Any person who, in connection with a trade or business conducted by such person, lends money secured by property and who-
shall make a return described in subsection (c) with respect to each of such acquisitions or abandonments, at such time as the Secretary may by regulations prescribe.
Subsection (a) shall not apply to any loan to an individual secured by an interest in tangible personal property which is not held for investment and which is not used in a trade or business.
The return required under subsection (a) with respect to any acquisition or abandonment of property-
For purposes of this section-
The term "person" includes any governmental unit (and any agency or instrumentality thereof).
In the case of a governmental unit or any agency or instrumentality thereof-
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 calendar year for which the return under subsection (a) was made.
To the extent provided by regulations prescribed 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.
26 U.S.C. § 6050J
EDITORIAL NOTES
AMENDMENTS1996-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 statements required to be furnished after Dec. 31, 1996 (determined without regard to any extension), see section 1201(b) of Pub. L. 104-168, set out as a note under section 6041 of this title.
EFFECTIVE DATEPub. 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 sections 6652 and 6678 of this title] shall apply with respect to acquisitions of property and abandonments of property after December 31, 1984."
- Secretary
- The term "Secretary" means the Secretary of the Treasury or his delegate.
- person
- The term "person" shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation.
- trade or business
- The term "trade or business" includes the performance of the functions of a public office.