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26 U.S.C. § 6031 — Return of partnership income
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** Every partnership (as defined in section 761(a)) shall make a return for each taxable year, stating specifically the items of its gross income and the deductions allowable by subtitle A, and such other information, for the purpose of carrying out the provisions of subtitle A as the Secretary may by forms and regulations prescribe, and shall include in the return the names and addresses of the individuals who would be entitled to share in the taxable income if distributed and the amount of the distributive share of each individual.
**(b) Copies to partners** Each partnership required to file a return under subsection (a) for any partnership taxable year shall (on or before the day on which the return for such taxable year was required to be filed) furnish to each person who is a partner or who holds an interest in such partnership as a nominee for another person at any time during such taxable year a copy of such information required to be shown on such return as may be required by regulations. Information required to be furnished by the partnership under this subsection may not be amended after the due date of the return under subsection (a) to which such information relates, except—
(1) in the case of a partnership which has elected the application of section 6221(b) for the taxable year,
(2) as provided in the procedures under section 6225(c),
(3) with respect to statements under section 6226, or
(4) as otherwise provided by the Secretary.
**(c) Nominee reporting** Any person who holds an interest in a partnership as a nominee for another person—
(1) shall furnish to the partnership, in the manner prescribed by the Secretary, the name and address of such other person, and any other information for such taxable year as the Secretary may by f
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Source file: Laws/federal/codes/united-states-code/title-26/section-6031-return-of-partnership-income--f5ce84bfe4.md
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Source location: Title 26, Chapter 61, § 6031; chapter-061-information-and-returns.md
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**(a) General rule** Every partnership (as defined in section 761(a)) shall make a return for each taxable year, stating specifically the items of its gross income and the deductions allowable by subtitle A, and such other information, for the purpose of carrying out the provisions of subtitle A as the Secretary may by forms and regulations prescribe, and shall include in the return the names and addresses of the individuals who would be entitled to share in the taxable income if distributed and the amount of the distributive share of each individual.
**(b) Copies to partners** Each partnership required to file a return under subsection (a) for any partnership taxable year shall (on or before the day on which the return for such taxable year was required to be filed) furnish to each person who is a partner or who holds an interest in such partnership as a nominee for another person at any time during such taxable year a copy of such information required to be shown on such return as may be required by regulations. Information required to be furnished by the partnership under this subsection may not be amended after the due date of the return under subsection (a) to which such information relates, except—
(1) in the case of a partnership which has elected the application of section 6221(b) for the taxable year,
(2) as provided in the procedures under section 6225(c),
(3) with respect to statements under section 6226, or
(4) as otherwise provided by the Secretary.
**(c) Nominee reporting** Any person who holds an interest in a partnership as a nominee for another person—
(1) shall furnish to the partnership, in the manner prescribed by the Secretary, the name and address of such other person, and any other information for such taxable year as the Secretary may by form and regulation prescribe, and
(2) shall furnish in the manner prescribed by the Secretary such other person the information provided by such partnership under subsection (b).
**(d) Separate statement of items of unrelated business taxable income** In the case of any partnership regularly carrying on a trade or business (within the meaning of section 512(c)(1)), the information required under subsection (b) to be furnished to its partners shall include such information as is necessary to enable each partner to compute its distributive share of partnership income or loss from such trade or business in accordance with section 512(a)(1), but without regard to the modifications described in paragraphs (8) through (15) of section 512(b).
**(e) Foreign partnerships**
(1) **Exception for foreign partnership** — Except as provided in paragraph (2), the preceding provisions of this section shall not apply to a foreign partnership.
(2) **Certain foreign partnerships required to file return** — Except as provided in regulations prescribed by the Secretary, this section shall apply to a foreign partnership for any taxable year if for such year, such partnership has—
(A) gross income derived from sources within the United States, or
(B) gross income which is effectively connected with the conduct of a trade or business within the United States.
The Secretary may provide simplified filing procedures for foreign partnerships to which this section applies.
**(f) Electing investment partnerships** In the case of any electing investment partnership (as defined in section 743(e)(6)),11 See References in Text note below. the information required under subsection (b) to be furnished to any partner to whom section 743(e)(2) applies shall include such information as is necessary to enable the partner to compute the amount of losses disallowed under section 743(e).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In determining his income tax, each partner shall take into account separately his distributive share of the partnership’s—
(1) gains and losses from sales or exchanges of capital assets held for not more than 1 year,
(2) gains and losses from sales or exchanges of capital assets held for more than 1 year,
(3) gains and losses from sales or exchanges of property described in section 1231 (relating to certain property used in a trade or business and involuntary conversions),
(4) charitable contributions (as defined in section 170(c)),
(5) dividends with respect to which section 1(h)(11) or part VIII of subchapter B applies,
(6) taxes, described in section 901, paid or accrued to foreign countries and to possessions of the United States,
(7) other items of income, gain, loss, deduction, or credit, to the extent provided by regulations prescribed by the Secretary, and
(8) taxable income or loss, exclusive of items requiring separate computation under other paragraphs of this subsection.
