-term leases),
(B) any return required by—
(i) section 6041A(a) or (b) (relating to returns of direct sellers),
(ii) section 6043A(a) (relating to returns relating to taxable mergers and acquisitions),
(iii) section 6045(a) or (d) (relating to returns of brokers),
(iv) section 6045B(a) (relating to returns relating to actions affecting basis of specified securities),
(v) section 6050H(a) or (h)(1) (relating to mortgage interest received in trade or business from individuals),
(vi) section 6050I(a) or (g)(1) (relating to cash received in trade or business, etc.),
(vii) section 6050J(a) (relating to foreclosures and abandonments of security),
(viii) section 6050K(a) (relating to exchanges of certain partnership interests),
(ix) section 6050L(a) (relating to returns relating to certain dispositions of donated property),
(x) section 6050P (relating to returns relating to the cancellation of indebtedness by certain financial entities),
(xi) section 6050Q (relating to certain long-term care benefits),
(xii) section 6050S (relating to returns relating to payments for qualified tuition and related expenses),
(xiii) section 6050T (relating to returns relating to credit for health insurance costs of eligible individuals),
(xiv) section 6052(a) (relating to reporting payment of wages in the form of group-life insurance),
(xv) section 6050V (relating to returns relating to applicable insurance contracts in which certain exempt organizations hold interests),
(xvi) section 6053(c)(1) (relating to reporting with respect to certain tips),
(xvii) subsection (b) or (e) of section 1060 (relating to reporting requirements of transferors and transferees in certain asset acquisitions),
(xviii) section 4101(d) (relating to information reporting with respect to fuels taxes),
(xix) subparagraph (C) of section 338(h)(10) (relating to information required to be furnished to the Secretary in case of elective recognition of gain or loss),
(xx) section 264(f)(5)(A)(iv) (relating to reporting with respect to certain life insurance and annuity contracts),
(xxi) section 6050U (relating to charges or payments for qualified long-term care insurance contracts under combined arrangements),
(xxii) section 6039(a) (relating to returns required with respect to certain options),
(xxiii) section 6050W (relating to returns to payments made in settlement of payment card transactions),
(xxiv) section 6055 (relating to returns relating to information regarding health insurance coverage),
(xxv) section 6056 (relating to returns relating to certain employers required to report on health insurance coverage),
(xxvi) section 6050Y (relating to returns relating to certain life insurance contract transactions),
(xxvii) section 6045A(d) (relating to returns for certain digital assets),
(xxviii) section 6050Z (relating to reports relating to long-term care premium statements), or
(xxix) section 6050AA(a) (relating to returns relating to applicable passenger vehicle loan interest received in trade or business from individuals),
(C) any statement of the amount of payments to another person required to be made to the Secretary under—
(i) section 408(i) (relating to reports with respect to individual retirement accounts or annuities), or
(ii) section 6047(d) (relating to reports by employers, plan administrators, etc.), and
(D) any statement required to be filed with the Secretary under section 6035.
Such term also includes any form, statement, or schedule required to be filed with the Secretary under chapter 4 or with respect to any amount from which tax was required to be deducted and withheld under chapter 3 (or from which tax would be required to be so deducted and withheld but for an exemption under this title or any treaty obligation of the United States).
