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26 U.S.C. § 6048 — Information with respect to certain foreign trusts
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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Source location: Title 26, Chapter 61, § 6048; chapter-061-information-and-returns.md
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**(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) shall not apply with respect to a trust which is—
(I) described in section 402(b), 404(a)(4), or 404A, or
(II) determined by the Secretary to be described in section 501(c)(3).
(4) **Responsible party** — For purposes of this subsection, the term “responsible party” means—
(A) the grantor in the case of the creation of an inter vivos trust,
(B) the transferor in the case of a reportable event described in paragraph (3)(A)(ii) other than a transfer by reason of death, and
(C) the executor of the decedent’s estate in any other case.
**(b) United States owner of foreign trust**
(1) **In general** — If, at any time during any taxable year of a United States person, such person is 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, such person shall submit such information as the Secretary may prescribe with respect to such trust for such year and shall be responsible to ensure that—
(A) such trust makes a return for such year which sets forth a full and complete accounting of all trust activities and operations for the year, the name of the United States agent for such trust, and such other information as the Secretary may prescribe, and
(B) such trust furnishes such information as the Secretary may prescribe to each United States person (i) who is treated as the owner of any portion of such trust or (ii) who receives (directly or indirectly) any distribution from the trust.
(2) **Trusts not having United States agent**
(A) *In general* — If the rules of this paragraph apply to any foreign trust, the determination of amounts required to be taken into account with respect to such trust by a United States person under the rules of subpart E of part I of subchapter J of chapter 1 shall be determined by the Secretary.
(B) *United States agent required* — The rules of this paragraph shall apply to any foreign trust to which paragraph (1) applies unless such trust agrees (in such manner, subject to such conditions, and at such time as the Secretary shall prescribe) to authorize a United States person to act as such trust’s limited agent solely for purposes of applying sections 7602, 7603, and 7604 with respect to—
(i) any request by the Secretary to examine records or produce testimony related to the proper treatment of amounts required to be taken into account under the rules referred to in subparagraph (A), or
(ii) any summons by the Secretary for such records or testimony.
The appearance of persons or production of records by reason of a United States person being such an agent shall not subject such persons or records to legal process for any purpose other than determining the correct treatment under this title of the amounts required to be taken into account under the rules referred to in subparagraph (A). A foreign trust which appoints an agent described in this subparagraph shall not be considered to have an office or a permanent establishment in the United States, or to be engaged in a trade or business in the United States, solely because of the activities of such agent pursuant to this subsection.
(C) *Other rules to apply* — Rules similar to the rules of paragraphs (2) and (4) of section 6038A(e) shall apply for purposes of this paragraph.
**(c) Reporting by United States beneficiaries of foreign trusts**
(1) **In general** — If any United States person receives (directly or indirectly) during any taxable year of such person any distribution from a foreign trust, such person shall make a return with respect to such trust for such year which includes—
(A) the name of such trust,
(B) the aggregate amount of the distributions so received from such trust during such taxable year, and
(C) such other information as the Secretary may prescribe.
(2) **Inclusion in income if records not provided**
(A) *In general* — If adequate records are not provided to the Secretary to determine the proper treatment of any distribution from a foreign trust, such distribution shall be treated as an accumulation distribution includible in the gross income of the distributee under chapter 1. To the extent provided in regulations, the preceding sentence shall not apply if the foreign trust elects to be subject to rules similar to the rules of subsection (b)(2)(B).
(B) *Application of accumulation distribution rules* — For purposes of applying section 668 in a case to which subparagraph (A) applies, the applicable number of years for purposes of section 668(a) shall be ½ of the number of years the trust has been in existence.
**(d) Special rules**
(1) **Determination of whether United States person makes transfer or receives distribution** — For purposes of this section, in determining whether a United States person makes a transfer to, or receives a distribution from, a foreign trust, the fact that a portion of such trust is treated as owned by another person under the rules of subpart E of part I of subchapter J of chapter 1 shall be disregarded.
(2) **Domestic trusts with foreign activities** — To the extent provided in regulations, a trust which is a United States person shall be treated as a foreign trust for purposes of this section and section 6677 if such trust has substantial activities, or holds substantial property, outside the United States.
(3) **Time and manner of filing information** — Any notice or return required under this section shall be made at such time and in such manner as the Secretary shall prescribe.
(4) **Modification of return requirements** — The Secretary is authorized to suspend or modify any requirement of this section if the Secretary determines that the United States has no significant tax interest in obtaining the required information.
(5) **United States person’s return must be consistent with trust return or Secretary notified of inconsistency** — Rules similar to the rules of section 6034A(c) shall apply to items reported by a trust under subsection (b)(1)(B) and to United States persons referred to in such subsection.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of credit**
(1) **In general** — In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter the amount of the qualified adoption expenses paid or incurred by the taxpayer.
(2) **Year credit allowed** — The credit under paragraph (1) with respect to any expense shall be allowed—
(A) in the case of any expense paid or incurred before the taxable year in which such adoption becomes final, for the taxable year following the taxable year during which such expense is paid or incurred, and
(B) in the case of an expense paid or incurred during or after the taxable year in which such adoption becomes final, for the taxable year in which such expense is paid or incurred.
(3) **$10,000 credit for adoption of child with special needs regardless of expenses** — In the case of an adoption of a child with special needs which becomes final during a taxable year, the taxpayer shall be treated as having paid during such year qualified adoption expenses with respect to such adoption in an amount equal to the excess (if any) of $10,000 over the aggregate qualified adoption expenses actually paid or incurred by the taxpayer with respect to such adoption during such taxable year and all prior taxable years.