**(b) Character of items constituting distributive share** The character of any item of income, gain, loss, deduction, or credit included in a partner’s distributive share under paragraphs (1) through (7) of subsection (a) shall be determined as if such item were realized directly from the source from which realized by the partnership, or incurred in the same manner as incurred by the partnership.
**(c) Gross income of a partner** In any case where it is necessary to determine the gross income of a partner for purposes of this title, such amount shall include his distributive share of the gross income of the partnership.
**(d) Cross reference** For rules relating to procedures for determining the tax treatment of partnership items see subchapter C of chapter
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 702
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** The basis of partnership property shall not be adjusted as the result of a transfer of an interest in a partnership by sale or exchange or on the death of a partner unless the election provided by section 754 (relating to optional adjustment to basis of partnership property) is in effect with respect to such partnership or unless the partnership has a substantial built-in loss immediately after such transfer.
**(b) Adjustment to basis of partnership property** In the case of a transfer of an interest in a partnership by sale or exchange or upon the death of a partner, a partnership with respect to which the election provided in section 754 is in effect or which has a substantial built-in loss immediately after such transfer shall—
(1) increase the adjusted basis of the partnership property by the excess of the basis to the transferee partner of his interest in the partnership over his proportionate share of the adjusted basis of the partnership property, or
(2) decrease the adjusted basis of the partnership property by the excess of the transferee partner’s proportionate share of the adjusted basis of the partnership property over the basis of his interest in the partnership.
Under regulations prescribed by the Secretary, such increase or decrease shall constitute an adjustment to the basis of partnership property with respect to the transferee partner only. A partner’s proportionate share of the adjusted basis of partnership property shall be determined in accordance with his interest in partnership capital and, in the case of property contributed to the partnership by a partner, section 704(c) (relating to contributed property) shall apply in determining such share. In the case of an adjustment under this subsection to the basis of partnership
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Any adjustment to a partnership-related item shall be determined, and any tax attributable thereto shall be assessed and collected, and the applicability of any penalty, addition to tax, or additional amount which relates to an adjustment to any such item shall be determined, at the partnership level, except to the extent otherwise provided in this subchapter.
**(b) Election out for certain partnerships with 100 or fewer partners, etc.**
(1) **In general** — This subchapter shall not apply with respect to any partnership for any taxable year if—
(A) the partnership elects the application of this subsection for such taxable year,
(B) for such taxable year the partnership is required to furnish 100 or fewer statements under section 6031(b) with respect to its partners,
(C) each of the partners of such partnership is an individual, a C corporation, any foreign entity that would be treated as a C corporation were it domestic, an S corporation, or an estate of a deceased partner,
(D) the election—
(i) is made with a timely filed return for such taxable year, and
(ii) includes (in the manner prescribed by the Secretary) a disclosure of the name and taxpayer identification number of each partner of such partnership, and
(E) the partnership notifies each such partner of such election in the manner prescribed by the Secretary.
(2) **Special rules relating to certain partners**
(A) *S corporation partners* — In the case of a partner that is an S corporation—
(i) the partnership shall only be treated as meeting the requirements of paragraph (1)(C) with respect to such partner if such partnership includes (in the manner prescribed by the Secretary) a disclosure of the name and taxpayer identification number of each person with
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6221
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary shall mail to the partnership and the partnership representative—
(1) notice of any administrative proceeding initiated at the partnership level with respect to an adjustment of any partnership-related item for any partnership taxable year, or any partner’s distributive share thereof,
(2) notice of any proposed partnership adjustment resulting from such proceeding, and
(3) notice of any final partnership adjustment resulting from such proceeding.
Any notice of a final partnership adjustment shall be sufficient if mailed to the last known address of the partnership representative or the partnership (even if the partnership has terminated its existence). The first sentence shall apply to any proceeding with respect to an administrative adjustment request filed by a partnership under section 6227.
**(b) Timing of notices**
(1) **Notice of proposed partnership adjustment** — Any notice of a proposed partnership adjustment shall not be mailed later than the date determined under section 6235 (determined without regard to paragraphs (2) and (3) of subsection (a) thereof).