(2) **Payee statement** — The term “payee statement” means any statement required to be furnished under—
(A) section 6031(b) or (c), 6034A, or 6037(b) (relating to statements furnished by certain pass-thru entities),
(B) section 6039(b) (relating to information required in connection with certain options),
(C) section 6041(d) (relating to information at source),
(D) section 6041A(e) (relating to returns regarding payments of remuneration for services and direct sales),
(E) section 6042(c) (relating to returns regarding payments of dividends and corporate earnings and profits),
(F) subsections (b) and (d) of section 6043A (relating to returns relating to taxable mergers and acquisitions),
(G) section 6044(e) (relating to returns regarding payments of patronage dividends),
(H) section 6045(b) or (d) (relating to returns of brokers),
(I) section 6045A (relating to information required in connection with transfers of covered securities to brokers),
(J) subsections (c) and (e) of section 6045B (relating to returns relating to actions affecting basis of specified securities),
(K) section 6049(c) (relating to returns regarding payments of interest),
(L) section 6050A(b) (relating to reporting requirements of certain fishing boat operators),
(M) section 6050H(d) or (h)(2) (relating to returns relating to mortgage interest received in trade or business from individuals),
(N) section 6050I(e) or paragraph (4) or (5) of section 6050I(g) (relating to cash received in trade or business, etc.),
(O) section 6050J(e) (relating to returns relating to foreclosures and abandonments of security),
(P) section 6050K(b) (relating to returns relating to exchanges of certain partnership interests),
(Q) section 6050L(c) (relating to returns relating to certain dispositions of donated property),
(R) section 6050N(b) (relating to returns regarding payments of royalties),
(S) section 6050P(d) (relating to returns relating to the cancellation of indebtedness by certain financial entities),
(T) section 6050Q(b) (relating to certain long-term care benefits),
(U) section 6050R(c) (relating to returns relating to certain purchases of fish),
(V) section 6051 (relating to receipts for employees),
(W) section 6052(b) (relating to returns regarding payment of wages in the form of group-term life insurance),
(X) section 6053(b) or (c) (relating to reports of tips),
(Y) section 6048(b)(1)(B) (relating to foreign trust reporting requirements),
(Z) section 408(i) (relating to reports with respect to individual retirement plans) to any person other than the Secretary with respect to the amount of payments made to such person,
(AA) section 6047(d) (relating to reports by plan administrators) to any person other than the Secretary with respect to the amount of payments made to such person,
(BB) section 6050S(d) (relating to returns relating to qualified tuition and related expenses),
(CC) section 264(f)(5)(A)(iv) (relating to reporting with respect to certain life insurance and annuity contracts),
(DD) section 6050T (relating to returns relating to credit for health insurance costs of eligible individuals),
(EE) section 6050U (relating to charges or payments for qualified long-term care insurance contracts under combined arrangements),
(FF) section 6050W(f) (relating to returns relating to payments made in settlement of payment card transactions),
(GG) section 6055(c) (relating to statements relating to information regarding health insurance coverage),
(HH) section 6056(c) (relating to statements relating to certain employers required to report on health insurance coverage),
(II) section 6035 (other than a statement described in paragraph (1)(D)),
(JJ) section 6226(a)(2) (relating to statements relating to alternative to payment of imputed underpayment by partnership) or under any other provision of this title which provides for the application of rules similar to such section,
(KK) subsection (a)(2), (b)(2), or (c)(2) of section 6050Y (relating to returns relating to certain life insurance contract transactions),
(LL) section 6050Z (relating to reports relating to long-term care premium statements),
(MM) section 6050AA(c) (relating to statements relating to applicable passenger vehicle loan interest received in trade or business from individuals),
(NN) section 6039K(c) (relating to disposition of qualified opportunity fund investments), or
(OO) section 6039L (relating to information required from certain qualified opportunity zone businesses and qualified rural opportunity zone businesses).
Such term also includes any form, statement, or schedule required to be furnished to the recipient of any amount from which tax was required to be deducted and withheld under chapter 3 or 4 (or from which tax would be required to be so deducted and withheld but for an exemption under this title or any treaty obligation of the United States).
(3) **Specified information reporting requirement** — The term “specified information reporting requirement” means—
(A) the notice required by section 6050K(c)(1) (relating to requirement that transferor notify partnership of exchange),
(B) any requirement contained in the regulations prescribed under section 6109 that a person—
(i) include his TIN on any return, statement, or other document (other than an information return or payee statement),
(ii) furnish his TIN to another person, or
(iii) include on any return, statement, or other document (other than an information return or payee statement) made with respect to another person the TIN of such person,11 So in original. Probably should be followed by “and”.
(C) any requirement under section 6109(h) that—
(i) a person include on his return the name, address, and TIN of another person, or
(ii) a person furnish his TIN to another person.
(4) **Required filing date** — The term “required filing date” means the date prescribed for filing an information return with the Secretary (determined with regard to any extension of time for filing).
**(e) Special rule for certain partnership returns** If any partnership return under section 6031(a) is required under section 6011(e) to be filed on magnetic media or in other machine-readable form, for purposes of this part, each schedule required to be included with such return with respect to each partner shall be treated as a separate information return.
