26 U.S.C. § 6050K — Returns relating to exchanges of certain

Page 3387 TITLE 26—INTERNAL REVENUE CODE § 6050K (1) Treated as persons The term ‘‘person’’ includes any govern- mental unit (and any agency or instrumen- tality thereof). (2) Special rules In the case of a governmental unit or any agency or instrumentality thereof— (A) subsection (a) shall be applied without regard to the trade or business requirement contained therein, and (B) any return under this section shall be made by the officer or employee appro- priately designated for the purpose of mak- ing such return. (e) Statements to be furnished to persons with respect to whom information is required to be furnished Every person 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 the name, address, and phone number of the information contact of the person required to make such return. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the cal- endar year for which the return under sub- section (a) was made. (f) Treatment of other dispositions To the extent provided by regulations pre- scribed by the Secretary, any transfer of the property which secures the indebtedness to a person other than the lender shall be treated as an abandonment of such property. (Added Pub. L. 98–369, div. A, title I, § 148(a), July 18, 1984, 98 Stat. 687; amended Pub. L. 104–168, title XII, § 1201(a)(10), July 30, 1996, 110 Stat. 1470.) Editorial Notes AMENDMENTS 1996—Subsec. (e). Pub. L. 104–168 substituted ‘‘name, address, and phone number of the information contact’’ for ‘‘name and address’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1996 AMENDMENT Amendment by Pub. L. 104–168 applicable to state- ments required to be furnished after Dec. 31, 1996 (de- termined without regard to any extension), see section 1201(b) of Pub. L. 104–168, set out as a note under sec- tion 6041 of this title. EFFECTIVE DATE Pub. L. 98–369, div. A, title I, § 148(d), July 18, 1984, 98 Stat. 689, provided that: ‘‘The amendments made by this section [enacting this section and amending sec- tions 6652 and 6678 of this title] shall apply with respect to acquisitions of property and abandonments of prop- erty after December 31, 1984.’’ § 6050K. Returns relating to exchanges of certain partnership interests (a) In general Except as provided in regulations prescribed by the Secretary, if there is an exchange de- scribed in section 751(a) of any interest in a partnership during any calendar year, such part- nership 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 re- quired 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 pre- ceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under sub- section (a) was required to be made. (c) Requirement that transferor notify partner- ship (1) In general In the case of any exchange described in sub- section (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. (Added Pub. L. 98–369, div. A, title I, § 149(a), July 18, 1984, 98 Stat. 689; amended Pub. L. 99–514, title XV, § 1501(c)(13), title XVIII, § 1811(b)(2), Oct. 22, 1986, 100 Stat. 2739, 2833; Pub. L. 104–168, title XII, § 1201(a)(11), July 30, 1996, 110 Stat. 1470.) Editorial Notes AMENDMENTS 1996—Subsec. (b)(1). Pub. L. 104–168 substituted ‘‘name, address, and phone number of the information contact’’ for ‘‘name and address’’. 1986—Subsec. (b). Pub. L. 99–514, § 1501(c)(13), in amending subsec. (b) generally, substituted references to partnerships required to make a return for former references to partnerships making a return and ref- erences to persons whose name is required to be set forth for former references to persons whose name is set forth. Subsec. (c)(2). Pub. L. 99–514, § 1811(b)(2), substituted ‘‘this section’’ for ‘‘this subsection’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1996 AMENDMENT Amendment by Pub. L. 104–168 applicable to state- ments required to be furnished after Dec. 31, 1996 (de- termined without regard to any extension), see section 1201(b) of Pub. L. 104–168, set out as a note under sec- tion 6041 of this title. Page 3388 TITLE 26—INTERNAL REVENUE CODE § 6050L EFFECTIVE DATE OF 1986 AMENDMENT Amendment by section 1501(c)(13) of Pub. L. 99–514 ap- plicable to returns the due date for which (determined without regard to extensions) is after Dec. 31, 1986, see section 1501(e) of Pub. L. 99–514, set out as an Effective Date note under section 6721 of this title. Amendment by section 1811(b)(2) of Pub. L. 99–514 ap- plicable to partnership taxable years beginning after Oct. 22, 1986, see section 1811(b)(1)(B) of Pub. L. 99–514, set out as a note under section 6031 of this title. Amendment by section 1811(b)(2) of Pub. L. 99–514 ef- fective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98–369, div. A, to which such amendment relates, see section 1881 of Pub. L. 99–514, set out as a note under section 48 of this title. EFFECTIVE DATE Pub. L. 98–369, div. A, title I, § 149(d), July 18, 1984, 98 Stat. 690, provided that: ‘‘The amendments made by this section [enacting this section and amending sec- tions 6652 and 6678 of this title] shall apply with respect to exchanges after December 31, 1984.’’ 