(2) **Notice of final partnership adjustment**
(A) *In general* — Except to the extent that the partnership elects to waive the application of this subparagraph, any notice of a final partnership adjustment shall not be mailed earlier than 270 days after the date on which the notice of the proposed partnership adjustment is mailed.
(B) *Statute of limitations on adjustment* — For the period of limitations on making adjustments, see section 6235.
**(c) Further notices restricted** If the Secretary mails a notice of a final partnership adjustment to any partnership for any partnership taxable year and the partnership files a petition under section 6234 with respect
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6231
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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
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 401
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6721
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Except as provided in regulations prescribed by the Secretary, if there is an exchange described in section 751(a) of any interest in a partnership during any calendar year, such partnership shall make a return for such calendar year stating—
(1) the name and address of the transferee and transferor in such exchange, and
(2) such other information as the Secretary may by regulations prescribe.
Such return shall be made at such time and in such manner as the Secretary may require by regulations.
**(b) Statements to be furnished to transferor and transferee** Every partnership required to make a return under subsection (a) shall furnish to each person 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 partnership required to make such return, and
(2) the information required to be shown on the return with respect to such person.
The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.
**(c) Requirement that transferor notify partnership**
(1) **In general** — In the case of any exchange described in subsection (a), the transferor of the partnership interest shall promptly notify the partnership of such exchange.
(2) **Partnership not required to make return until notice** — A partnership shall not be required to make a return under this section with respect to any exchange until the partnership is notified of such exchange.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6050K
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority of Secretary** The Secretary is authorized and required to make the inquiries, determinations, and assessments of all taxes (including interest, additional amounts, additions to the tax, and assessable penalties) imposed by this title, or accruing under any former internal revenue law, which have not been duly paid by stamp at the time and in the manner provided by law. Such authority shall extend to and include the following:
(1) **Taxes shown on return** — The Secretary shall assess all taxes determined by the taxpayer or by the Secretary as to which returns or lists (or payments under section 6225(c)(2)(B)(i)) are made under this title.
(2) **Unpaid taxes payable by stamp**
(A) *Omitted stamps* — Whenever any article upon which a tax is required to be paid by means of a stamp is sold or removed for sale or use by the manufacturer thereof or whenever any transaction or act upon which a tax is required to be paid by means of a stamp occurs without the use of the proper stamp, it shall be the duty of the Secretary, upon such information as he can obtain, to estimate the amount of tax which has been omitted to be paid and to make assessment therefor upon the person or persons the Secretary determines to be liable for such tax.
(B) *Check or money order not duly paid* — In any case in which a check or money order received under authority of section 6311 as payment for stamps is not duly paid, the unpaid amount may be immediately assessed as if it were a tax imposed by this title, due at the time of such receipt, from the person who tendered such check or money order.
(3) **Erroneous income tax prepayment credits** — If on any return or claim for refund of income taxes under subtitle A there is an overstatement of the credit for income tax withheld
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** For purposes of this title in the case of income, estate, and gift taxes imposed by subtitles A and B and excise taxes imposed by chapters 41, 42, 43, and 44 the term “deficiency” means the amount by which the tax imposed by subtitle A or B, or chapter 41, 42, 43, or 44 exceeds the excess of—
(1) the sum of
(A) the amount shown as the tax by the taxpayer upon his return, if a return was made by the taxpayer and an amount was shown as the tax by the taxpayer thereon, plus
(B) the amounts previously assessed (or collected without assessment) as a deficiency, over—
(2) the amount of rebates, as defined in subsection (b)(2), made.
**(b) Rules for application of subsection (a)** For purposes of this section—
(1) The tax imposed by subtitle A and the tax shown on the return shall both be determined without regard to payments on account of estimated tax, without regard to the credit under section 31, without regard to the credit under section 33, and without regard to any credits resulting from the collection of amounts assessed under section 6851 or 6852 (relating to termination assessments).
(2) The term “rebate” means so much of an abatement, credit, refund, or other repayment, as was made on the ground that the tax imposed by subtitle A or B or chapter 41, 42, 43, or 44 was less than the excess of the amount specified in subsection (a)(1) over the rebates previously made.
(3) The computation by the Secretary, pursuant to section 6014, of the tax imposed by chapter 1 shall be considered as having been made by the taxpayer and the tax so computed considered as shown by the taxpayer upon his return.
(4) For purposes of subsection (a)—
(A) any excess of the sum of the credits allowable under sections 21 by reason of subsection (g) thereof, 24
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6211
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