United States Code

EFFECTIVE DATE OF 1962 AmendmenT

Section 20(e)(2) of Pub. L. 87-834 provided that: "The amendments made by subsection (b) [amending this section] shall take effect on January 1, 1963."

EFFECTIVE DATE OF 1960 AMENDMENT

Section 8 of Pub. L. 86-780 provided that: "The amendments made by section 7 [amending this section] shall apply only with respect to foreign corporations created or organized, or reorganized, after the date of the enactment of this Act [Sept. 14, 1960]."

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 6679 of this title.

§ 6046A. Returns as to interests in foreign partnerships

(a) Requirement of return

Any United States person, except to the extent otherwise provided by regulations

(1) who acquires any interest in a foreign partnership,

(2) who disposes of any portion of his interest in a foreign partnership, or

(3) whose proportional interest in a foreign partnership changes substantially,

shall file a return.

(b) Form and contents of return

Any return required by subsection (a) shall be in such form and set forth such information as the Secretary shall by regulations prescribe. (c) Time for filing return

Any return required by subsection (a) shall be filed on or before the 90th day (or on or before such later day as the Secretary may by regulations prescribe) after the day on which the United States person becomes liable to file such return.

(d) Cross reference

For provisions relating to penalties for violations of this section, see sections 6679 and 7203. (Added Pub. L. 97-248, title IV, § 405(a), Sept. 3, 1982, 96 Stat. 669.)

EFFECTIVE DATE

Section 407(b) of Pub. L. 97-248 provided that: "The amendments made by section 405 [enacting this section and amending section 6679 of this title] shall apply with respect to acquisitions or dispositions of, or substantial changes in, interests in foreign partnerships occurring after the date of the enactment of this Act [Sept. 3, 1982]."

SPECIAL RULE FOR CERTAIN INTERNATIONAL SATELLITE PARTNERSHIPS

For provision that this section is not applicable to certain international satellite partnerships, see section 406 of Pub. L. 97-248, set out as a note under section 6231 of this title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 6679 of this title.

§ 6047. Information relating to certain trusts and annuity and bond purchase plans

(a) Trustees and insurance companies

The trustee of a trust described in section 401(a) which is exempt from tax under section

501(a) to which contributions have been paid under a plan on behalf of any owner-employee (as defined in section 401(c)(3)), and each insurance company or other person which is the issuer of a contract purchased by such a trust, or purchased under a plan described in section 403(a), contributions for which have been paid on behalf of any owner-employee, shall file such returns (in such form and at such times), keep such records, make such identification of contracts and funds (and accounts within such funds), and supply such information, as the Secretary shall by forms or regulations prescribe.

(b) Owner-employees

Every individual on whose behalf contributions have been paid as an owner-employee (as defined in section 401(c)(3))—

(1) to a trust described in section 401(a) which is exempt from tax under section 501(a), or

(2) to an insurance company or other person under a plan described in section 403(a),

shall furnish the trustee, insurance company, or other person, as the case may be, such information at such times and in such form and manner as the Secretary shall prescribe by forms or regulations.

Every individual in whose name a bond described in section 405(b)(1) is purchased by his employer under a qualified bond purchase plan described in section 405(a), or by a trust described in section 401(a) which is exempt from tax under section 501(a), shall furnish

(1) to his employer or to such trust, and

(2) to the Secretary (or to such person as the Secretary may by regulations prescribe), such information as the Secretary shall by forms or regulations prescribe.

(d) Other programs

To the extent provided by regulations prescribed by the Secretary, the provisions of this section apply with respect to any payment described in section 219 and to transactions of any trust described in section 408(a) or under an individual retirement annuity described in section 408(b).

(e) Reports by employers, plan administrators, etc. (1) In general

The Secretary shall by forms or regulations require that

(A) the employer maintaining, or the plan administrator (within the meaning of section 414(g)) of, a plan from which designated distributions (as defined in section 3405(d)(1)) may be made, and

(B) any person issuing any contract under which designated distributions (as so defined) may be made,

make returns and reports regarding such plan (or contract) to the Secretary, to the participants and beneficiaries of such plan (or contract), and to such other persons as the Secretary may by regulations prescribe.