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 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, 1989, see section 1140 of Pub. L. 99–514, as amended, set out as a note under section 401 of this title. § 6050L. Returns relating to certain donated property (a) Dispositions of donated property (1) In general If the donee of any charitable deduction property sells, exchanges, or otherwise dis- poses of such property within 3 years after its receipt, the donee shall make a return (in ac- cordance with forms and regulations pre- scribed by the Secretary) showing— (A) the name, address, and TIN of the donor, (B) a description of the property, (C) the date of the contribution, (D) the amount received on the disposi- tion, (E) the date of such disposition, (F) a description of the donee’s use of the property, and (G) a statement indicating whether the use of the property was related to the purpose or function constituting the basis for the donee’s exemption under section 501. In any case in which the donee indicates that the use of applicable property (as defined in section 170(e)(7)(C)) was related to the purpose or function constituting the basis for the ex- emption of the donee under section 501 under subparagraph (G), the donee shall include with the return the certification described in sec- tion 170(e)(7)(D) if such certification is made under section 170(e)(7). (2) Definitions For purposes of this subsection: (A) Charitable deduction property The term ‘‘charitable deduction property’’ means any property (other than publicly traded securities) contributed in a contribu- tion for which a deduction was claimed under section 170 if the claimed value of such property (plus the claimed value of all similar items of property donated by the donor to 1 or more donees) exceeds $5,000. (B) Publicly traded securities The term ‘‘publicly traded securities’’ means securities for which (as of the date of the contribution) market quotations are readily available on an established securities market. (b) Qualified intellectual property contributions (1) In general Each donee with respect to a qualified intel- lectual property contribution shall make a re- turn (at such time and in such form and man- ner as the Secretary may by regulations pre- scribe) with respect to each specified taxable year of the donee showing— (A) the name, address, and TIN of the donor, (B) a description of the qualified intellec- tual property contributed, (C) the date of the contribution, and (D) the amount of net income of the donee for the taxable year which is properly allo- cable to the qualified intellectual property (determined without regard to paragraph (10)(B) of section 170(m) and with the modi- fications described in paragraphs (5) and (6) of such section). (2) Definitions For purposes of this subsection: (A) In general Terms used in this subsection which are also used in section 170(m) have the respec- tive meanings given such terms in such sec- tion. (B) Specified taxable year The term ‘‘specified taxable year’’ means, with respect to any qualified intellectual property contribution, any taxable year of the donee any portion of which is part of the 10-year period beginning on the date of such contribution. (c) Statement to be furnished to donors Every person making a return under sub- section (a) or (b) shall furnish a copy of such re- turn to the donor at such time and in such man- ner as the Secretary may by regulations pre- scribe. (Added Pub. L. 98–369, div. A, title I, § 155(b)(1), July 18, 1984, 98 Stat. 692; amended Pub. L. 108–357, title VIII, § 882(c)(1), Oct. 22, 2004, 118 Stat. 1629; Pub. L. 109–280, title XII, § 1215(b), Aug. 17, 2006, 120 Stat. 1078.) Editorial Notes AMENDMENTS 2006—Subsec. (a)(1). Pub. L. 109–280, which directed the amendment of section 6050L by adding subpars. (F) and (G) and concluding provisions and substituting ‘‘3 years’’ for ‘‘2 years’’ in introductory provisions without specifying the act to be amended, was executed to this section, which is section 6050L of the Internal Revenue Code of 1986, to reflect the probable intent of Congress.