**(f) Special rule for returns of educational institutions related to higher education tuition and related expenses** No penalty shall be imposed under section 6721 or 6722 solely by reason of failing to provide the TIN of an individual on a return or statement required by section 6050S(a)(1) if the eligible educational institution required to make such return contemporaneously makes a true and accurate certification under penalty of perjury (and in such form and manner as may be prescribed by the Secretary) that it has complied with standards promulgated by the Secretary for obtaining such individual’s TIN.
**(g) Special rule for reporting certain additional taxes** No penalty shall be imposed under section 6721 or 6722 if—
(1) a person makes a return or report under section 6047(d) or 408(i) with respect to any distribution,
(2) such distribution is made following a rollover, transfer, or exchange described in section 72(t)(4)(C) or section 72(q)(3)(C),
(3) in making such return or report the person relies upon a certification provided by the taxpayer that the distributions satisfy the requirements of section 72(t)(4)(C)(iii) or section 72(q)(3)(B)(iii), as applicable, and
(4) such person does not have actual knowledge that the distributions do not satisfy such requirements.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Except as otherwise provided in this section, the basis of property in the hands of a person acquiring the property from a decedent or to whom the property passed from a decedent shall, if not sold, exchanged, or otherwise disposed of before the decedent’s death by such person, be—
(1) the fair market value of the property at the date of the decedent’s death,
(2) in the case of an election under section 2032, its value at the applicable valuation date prescribed by such section,
(3) in the case of an election under section 2032A, its value determined under such section, or
(4) to the extent of the applicability of the exclusion described in section 2031(c), the basis in the hands of the decedent.
**(b) Property acquired from the decedent** For purposes of subsection (a), the following property shall be considered to have been acquired from or to have passed from the decedent:
(1) Property acquired by bequest, devise, or inheritance, or by the decedent’s estate from the decedent;
(2) Property transferred by the decedent during his lifetime in trust to pay the income for life to or on the order or direction of the decedent, with the right reserved to the decedent at all times before his death to revoke the trust;
(3) In the case of decedents dying after December 31, 1951, property transferred by the decedent during his lifetime in trust to pay the income for life to or on the order or direction of the decedent with the right reserved to the decedent at all times before his death to make any change in the enjoyment thereof through the exercise of a power to alter, amend, or terminate the trust;
(4) Property passing without full and adequate consideration under a general power of appointment exercised by the decedent by will;
(5) In the case of
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1014
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Supplying of identifying numbers** When required by regulations prescribed by the Secretary:
(1) **Inclusion in returns** — Any person required under the authority of this title to make a return, statement, or other document shall include in such return, statement, or other document such identifying number as may be prescribed for securing proper identification of such person.
(2) **Furnishing number to other persons** — Any person with respect to whom a return, statement, or other document is required under the authority of this title to be made by another person or whose identifying number is required to be shown on a return of another person shall furnish to such other person such identifying number as may be prescribed for securing his proper identification.
(3) **Furnishing number of another person** — Any person required under the authority of this title to make a return, statement, or other document with respect to another person shall request from such other person, and shall include in any such return, statement, or other document, such identifying number as may be prescribed for securing proper identification of such other person.
(4) **Furnishing identifying number of tax return preparer** — Any return or claim for refund prepared by a tax return preparer shall bear such identifying number for securing proper identification of such preparer, his employer, or both, as may be prescribed. For purposes of this paragraph, the terms “return” and “claim for refund” have the respective meanings given to such terms by section 6696(e).
For purposes of paragraphs (1), (2), and (3), the identifying number of an individual (or his estate) shall be such individual’s social security account number.
**(b) Limitation**
(1) Except as provided in paragraph (2), a re
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6109
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General definition** Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items:
(1) Compensation for services, including fees, commissions, fringe benefits, and similar items;
(2) Gross income derived from business;
(3) Gains derived from dealings in property;
(4) Interest;
(5) Rents;
(6) Royalties;
(7) Dividends;
(8) Annuities;
(9) Income from life insurance and endowment contracts;
(10) Pensions;
(11) Income from discharge of indebtedness;
(12) Distributive share of partnership gross income;
(13) Income in respect of a decedent; and
(14) Income from an interest in an estate or trust.