(2) Form, etc., of reports

Such reports shall be in such form, made at such time, and contain such information as the Secretary may prescribe by forms or regulations.

(f) Cross references

(1) For provisions relating to penalties for failure to file a return required by this section, see section 6652(f). (2) For criminal penalty for furnishing fraudulent information, see section 7207.

(Added Pub. L. 87-792, § 7(m)(1), Oct. 10, 1962, 76 Stat. 830, and amended Pub. L. 93-406, title II, §§ 1031(c)(3), 2002(g)(8), Sept. 2, 1974, 88 Stat. 947, 970; Pub. L. 94-455, title XV, § 1501(b)(9), title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1737, 1834; Pub. L. 97-34, title III, § 311(h)(8), Aug. 13, 1981, 95 Stat. 282; Pub. L. 97-248, title III, § 334(b), Sept. 3, 1982, 96 Stat. 626; Pub. L. 97-448, title I, § 103(c)(12)(C), Jan. 12, 1983, 96 Stat. 2377.)

AMENDMENTS

1983-Subsec. (d). Pub. L. 97-448 substituted "section 219" for "section 219(a)".

1982-Subsecs. (e), (f). Pub. L. 97-248 added subsec. (e) and redesignated former subsec. (e) as (f). 1981-Subsec. (d). Pub. L. 97-34 substituted "section 219(a)" for "section 219(a) or 220(a)".

1976-Subsecs. (a) to (d). Pub. L.

94-455,

§ 1906(b)(13)(A), struck out "or his delegate" following "Secretary" wherever appearing.

Subsec. (d). Pub. L. 94-455, § 1501(b)(9), inserted "or 220(a)" following "section 219(a)".

1974-Subsec. (d). Pub. L. 93-406, § 2002(g)(8), added subsec. (d). Former subsec. (d) redesignated (e).

Subsec. (e). Pub. L. 93-406, §§ 1031(c)(3), 2002(g)(8), redesignated former subsec. (d) as (e), and added reference to section 6652(f) covering provisions relating to penalties for failure to file a return required by this section.

EFFECTIVE DATE OF 1983 AMENDMENT

Amendment by Pub. L. 97-448 effective, except as otherwise provided, as if it had been included in the provision of the Economic Recovery Tax Act of 1981, Pub. L. 97-34, to which such amendment relates, see section 109 of Pub. L. 97-448, set out as a note under section 1 of this title.

EFFECTIVE DATE OF 1982 AMENDMENT Amendment by Pub. L. 97-248 effective Jan. 1, 1983, see section 334(e) of Pub. L. 97-248, set out as an Effective Date note under section 3405 of this title.

EFFECTIVE DATE OF 1981 AMENDMENT

Amendment by Pub. L. 97-34 applicable to taxable years beginning after Dec. 31, 1981, see section 311(i)(1) of Pub. L. 97-34, set out as a note under section 219 of this title.

EFFECTIVE DATE OF 1976 AMENDMENT Amendment of subsec. (d) by section 1501(b)(9) of Pub. L. 94-455 applicable to taxable years beginning after Dec. 31, 1976, 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 of subsec. (e) by section 1031(c)(3) of Pub. L. 93-406 effective Sept. 2, 1974, see section 1034 of Pub. L. 93-406, set out as an Effective Date note under section 6057 of this title.

Subsec. (d) effective 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 37 of this title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 6652, 6704, 7207 of this title.

§ 6048. Returns as to certain foreign trusts

(a) General rule

On or before the 90th day (or on or before such later day as the Secretary may by regulations prescribe) after

(1) the creation of any foreign trust by a United States person, or

(2) the transfer of any money or property to a foreign trust by a United States person, the grantor in the case of an inter vivos trust, the fiduciary of an estate in the case of a testamentary trust, or the transferor, as the case may be, shall make a return in compliance with the provisions of subsection (b).

