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26 U.S.C. § 6034A — Information to beneficiaries of estates and trusts
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** The fiduciary of any estate or trust required to file a return under section 6012(a) for any taxable year shall, on or before the date on which such return was required to be filed, furnish to each beneficiary (or nominee thereof)—
(1) who receives a distribution from such estate or trust with respect to such taxable year, or
(2) to whom any item with respect to such taxable year is allocated,
a statement containing such information required to be shown on such return as the Secretary may prescribe.
**(b) Nominee reporting** Any person who holds an interest in an estate or trust as a nominee for another person—
(1) shall furnish to the estate or trust, in the manner prescribed by the Secretary, the name and address of such other person, and any other information for the taxable year as the Secretary may by form and regulations prescribe, and
(2) shall furnish in the manner prescribed by the Secretary to such other person the information provided by the estate or trust under subsection (a).
**(c) Beneficiary’s return must be consistent with estate or trust return or Secretary notified of inconsistency**
(1) **In general** — A beneficiary of any estate or trust to which subsection (a) applies shall, on such beneficiary’s return, treat any reported item in a manner which is consistent with the treatment of such item on the applicable entity’s return.
(2) **Notification of inconsistent treatment**
(A) *In general* — In the case of any reported item, if—
(i)
(I) the applicable entity has filed a return but the beneficiary’s treatment on such beneficiary’s return is (or may be) inconsistent with the treatment of the item on the applicable entity’s return, or
(II) the applicable entity has not filed a return, and
(ii) the
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Stable record: federal_law:legal_authorities:record_usc_973819c5d3545d8dd526e5dc
Source file: Laws/federal/codes/united-states-code/title-26/section-6034a-information-to-beneficiaries-of-estates-and-trusts--0020b5609d.md
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Source location: Title 26, Chapter 61, § 6034A; chapter-061-information-and-returns.md
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**(a) General rule** The fiduciary of any estate or trust required to file a return under section 6012(a) for any taxable year shall, on or before the date on which such return was required to be filed, furnish to each beneficiary (or nominee thereof)—
(1) who receives a distribution from such estate or trust with respect to such taxable year, or
(2) to whom any item with respect to such taxable year is allocated,
a statement containing such information required to be shown on such return as the Secretary may prescribe.
**(b) Nominee reporting** Any person who holds an interest in an estate or trust as a nominee for another person—
(1) shall furnish to the estate or trust, in the manner prescribed by the Secretary, the name and address of such other person, and any other information for the taxable year as the Secretary may by form and regulations prescribe, and
(2) shall furnish in the manner prescribed by the Secretary to such other person the information provided by the estate or trust under subsection (a).
**(c) Beneficiary’s return must be consistent with estate or trust return or Secretary notified of inconsistency**
(1) **In general** — A beneficiary of any estate or trust to which subsection (a) applies shall, on such beneficiary’s return, treat any reported item in a manner which is consistent with the treatment of such item on the applicable entity’s return.
(2) **Notification of inconsistent treatment**
(A) *In general* — In the case of any reported item, if—
(i)
(I) the applicable entity has filed a return but the beneficiary’s treatment on such beneficiary’s return is (or may be) inconsistent with the treatment of the item on the applicable entity’s return, or
(II) the applicable entity has not filed a return, and
(ii) the beneficiary files with the Secretary a statement identifying the inconsistency,
paragraph (1) shall not apply to such item.
(B) *Beneficiary receiving incorrect information* — A beneficiary shall be treated as having complied with clause (ii) of subparagraph (A) with respect to a reported item if the beneficiary—
(i) demonstrates to the satisfaction of the Secretary that the treatment of the reported item on the beneficiary’s return is consistent with the treatment of the item on the statement furnished under subsection (a) to the beneficiary by the applicable entity, and
(ii) elects to have this paragraph apply with respect to that item.
(3) **Effect of failure to notify** — In any case—
(A) described in subparagraph (A)(i)(I) of paragraph (2), and
(B) in which the beneficiary does not comply with subparagraph (A)(ii) of paragraph (2),
any adjustment required to make the treatment of the items by such beneficiary consistent with the treatment of the items on the applicable entity’s return shall be treated as arising out of mathematical or clerical errors and assessed according to section 6213(b)(1). Paragraph (2) of section 6213(b) shall not apply to any assessment referred to in the preceding sentence.
(4) **Definitions** — For purposes of this subsection—
(A) *Reported item* — The term “reported item” means any item for which information is required to be furnished under subsection (a).
(B) *Applicable entity* — The term “applicable entity” means the estate or trust of which the taxpayer is the beneficiary.