**(b) Cross references** For items specifically included in gross income, see part II (sec. 71 and following). For items specifically excluded from gross income, see part III (sec. 101 and following).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 61
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Adjustments applicable to all taxpayers** In determining the amount of the alternative minimum taxable income for any taxable year the following treatment shall apply (in lieu of the treatment applicable for purposes of computing the regular tax):
(1) **Depreciation**
(A) *In general*
(i) *Property other than certain personal property* — Except as provided in clause (ii), the depreciation deduction allowable under section 167 with respect to any tangible property placed in service after December 31, 1986, shall be determined under the alternative system of section 168(g). In the case of property placed in service after December 31, 1998, the preceding sentence shall not apply but clause (ii) shall continue to apply.
(ii) *150-percent declining balance method for certain property* — The method of depreciation used shall be—
(I) the 150 percent declining balance method,
(II) switching to the straight line method for the 1st taxable year for which using the straight line method with respect to the adjusted basis as of the beginning of the year will yield a higher allowance.
The preceding sentence shall not apply to any section 1250 property (as defined in section 1250(c)) (and the straight line method shall be used for such section 1250 property) or to any other property if the depreciation deduction determined under section 168 with respect to such other property for purposes of the regular tax is determined by using the straight line method.
(B) *Exception for certain property* — This paragraph shall not apply to property described in paragraph (1), (2), (3), or (4) of section 168(f), or in section 168(e)(3)(C)(iv).
(C) *Coordination with transitional rules*
(i) *In general* — This paragraph shall not apply to property pla
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 56
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** When required by regulations prescribed by the Secretary any person made liable for any tax imposed by this title, or with respect to the collection thereof, shall make a return or statement according to the forms and regulations prescribed by the Secretary. Every person required to make a return or statement shall include therein the information required by such forms or regulations.
**(b) Identification of taxpayer** The Secretary is authorized to require such information with respect to persons subject to the taxes imposed by chapter 21 or chapter 24 as is necessary or helpful in securing proper identification of such persons.
**(c) Returns, etc., of DISCS and former DISCS and former FSC’s**
(1) **Records and information** — A DISC, former DISC, or former FSC (as defined in section 922 as in effect before its repeal by the FSC Repeal and Extraterritorial Income Exclusion Act of 2000) shall for the taxable year—
(A) furnish such information to persons who were shareholders at any time during such taxable year, and to the Secretary, and
(B) keep such records, as may be required by regulations prescribed by the Secretary.
(2) **Returns** — A DISC shall file for the taxable year such returns as may be prescribed by the Secretary by forms or regulations.
**(d) Authority to require information concerning section 912 allowances** The Secretary may by regulations require any individual who receives allowances which are excluded from gross income under section 912 for any taxable year to include on his return of the taxes imposed by subtitle A for such taxable year such information with respect to the amount and type of such allowances as the Secretary determines to be appropriate.
**(e) Regulations requiring returns on magnetic media, etc.**
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6011
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** Except as otherwise provided in this section, the depreciation deduction provided by section 167(a) for any tangible property shall be determined by using—
(1) the applicable depreciation method,
(2) the applicable recovery period, and
(3) the applicable convention.
**(b) Applicable depreciation method** For purposes of this section—
(1) **In general** — Except as provided in paragraphs (2) and (3), the applicable depreciation method is—
(A) the 200 percent declining balance method,
(B) switching to the straight line method for the 1st taxable year for which using the straight line method with respect to the adjusted basis as of the beginning of such year will yield a larger allowance.
(2) **150 percent declining balance method in certain cases** — Paragraph (1) shall be applied by substituting “150 percent” for “200 percent” in the case of—
(A) any 15-year or 20-year property not referred to in paragraph (3),
(B) any property (other than property described in paragraph (3)) which is a qualified smart electric meter or qualified smart electric grid system, or
(C) any property (other than property described in paragraph (3)) with respect to which the taxpayer elects under paragraph (5) to have the provisions of this paragraph apply.
(3) **Property to which straight line method applies** — The applicable depreciation method shall be the straight line method in the case of the following property:
(A) Nonresidential real property.
(B) Residential rental property.
(C) Any railroad grading or tunnel bore.
(D) Property with respect to which the taxpayer elects under paragraph (5) to have the provisions of this paragraph apply.