(b) Form and contents of returns

The returns required by subsection (a) shall be in such form and shall set forth, in respect of the foreign trust, such information as the Secretary prescribes by regulation as necessary for carrying out the provisions of the income tax laws.

Each taxpayer subject to tax under section 679 (relating to foreign trusts having one or more United States beneficiaries) for his taxable year with respect to any trust shall make a return with respect to such trust for such year at such time and in such manner, and setting forth such information, as the Secretary may by regulations prescribe.

(d) Cross reference

For provisions relating to penalties for violation of this section, see sections 6677 and 7203.

(Added Pub. L. 87-834, § 7(f), Oct. 16, 1962, 76 Stat. 987, and amended Pub. L. 94-455, title X, § 1013(d)(1), (e)(3), (4), title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1616, 1834; Pub. L. 97-248, title III, § 341(b), Sept. 3, 1982, 96 Stat. 635.)

AMENDMENTS

1982-Subsec. (a). Pub. L. 97-248 added "(or on or before such later day as the Secretary may by regulations prescribe)" after "the 90th day".

1976-Pub. L. 94-455, § 1013(e)(4), struck out in section heading "creation of or transfer to" following "Returns as to".

Subsec. (b). Pub. L. 94-455, § 1906(b)(13)(A), struck out "or his delegate" following "Secretary".

Subsec. (c). Pub. L. 94-455, § 1013(d)(1), added subsec. (c). Former subsec. (c) redesignated (d).

Subsec. (d). Pub. L. 94-455, § 1013(d)(1), (e)(3), redesignated former subsec. (c) as (d), and as so redesignated, struck out cross reference to section 643(d) for definition of the term "foreign trust created by a United States person".

EFFECTIVE DATE OF 1982 AMENDMENT

Amendment by Pub. L. 97-248 applicable to returns filed after Sept. 3, 1982, see section 341(c) of Pub. L. 97-248 set out as a note under section 6046 of this title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 6677 of this title.

§ 6049. Returns regarding payments of interest (a) Requirement of reporting

Every person

(1) who makes payments of interest (as defined in subsection (b)) aggregating $10 or more to any other person during any calendar year,

(2) who receives payments of interest (as so defined) as a nominee and who makes payments aggregating $10 or more during any calendar year to any other person with respect to the interest so received, or

(3) who is required under subchapter B of chapter 24 to withhold tax on the payment of any interest,

shall make a return according to the forms or regulations prescribed by the Secretary, setting forth the aggregate amount of such payments, tax deducted and withheld, and the name and address of the person to whom paid or from whom withheld.

(b) Interest defined

(1) General rule

For purposes of subsection (a), the term "interest" means

(A) interest on any obligation

(i) issued in registered form, or
(ii) of a type offered to the public,

other than any obligation with a maturity (at issue) of not more than 1 year which is held by a corporation,

(B) interest on deposits with persons carrying on the banking business,

(C) amounts (whether or not designated as interest) paid by a mutual savings bank, savings and loan association, building and loan association, cooperative bank, homestead association, credit union, industrial loan association or bank, or similar organization, in respect of deposits, investment certificates, or withdrawable or repurchasable shares,

(D) interest on amounts held by an insurance company under an agreement to pay interest thereon,

(E) interest on deposits with brokers (as defined in section 6045(c)),

(F) interest paid on amounts held by investment companies (as defined in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3)) and on amounts invested in other pooled funds or trusts, and

(G) to the extent provided in regulations prescribed by the Secretary, any other interest (which is not described in paragraph (2)).