(5) **Addition to tax for failure to comply with section** — For addition to tax in the case of a beneficiary’s negligence in connection with, or disregard of, the requirements of this section, see part II of subchapter A of chapter 68.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirements for qualification** A trust created or organized in the United States and forming part of a stock bonus, pension, or profit-sharing plan of an employer for the exclusive benefit of his employees or their beneficiaries shall constitute a qualified trust under this section—
(1) if contributions are made to the trust by such employer, or employees, or both, or by another employer who is entitled to deduct his contributions under section 404(a)(3)(B) (relating to deduction for contributions to profit-sharing and stock bonus plans), or by a charitable remainder trust pursuant to a qualified gratuitous transfer (as defined in section 664(g)(1)), for the purpose of distributing to such employees or their beneficiaries the corpus and income of the fund accumulated by the trust in accordance with such plan;
(2) if under the trust instrument it is impossible, at any time prior to the satisfaction of all liabilities with respect to employees and their beneficiaries under the trust, for any part of the corpus or income to be (within the taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of his employees or their beneficiaries (but this paragraph shall not be construed, in the case of a multiemployer plan, to prohibit the return of a contribution within 6 months after the plan administrator determines that the contribution was made by a mistake of fact or law (other than a mistake relating to whether the plan is described in section 401(a) or the trust which is part of such plan is exempt from taxation under section 501(a), or the return of any withdrawal liability payment determined to be an overpayment within 6 months of such determination));
(3) if the plan of which such trust is a part satisfies the requireme
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Imposition of penalty**
(1) **In general** — In the case of a failure described in paragraph (2) by any person with respect to an information return, such person shall pay a penalty of $250 for each return with respect to which such a failure occurs, but the total amount imposed on such person for all such failures during any calendar year shall not exceed $3,000,000.
(2) **Failures subject to penalty** — For purposes of paragraph (1), the failures described in this paragraph are—
(A) any failure to file an information return with the Secretary on or before the required filing date, and
(B) any failure to include all of the information required to be shown on the return or the inclusion of incorrect information.
**(b) Reduction where correction in specified period**
(1) **Correction within 30 days** — If any failure described in subsection (a)(2) is corrected on or before the day 30 days after the required filing date—
(A) the penalty imposed by subsection (a) shall be $50 in lieu of $250, and
(B) the total amount imposed on the person for all such failures during any calendar year which are so corrected shall not exceed $500,000.
(2) **Failures corrected on or before August 1** — If any failure described in subsection (a)(2) is corrected after the 30th day referred to in paragraph (1) but on or before August 1 of the calendar year in which the required filing date occurs—
(A) the penalty imposed by subsection (a) shall be $100 in lieu of $250, and
(B) the total amount imposed on the person for all such failures during the calendar year which are so corrected shall not exceed $1,500,000.
**(c) Exceptions for certain de minimis failures**
(1) **Exception for de minimis failure to include all required information** — If—
(A) an informatio
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Notice of certain events**
(1) **General rule** — On or before the 90th day (or such later day as the Secretary may prescribe) after any reportable event, the responsible party shall provide written notice of such event to the Secretary in accordance with paragraph (2).
(2) **Contents of notice** — The notice required by paragraph (1) shall contain such information as the Secretary may prescribe, including—
(A) the amount of money or other property (if any) transferred to the trust in connection with the reportable event, and
(B) the identity of the trust and of each trustee and beneficiary (or class of beneficiaries) of the trust.
(3) **Reportable event** — For purposes of this subsection—
(A) *In general* — The term “reportable event” means—
(i) the creation of any foreign trust by a United States person,
(ii) the transfer of any money or property (directly or indirectly) to a foreign trust by a United States person, including a transfer by reason of death, and
(iii) the death of a citizen or resident of the United States if—
(I) the decedent was treated as the owner of any portion of a foreign trust under the rules of subpart E of part I of subchapter J of chapter 1, or
(II) any portion of a foreign trust was included in the gross estate of the decedent.
(B) *Exceptions*
(i) *Fair market value sales* — Subparagraph (A)(ii) shall not apply to any transfer of property to a trust in exchange for consideration of at least the fair market value of the transferred property. For purposes of the preceding sentence, consideration other than cash shall be taken into account at its fair market value and the rules of section 679(a)(3) shall apply.
(ii) *Deferred compensation and charitable trusts* — Subparagraph (A) sha
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Federal law — U.S. Code and appendices · legal_authorities
Page 3329
TITLE 26—INTERNAL REVENUE CODE
§ 6034A
(A) the amount of the deduction taken
under section 642(c) within such year,
(B) the amount paid out within such year
which represents amounts for which deduc-
tions under section 642(c) have been taken in
prior years,
(C) the amount for which such deductions
have been taken in prior years but which has
not been paid out at the beginning of such
year,
(D) the amount paid out of principal in the
current and prior years for the purposes de-
scribed in section 642(c),
(E) the total income of the trust within
such year and the expenses attributable
thereto, and
(F) a balance sheet showing the assets, li-
abilities, and net worth of the trust as of the
beginning of such year.
(2) Exceptions
Paragraph (1) shall not apply to a trust for
any taxable year if—
(A) all the net income for such year, deter-
mined under the applicable principles of the
law of trusts, is required to be distributed
currently to the beneficiaries, or
(B) the trust is described in section
4947(a)(1).
(Aug. 16, 1954, ch. 736, 68A Stat. 742; Pub. L.
91–172, title I, § 101(j)(32)–(34), Dec. 30, 1969, 83
Stat.
529;
Pub.
L.
94–455,
title
XIX,
§ 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L.
96–603, § 1(d)(1), Dec. 28, 1980, 94 Stat. 3504; Pub.
L. 99–514, title XV, § 1501(d)(1)(C), Oct. 22, 1986,
100 Stat. 2740; Pub. L. 109–280, title XII,
§ 1201(b)(1), Aug. 17, 2006, 120 Stat. 1064.)
Editorial Notes
AMENDMENTS
2006—Pub. L. 109–280, which directed the general
amendment of section 6034 without specifying the act
to be amended, was executed to this section, which is
section 6034 of the Internal Revenue Code of 1986, to re-
flect the probable intent of Congress. Prior to amend-
ment, this section consisted of subsecs.
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6034A
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