26 U.S.C. § 6039I — Returns and records with respect to em-

Page 3350 TITLE 26—INTERNAL REVENUE CODE § 6039I (b) Application with other requirements The filing of any statement under this section shall be in lieu of the reporting requirements under section 6034A to furnish any statement to a beneficiary regarding amounts distributed to such beneficiary (and such other reporting rules as the Secretary deems appropriate). (c) Required information The information required under this sub- section shall include— (1) the amount of distributions made during the taxable year to each beneficiary, (2) the treatment of such distribution under the applicable provision of section 646, includ- ing the amount that is excludable from the re- cipient beneficiary’s gross income under sec- tion 646, and (3) the amount (if any) of any distribution during such year that is deemed to have been made by the sponsoring Native Corporation (as defined in section 646(h)(5)). (d) Sponsoring Native Corporation (1) In general The electing Settlement Trust shall, on or before the date on which the statement under subsection (a) is required to be filed, furnish such statement to the sponsoring Native Cor- poration (as so defined). (2) Distributees The sponsoring Native Corporation shall fur- nish each recipient of a distribution described in section 646(e)(3) a statement containing the amount deemed to have been distributed to such recipient by such corporation for the tax- able year. (e) Deductible contributions by Native Corpora- tions to Alaska Native Settlement Trusts (1) In general Any Native Corporation (as defined in sub- section (m) of section 3 of the Alaska Native Claims Settlement Act (43 U.S.C. 1602(m))) which has made a contribution to a Settle- ment Trust (as defined in subsection (t) of such section) to which an election under sub- section (e) of section 247 applies shall provide such Settlement Trust with a statement re- garding such election not later than January 31 of the calendar year subsequent to the cal- endar year in which the contribution was made. (2) Content of statement The statement described in paragraph (1) shall include— (A) the total amount of contributions to which the election under subsection (e) of section 247 applies, (B) for each contribution, whether such contribution was in cash, (C) for each contribution which consists of property other than cash, the date that such property was acquired by the Native Cor- poration and the adjusted basis and fair mar- ket value of such property on the date such property was contributed to the Settlement Trust, (D) the date on which each contribution was made to the Settlement Trust, and (E) such information as the Secretary de- termines to be necessary or appropriate for the identification of each contribution and the accurate inclusion of income relating to such contributions by the Settlement Trust. (Added Pub. L. 107–16, title VI, § 671(b), June 7, 2001, 115 Stat. 147; amended Pub. L. 115–97, title I, § 13821(c)(1), Dec. 22, 2017, 131 Stat. 2181.) Editorial Notes AMENDMENTS 2017—Pub. L. 115–97, § 13821(c)(1)(A), struck out ‘‘spon- soring’’ before ‘‘Native Corporations’’ in section catch- line. Subsec. (e). Pub. L. 115–97, § 13821(c)(1)(B), added sub- sec. (e). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2017 AMENDMENT Pub. L. 115–97, title I, § 13821(c)(3), Dec. 22, 2017, 131 Stat. 2182, provided that: ‘‘The amendments made by this subsection [amending this section] shall apply to taxable years beginning after December 31, 2016.’’ EFFECTIVE DATE Section applicable to taxable years ending after June 7, 2001, and to contributions made to electing Settle- ment Trusts for such year or any subsequent year, see section 671(d) of Pub. L. 107–16, set out as a note under section 646 of this title. § 6039I. Returns and records with respect to em- ployer-owned life insurance contracts (a) In general Every applicable policyholder owning 1 or more employer-owned life insurance contracts issued after the date of the enactment of this section shall file a return (at such time and in such manner as the Secretary shall by regula- tions prescribe) showing for each year such con- tracts are owned— (1) the number of employees of the applica- ble policyholder at the end of the year, (2) the number of such employees insured under such contracts at the end of the year, (3) the total amount of insurance in force at the end of the year under such contracts, (4) the name, address, and taxpayer identi- fication number of the applicable policyholder and the type of business in which the policy- holder is engaged, and (5) that the applicable policyholder has a valid consent for each insured employee (or, if all such consents are not obtained, the number of insured employees for whom such consent was not obtained). (b) Recordkeeping requirement Each applicable policyholder owning 1 or more employer-owned life insurance contracts during any year shall keep such records as may be nec- essary for purposes of determining whether the requirements of this section and section 101(j) are met. (c) Definitions Any term used in this section which is used in section 101(j) shall have the same meaning given such term by section 101(j). (Added Pub. L. 109–280, title VIII, § 863(b), Aug. 17, 2006, 120 Stat. 1023.) Page 3351 TITLE 26—INTERNAL REVENUE CODE § 6040 Editorial Notes REFERENCES IN TEXT The date of the enactment of this section, referred to in subsec. (a), is the date of enactment of Pub. L. 109–280, which was approved Aug. 17, 2006. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section applicable to life insurance contracts issued after Aug. 17, 2006, except for a contract issued after such date pursuant to an exchange described in section 1035 of this title for a contract issued on or prior to that date, and any material change to cause the con- tract to be treated as a new contract, with exception in the case of a master contract, see section 863(d) of Pub. L. 109–280, set out as an Effective Date of 2006 Amend- ment note under section 101 of this title. § 6039J. Information reporting with respect to Commodity Credit Corporation transactions (a) Requirement of reporting The Commodity Credit Corporation, through the Secretary of Agriculture, shall make a re- turn, according to the forms and regulations prescribed by the Secretary of the Treasury, set- ting forth any market gain realized by a tax- payer during the taxable year in relation to the repayment of a loan issued by the Commodity Credit Corporation, without regard to the man- ner in which such loan was repaid. (b) Statements to be furnished to persons with respect to whom information is required The Secretary of Agriculture shall furnish to each person whose name is required to be set forth in a return required under subsection (a) a written statement showing the amount of mar- ket gain reported in such return. (Added Pub. L. 110–234, title XV, § 15353(a), May 22, 2008, 122 Stat. 1526, and Pub. L. 110–246, § 4(a), title XV, § 15353(a), June 18, 2008, 122 Stat. 1664, 2288.) Editorial Notes CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 enacted identical sections. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Enactment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, except as other- wise provided, see section 4 of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture. Pub. L. 110–234, title XV, § 15353(c), May 22, 2008, 122 Stat. 1527, and Pub. L. 110–246, § 4(a), title XV, § 15353(c), June 18, 2008, 122 Stat. 1664, 2289, provided that: ‘‘The amendments made by this section [enacting this sec- tion] shall apply to loans repaid on or after January 1, 2007.’’ [Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.] § 6040. Cross references (1) For the notice required of persons acting in a fiduciary capacity for taxpayers or for transferees, see sections 6212, 6901(g), and 6903. (2) For application by fiduciary for determination of tax and discharge from personal liability there- for, see section 2204. (3) For the notice required of taxpayers for rede- termination of taxes claimed as credits, see sections 905(c) and 2016. (4) For exemption certificates required to be fur- nished to employers by employees, see section 3402(f)(2), (3), (4), and (5). (5) For receipts, constituting information returns, required to be furnished to employees, see section 6051. [(6) Repealed. Pub. L. 89–44, title III, § 305(b), June 21, 1965, 79 Stat. 148] (7) For information required with respect to the redemption of stamps, see section 6805. (8) For the statement required to be filed by a cor- poration expecting a net operating loss carryback or unused excess profits credit carryback, see sec- tion 6164. (9) For the application, which a taxpayer may file for a tentative carryback adjustment of income taxes, see section 6411. (Aug. 16, 1954, ch. 736, 68A Stat. 744, § 6037; re- numbered § 6038, Pub. L. 85–866, title I, § 64(c), Sept. 2, 1958, 72 Stat. 1656; renumbered § 6039, Pub. L. 86–780, § 6(a), Sept. 14, 1960, 74 Stat. 1014; renumbered § 6040, Pub. L. 88–272, title II, § 221(b)(1), Feb. 26, 1964, 78 Stat. 73; amended Pub. L. 89–44, title III, § 305(b), June 21, 1965, 79 Stat. 148; Pub. L. 91–614, title I, § 101(d)(2), Dec. 31, 1970, 84 Stat. 1837.) Editorial Notes AMENDMENTS 1970—Par. (2). Pub. L. 91–614 substituted ‘‘fiduciary’’ for ‘‘executor’’. 1965—Par. (6). Pub. L. 89–44 struck out par. (6) which cross referred to section 4234 of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1970 AMENDMENT Amendment by Pub. L. 91–614 applicable with respect to decedents dying after Dec. 31, 1970, see section 101(j) of Pub. L. 91–614, set out as a note under section 2032 of this title. EFFECTIVE DATE OF 1965 AMENDMENT Amendment by Pub. L. 89–44 applicable with respect to admissions, services, and uses after noon, Dec. 31, 1965, see section 701(b)(1) of Pub. L. 89–44, set out as a note under section 4291 of this title. SUBPART B—INFORMATION CONCERNING TRANSACTIONS WITH OTHER PERSONS Sec. 6041. Information at source. 6041A. Returns regarding payments of remuneration for services and direct sales. 6042. Returns regarding payments of dividends and corporate earnings and profits. 6043. Liquidating, etc., transactions. 6043A. Returns relating to taxable mergers and ac- quisitions. 6044. Returns regarding payments of patronage dividends. 6045. Returns of brokers. 6045A. Information required in connection with transfers of covered securities to brokers. 6045B. Returns relating to actions affecting basis of specified securities. 6046. Returns as to organization or reorganization of foreign corporations and as to acquisi- tions of their stock.