(2) Exceptions

For purposes of subsection (a), the term "interest" does not include

(A) interest on any obligation issued by a natural person,

(B) interest on any obligation if such interest is exempt from tax under section 103(a) or if such interest is exempt from tax (without regard to the identity of the holder) under any other provision of this title,

(i) any amount paid to any person referred to in paragraph (2) of section 3452(c) (other than subparagraphs (J) and (K) thereof), or

(ii) any amount described in section 3454(a)(2)(D) or (E),

(D) except to the extent otherwise provided in regulations, any amount not described in subparagraph (C) of this paragraph which is income from sources outside the United States or which is paid by

(i) a foreign government or international organization or any agency or instrumentality thereof,

(ii) a foreign central bank of issue,

(iii) a foreign corporation not engaged in a trade or business in the United States,

(iv) a foreign corporation, the interest payments of which would be exempt from withholding under subchapter A of chapter 3 if paid to a person who is not a United States person, or

(v) a partnership not engaged in a trade or business in the United States and composed in whole of nonresident alien individuals and person described in clause (i), (ii), or (iii), and

(E) any amount on which the person making payment is required to deduct and withhold a tax under section 1451 (relating to tax-free covenant bonds), or would be so required but for section 1451(d) (relating to benefit of personal exemptions).

(3) Payments by United States nominees, etc., of United States person

If, within the United States, a United States person

(A) collects interest (or otherwise acts as a middleman between the payor and payee) from a foreign person described in paragraph (2)(D) or collects interest from a United States person which is income from sources outside the United States for a second person who is a United States person, or

(B) makes payments of such interest to such second United States person,

notwithstanding paragraph (2)(D), such payment shall be subject to the requirements of subsection (a) with respect to such second United States person.

Every person making a return under subsection (a) shall furnish to each person whose

name is set forth in such return a written statement showing

(A) the name and address of the person making such return,

(B) the aggregate amount of payments to, or the aggregate amount includible in the gross income of, the person as shown on such return, and

(2) Statement must be furnished on or before January 31

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 made.

(3) No statement required where interest is less than $10

No statement with respect to payments of interest to any person shall be required to be furnished to any person under this subsection if the aggregate amount of payments to such person shown on the return made with respect to paragraph (1) or (2), as the case may be, of subsection (a) is less than $10.

(d) Definitions and special rules

For purposes of this section(1) Person

The term "person" includes any governmental unit and any agency or instrumentality thereof and any international organization and any agency or instrumentality thereof. (2) Obligation

The term "obligation" includes bonds, debentures, notes, certificates, and other evidences of indebtedness.

(3) Payments by governmental units

In the case of payments made by any governmental unit or any agency or isntrumentality thereof, the officer or employee having control of the payment of interest (or the person appropriately designated for purposes of this section) shall make the returns and statements required by this section.

(4) Financial institutions, brokers, etc., collecting interest may be substituted for payor

To the extent and in the manner provided by regulations, in the case of any obligation(A) a financial institution, broker, or other person specified in such regulations which collects interest on such obligation for the payee (or otherwise acts as a middleman between the payor and the payee) shall comply with the requirements of subsections (a) and (c), and

(B) no other person shall be required to comply with the requirements of subsections (a) and (c) with respect to any interest on such obligation for which reporting is required pursuant to subparagraph (A).

(5) Interest on certain obligations may be treated on a transactional basis

(A) In general

To the extent and in the manner provided in regulations, this section shall apply with respect to

(i) any person described in paragraph (4)(A), and

(ii) in the case of any United States savings bonds, any Federal agency making payments thereon,

on any transactional basis rather than on an annual aggregation basis.

(B) Separate returns and statements

If subparagraph (A) applies to interest on any obligation, the return under subsection (a) and the statement furnished under subsection (c) with respect to such transaction may be made separately, but any such statement shall be furnished to the payee at such time as the Secretary may prescribe by regulations but not later than January 31 of the next calendar year.

In the case of any transaction to which this paragraph applies which involves the payment of $10 or more of interest, a statement of the transaction may be provided to the payee of such interest in lieu of the statement required under subsection (c). Such statement shall be provided during January of the year following the year in which such payment is made.

(6) Treatment of original issue discount (A) In general

Original issue discount on any obligation shall be reported

(i) as if paid at the time it is includible in gross income under section 1232A (except that for such purpose the amount reportable with respect to any subsequent holder shall be determined as if he were the original holder), and

(ii) if section 1232A does not apply to the obligation, at maturity (or, if earlier, on redemption).