(4) **Portion of credit refundable** — So much of the credit allowed under paragraph (1) as does not exceed $5,000 shall be treated as a credit allowed under subpart C and not as a credit allowed under this subpart.
**(b) Limitations**
(1) **Dollar limitation** — The aggregate amount of qualified adoption expenses which may be taken into account under subsection (a) for all taxable years with respect to the adoption of a child by the taxpayer shall not exceed $10,000.
(2) **Income limitation**
(A) *In general* —
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirement of return**
(1) **In general** — A return complying with the requirements of subsection (b) shall be made by—
(A) each United States citizen or resident who becomes an officer or director of a foreign corporation if a United States person (as defined in section 7701(a)(30)) meets the stock ownership requirements of paragraph (2) with respect to such corporation,
(B) each United States person—
(i) who acquires stock which, when added to any stock owned on the date of such acquisition, meets the stock ownership requirements of paragraph (2) with respect to a foreign corporation, or
(ii) who acquires stock which, without regard to stock owned on the date of such acquisition, meets the stock ownership requirements of paragraph (2) with respect to a foreign corporation,
(C) each person (not described in subparagraph (B)) who is treated as a United States shareholder under section 953(c) with respect to a foreign corporation, and
(D) each person who becomes a United States person while meeting the stock ownership requirements of paragraph (2) with respect to stock of a foreign corporation.
In the case of a foreign corporation with respect to which any person is treated as a United States shareholder under section 953(c), subparagraph (A) shall be treated as including a reference to each United States person who is an officer or director of such corporation.
(2) **Stock ownership requirements** — A person meets the stock ownership requirements of this paragraph with respect to any corporation if such person owns 10 percent or more of—
(A) the total combined voting power of all classes of stock of such corporation entitled to vote, or
(B) the total value of the stock of such corporation.
**(b) Form and contents of returns** The
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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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Federal law — U.S. Code and appendices · legal_authorities
**(a) Civil penalty** In addition to any criminal penalty provided by law, if any notice or return required to be filed by section 6048—
(1) is not filed on or before the time provided in such section, or
(2) does not include all the information required pursuant to such section or includes incorrect information,
the person required to file such notice or return shall pay a penalty equal to the greater of $10,000 or 35 percent of the gross reportable amount. If any failure described in the preceding sentence continues for more than 90 days after the day on which the Secretary mails notice of such failure to the person required to pay such penalty, such person shall pay a penalty (in addition to the amount determined under the preceding sentence) of $10,000 for each 30-day period (or fraction thereof) during which such failure continues after the expiration of such 90-day period. At such time as the gross reportable amount with respect to any failure can be determined by the Secretary, any subsequent penalty imposed under this subsection with respect to such failure shall be reduced as necessary to assure that the aggregate amount of such penalties do not exceed the gross reportable amount (and to the extent that such aggregate amount already exceeds the gross reportable amount the Secretary shall refund such excess to the taxpayer).
**(b) Special rules for returns under section 6048(b)** In the case of a return required under section 6048(b)—
(1) the United States person referred to in such section shall be liable for the penalty imposed by subsection (a), and
(2) subsection (a) shall be applied by substituting “5 percent” for “35 percent”.
**(c) Gross reportable amount** For purposes of subsection (a), the term “gross reportable amount” means—
(1) the gross valu
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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
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Federal law — U.S. Code and appendices · legal_authorities
Page 3371
TITLE 26—INTERNAL REVENUE CODE
§ 6048
see section 1501(d) of Pub. L. 94–455, set out as a note
under section 62 of this title.
EFFECTIVE DATE OF 1974 AMENDMENT
Amendment by section 1031(c)(3) of Pub. L. 93–406 ef-
fective Sept. 2, 1974, see section 1034 of Pub. L. 93–406,
set out as an Effective Date note under section 6057 of
this title.
Amendment by section 2002(g)(8) of Pub. L. 93–406 ef-
fective Jan. 1, 1975, see section 2002(i)(2) of Pub. L.
93–406, set out as an Effective Date note under section
4973 of this title.
EFFECTIVE DATE
Section applicable to taxable years beginning after
Dec. 31, 1962, see section 8 of Pub. L. 87–792, set out as
a note under section 22 of this title.
PLAN AMENDMENTS NOT REQUIRED UNTIL
JANUARY 1, 1998
For provisions directing that if any amendments
made by subtitle D [§§ 1401–1465] of title I of Pub. L.
104–188 require an amendment to any plan or annuity
contract, such amendment shall not be required to be
made before the first day of the first plan year begin-
ning on or after Jan. 1, 1998, see section 1465 of Pub. L.
104–188, set out as a note under section 401 of this title.
PLAN AMENDMENTS NOT REQUIRED UNTIL
JANUARY 1, 1994
For provisions directing that if any amendments
made by subtitle B [§§ 521–523] of title V of Pub. L.
102–318 require an amendment to any plan, such plan
amendment shall not be required to be made before the
first plan year beginning on or after Jan. 1, 1994, see
section 523 of Pub. L. 102–318, set out as a note under
section 401 of this title.
PLAN AMENDMENTS NOT REQUIRED UNTIL
JANUARY 1, 1989
For provisions directing that if any amendments
made by subtitle A or subtitle C of title XI [§§ 1101–1147
and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L.
99–514 require an
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