Any applicable entity which discharges (in whole or in part) the indebtedness of any person during any calendar year shall make a return (at such time and in such form as the Secretary may by regulations prescribe) setting forth-
Subsection (a) shall not apply to any discharge of less than $600.
For purposes of this section-
The term "applicable entity" means-
The term "applicable financial entity" means-
In the case of an entity described in paragraph (1)(A) or (2)(B), any return under this section shall be made by the officer or employee appropriately designated for the purpose of making such return.
Every applicable entity 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 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.
In lieu of making a return required under subsection (a), an agency described in subsection (c)(1)(A) may submit to the Secretary (at such time and in such form as the Secretary may by regulations prescribe) information sufficient for the Secretary to complete such a return on behalf of such agency. Upon receipt of such information, the Secretary shall complete such return and provide a copy of such return to such agency.
26 U.S.C. § 6050P
EDITORIAL NOTES
AMENDMENTS1999-Subsec. (c)(2)(D). Pub. L. 106-170 added subpar. (D).1996- Pub. L. 104-134, §31001(m)(2)(D) (ii), amended section catchline generally, striking out "financial" before "entities".Subsec. (a). Pub. L. 104-134, §31001(m)(2)(A), struck out "financial" before "entity" in introductory provisions.Subsec. (c). Pub. L. 104-134, §31001(m)(2)(B), added par. (1), redesignated former par. (1) as (2), and redesignated former par. (2) as (3) and substituted "(1)(A) or (2)(B)" for "(1)(B)".Subsec. (d). Pub. L. 104-134, §31001(m)(2)(D)(i), struck out "financial" before "entity" in introductory provisions.Subsec. (e). Pub. L. 104-134, §31001(m)(2)(C), added subsec. (e).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 1999 AMENDMENT Pub. L. 106-170, §533(b), Dec. 17, 1999, 113 Stat. 1931, provided that: "The amendment made by subsection (a) [amending this section] shall apply to discharges of indebtedness after December 31, 1999."
EFFECTIVE DATE Pub. L. 103-66, §13252(d), Aug. 10, 1993, 107 Stat. 532, provided that:"(1) IN GENERAL.-Except as provided in paragraph (2), the amendments made by this section [enacting this section and amending section 6724 of this title] shall apply to discharges of indebtedness after December 31, 1993."(2) GOVERNMENTAL ENTITIES.-In the case of an entity referred to in section 6050P(c)(1)(B) of the Internal Revenue Code of 1986 (as added by this section), the amendments made by this section shall apply to discharges of indebtedness after the date of the enactment of this Act [Aug. 10, 1993]."
- Internal Revenue Code of 1986
- The term "Internal Revenue Code of 1986" means this title, and the term "Internal Revenue Code of 1939" means the Internal Revenue Code enacted February 10, 1939, as amended.
- Secretary
- The term "Secretary" means the Secretary of the Treasury or his delegate.
- State
- The term "State" shall be construed to include the District of Columbia, where such construction is necessary to carry out provisions of this title.
- TIN
- The term "TIN" means the identifying number assigned to a person under section 6109.
- corporation
- The term "corporation" includes associations, joint-stock companies, and insurance companies.
- 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.