In the case of any obligation not in registered form issued before January 1, 1983, clause (ii) and not clause (i) shall apply.

(B) Original issue discount

For purposes of this paragraph, the term "original issue discount" has the meaning given to such term by section 1232(b)(1). (Added Pub. L. 87-834, § 19(c), Oct. 16, 1962, 76 Stat. 1055, and amended Pub. L. 91-172, title IV, § 413(c), (d), Dec. 30, 1969, 83 Stat. 611, 612; Pub. L. 94-455, title XIX, §§ 1901(b)(6)(A), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1793, 1834; Pub. L. 97-248, title III, §§ 303(b), 308(a), 309(a), Sept. 3, 1982, 96 Stat. 587, 591; Pub. L. 97-424, title V, § 547(b)(4), Jan. 6, 1983, 96 Stat. 2200.)

REFERENCES IN TEXT

Subchapter B of chapter 24 and sections 3452 and 3454, referred to in subsecs. (a)(3), (b)(2)(C)(i), (ii), and (c)(1)(C), were added by Pub. L. 97-248, title III, §§ 301, 308(a), Sept. 3, 1982, 96 Stat. 583, 591, and were to be applicable to payments of interest, dividends, and patronage dividends paid or credited after June 30, 1983. Section 102(a), (b) of Pub. L. 98-67, title I, Aug. 5, 1983, 97 Stat. 369, repealed subtitle A (§§ 301-308) of title III of Pub. L. 97-248 as of the close of June 30, 1983, and provided that the Internal Revenue Code of 1954 (this title) shall be applied and administered (subject to certain exceptions) as if such subtitle A (and the amendments made by such subtitle A) had not been enacted.

AMENDMENTS

1983-Subsec. (b)(2)(B). Pub. L. 97-424 substituted "this title" for "law".

1982-Subsec. (a). Pub. L. 97-248, § 309(a), redesignated subpars. (A) and (B) of former par. (1) as pars. (1) and (2), respectively, in par. (2) as so redesignated added "(as so defined)" after "payments of interest". substituted par. (3) for former par. (1)(C) which described corporations with evidence of outstanding indebtedness in registered form for which during any calendar year there was at least $10 of original issue discount includible in the gross income of a holder under section 1232(a)(3) of this title without regard to subpar. (B) thereof, substituted "of such payments, tax deducted and withheld, and the name and address of the person to whom paid or from whom withheld" for "of such payments and such aggregate amount includible in the gross income of any holder and the name and address of the person to whom paid or such holder" in the provisions following par. (3), formerly following par. (1)(C), and struck out former par. (2), which directed persons making aggregate interest payments of less than $10 to another person during any calendar year to report such payments and the recipients when required by the Secretary, and former par. (3), which required all corporations making payments of any amount of interest other than as defined in subsec. (b) to report such payments and the recipients when required by the Secretary.

Subsec. (b). Pub. L. 97-248, § 309(a), substituted "subsection (a)" for "subsections (a)(1) and (2)" in the provisions preceding subpar. (A), in subpar. (A) substituted "any obligation (i) issued in registered form, or (ii) of a type offered to the public, other than any obligation with a maturity (at issue) of not more than 1 year which is held by a corporation" for "evidences of indebtedness (including bonds, debentures, notes, and certificates) issued by a corporation in registered form, and, to the extent provided in regulations prescribed by the Secretary, interest on other evidences of indebtedness issued by a corporation of a type offered by corporations to the public" in subpar. (C) added "industrial loan association or bank" to the list of payors of interest, in subpar. (E) substituted "brokers (as defined in section 6045(c))" for "stockbrokers and dealers in securities", added subpars. (F) and (G), in par. (2) substituted "subsection (a)" for "subsections (a)(1) and (2)" in the provisions preceding subpar. (A), added subpar. (A), redesignated former subpar. (A) as (B), in subpar. (B) as so redesignated added reference to exemption under any provision of law, added subpar. (C), redesignated former subpar. (B) as (D), in subpar. (D) as so redesignated substituted provisions that the subpar. operates except to the extent otherwise provided in regulations or in subpar. (C) for provisions that the subpar. operates to the extent provided in regulations, added cls. (i) and (ii), designated existing provisions as cls. (iii) to (v), in cl. (iii) as so designated added specification of not being engaged in trade or business in the United States, in cl. (iv) as so designated added specification of exemption under subchapter A of chapter 3, redesignated former subpar. (C) as (E), and added par. (3).