(E) Property described in subsection (e)(3)(D)(ii).
(F) Water utility property described in
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 168
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The basis of property shall be the cost of such property, except as otherwise provided in this subchapter and subchapters C (relating to corporate distributions and adjustments), K (relating to partners and partnerships), and P (relating to capital gains and losses).
**(b) Special rule for apportioned real estate taxes** The cost of real property shall not include any amount in respect of real property taxes which are treated under section 164(d) as imposed on the taxpayer.
**(c) Determinations by account**
(1) **In general** — In the case of the sale, exchange, or other disposition of a specified security on or after the applicable date, the conventions prescribed by regulations under this section shall be applied on an account by account basis.
(2) **Application to certain regulated investment companies**
(A) *In general* — Except as provided in subparagraph (B), any stock for which an average basis method is permissible under this section which is acquired before January 1, 2012, shall be treated as a separate account from any such stock acquired on or after such date.
(B) *Election for treatment as single account* — If a regulated investment company described in subparagraph (A) elects to have this subparagraph apply with respect to one or more of its stockholders—
(i) subparagraph (A) shall not apply with respect to any stock in such regulated investment company held by such stockholders, and
(ii) all stock in such regulated investment company which is held by such stockholders shall be treated as covered securities described in section 6045(g)(3) without regard to the date of the acquisition of such stock.
A rule similar to the rule of the preceding sentence shall apply with respect to a broker holding such stock as a nom
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1012
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** Every person doing business as a broker shall, when required by the Secretary, make a return, in accordance with such regulations as the Secretary may prescribe, showing the name and address of each customer, with such details regarding gross proceeds and such other information as the Secretary may by forms or regulations require with respect to such business.
**(b) Statements to be furnished to customers** Every person required to make a return under subsection (a) shall furnish to each customer whose name is required to be set forth in such return a written statement showing—
(1) the name, address, and phone number of the information contact of the person required to make such return, and
(2) the information required to be shown on such return with respect to such customer.
The written statement required under the preceding sentence shall be furnished to the customer on or before February 15 of the year following the calendar year for which the return under subsection (a) was required to be made. In the case of a consolidated reporting statement (as defined in regulations) with respect to any customer, any statement which would otherwise be required to be furnished on or before January 31 of a calendar year with respect to any item reportable to the taxpayer shall instead be required to be furnished on or before February 15 of such calendar year if furnished with such consolidated reporting statement.
**(c) Definitions** For purposes of this section—
(1) **Broker** — The term “broker” includes—
(A) a dealer,
(B) a barter exchange,
(C) any person who (for consideration) regularly acts as a middleman with respect to property or services, and
(D) any person who (for consideration) is responsible for regularly providing any service ef
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6045
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of—
(1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000.
**(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000.
**(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of this subtitle, if a purchasing corporation makes an election under this section (or is treated under subsection (e) as having made such an election), then, in the case of any qualified stock purchase, the target corporation—
(1) shall be treated as having sold all of its assets at the close of the acquisition date at fair market value in a single transaction, and
(2) shall be treated as a new corporation which purchased all of the assets referred to in paragraph (1) as of the beginning of the day after the acquisition date.
**(b) Basis of assets after deemed purchase**
(1) **In general** — For purposes of subsection (a), the assets of the target corporation shall be treated as purchased for an amount equal to the sum of—
(A) the grossed-up basis of the purchasing corporation’s recently purchased stock, and
(B) the basis of the purchasing corporation’s nonrecently purchased stock.
(2) **Adjustment for liabilities and other relevant items** — The amount described in paragraph (1) shall be adjusted under regulations prescribed by the Secretary for liabilities of the target corporation and other relevant items.
(3) **Election to step-up the basis of certain target stock**
(A) *In general* — Under regulations prescribed by the Secretary, the basis of the purchasing corporation’s nonrecently purchased stock shall be the basis amount determined under subparagraph (B) of this paragraph if the purchasing corporation makes an election to recognize gain as if such stock were sold on the acquisition date for an amount equal to the basis amount determined under subparagraph (B).
(B) *Determination of basis amount* — For purposes of subparagraph (A), the basis amount determined under this subparagraph shall be an amount equal to
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 338
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.