Subsec. (c). Pub. L. 97-248, § 309(a), substituted "subsection (a)" for "subsection (a)(1)" wherever appearing, designated the provision before former par. (1) as par. (1), redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, added subpar. (C), designated the first sentence after former par. (2) as par. (2), designated the second sentence after former par. (2) as par. (3), in par. (3) as so designated added "with respect to payments of interest to any person" after "No statement", struck out ", or the aggregate amount includible in the gross income of," after "payments to", and substituted "paragraph (1) or (2)" for "subparagraph (A), (B), or (C)" after "with respect

to".

Subsec. (d). Pub. L. 97-248, § 309(a), added subsec.

(d).

Subsec. (e). Pub. L. 97-248, §§ 303(b), 308(a), provided that, applicable to payments of interest, dividends, and patronage dividends paid or credited after June 30, 1983, this section is amended by adding a new subsec. (e). Section 102(a), (b) of Pub. L. 98-67, title I. Aug. 5, 1983, 97 Stat. 369, repealed subtitle A (§§ 301-308) of title III of Pub. L. 97-248 as of the close of June 30, 1983, and provided that the Internal Revenue Code of 1954 (this title) shall be applied and administered (subject to certain exceptions) as if such subtitle A (and the amendments made by such subtitle A) had not been enacted. Subsec. (e), referred to above, read as follows:

"(e) Duplicate of subsection (c) statement may be required to be filed with Secretary

"A duplicate of any statement made pursuant to subsection (c) which is required to set forth an amount withheld under section 3451 shall, when required by regulations prescribed by the Secretary, be filed with the Secretary."

1976-Subsec. (a). Pub. L. 94-455, § 1906(b)(13)(A), struck out "or his delegate" following "Secretary” wherever appearing. Subsec.

(b)(1), (2)(A), (B). Pub. L. 94-455, §§ 1901(b)(6)(A), 1906(b)(13)(A), substituted "section 103(a)" for "section 103(a)(1) or (3)", and struck out "or his delegate" following "Secretary" wherever appearing.

1969-Subsec. (a)(1). Pub. L. 91-172, § 413(c), added subpar. (C).

Subsec. (c). Pub. L. 91-172, § 413(d), further qualified the requirement to furnish statement by reference to the aggregate amount includible in the gross income.

EFFECTIVE DATE OF 1982 AMENDMENT

Section 309(c) of Pub. L. 97-248 provided that: "The amendments made by this section [amending sections 6041, 6049, 6652, and 6678 of this title] shall apply to amounts paid (or treated as paid) after December 31, 1982."

EFFECTIVE DATE OF 1969 AmendmenT

Amendment by Pub. L. 91-172 applicable with respect to bonds and other evidences of indebtedness issued after May 27, 1969 (other than evidences of indebtedness issued pursuant to a written commitment which was binding on May 27, 1969, and at all times thereafter), see section 413(e) of Pub. L. 91-172, set out as a note under section 1232 of this title.

EFFECTIVE DATE

Section applicable to payments of dividends and interest made on or after Jan. 1, 1963, and to payments of amounts described in section 6044(b) of this title made on or after Jan. 1, 1963, with respect to patronage occurring on or after the first day of the first taxable year of the cooperative beginning on or after Jan. 1, 1963, see section 19(h) of Pub. L. 87-834, set out as an Effective Date of 1962 Amendment note under section 6042 of this title.

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