‘‘(2) January 15 of the year following the cal-
endar year during which such action occurred. 
‘‘(c) STATEMENTS TO BE FURNISHED TO HOLDERS OF 
SPECIFIED SECURITIES OR THEIR NOMINEES.—According 
to the forms or regulations prescribed by the Secretary, 
every person required to make a return under subsection 
(a) with respect to a specified security shall furnish to the 
nominee with respect to the specified security (or certificate 
holder if there is no nominee) a written statement show-
ing— 
‘‘(1) the name, address, and phone number of the 
information contact of the person required to make 
such return, 
‘‘(2) the information required to be shown on 
such return with respect to such security, and 
‘‘(3) such other information as the Secretary 
may prescribe. 
The written statement required under the preceding sen-
tence shall be furnished to the holder on or before January 
15 of the year following the calendar year during which 
the action described in subsection (a) occurred. 
‘‘(d) SPECIFIED SECURITY.—For purposes of this sec-
tion, the term ‘specified security’ has the meaning given 
such term by section 6045(g)(3)(B). No return shall be re-
quired under this section with respect to actions described 
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in subsection (a) with respect to a specified security which 
occur before the applicable date (as defined in section 
6045(g)(3)(C)) with respect to such security. 
‘‘(e) PUBLIC REPORTING IN LIEU OF RETURN.—The 
Secretary may waive the requirements under subsections 
(a) and (c) with respect to a specified security, if the person 
required to make the return under subsection (a) makes 
publicly available, in such form and manner as the Sec-
retary determines necessary to carry out the purposes of this 
section— 
‘‘(1) the name, address, phone number, and 
email address of the information contact of such per-
son, and 
‘‘(2) the information described in paragraphs 
(1), (2), and (3) of subsection (a).’’. 
(2) ASSESSABLE PENALTIES.— 
(A) Subparagraph (B) of section 6724(d)(1) 
of such Code (defining information return) is 
amended by redesignating clause (iv) and each of 
the clauses which follow as clauses (v) through 
(xxii), respectively, and by inserting after clause 
(iii) the following new clause: 
‘‘(iv) section 6045B(a) (relating to re-
turns relating to actions affecting basis of 
specified securities),’’. 
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(B) Paragraph (2) of section 6724(d) of 
such Code (defining payee statement), as amend-
ed by subsection (c)(2), is amended by redesig-
nating subparagraphs (J) through (DD) as sub-
paragraphs (K) through (EE), respectively, and 
by inserting after subparagraph (I) the following 
new subparagraph: 
‘‘(J) subsections (c) and (e) of section 
6045B (relating to returns relating to actions af-
fecting basis of specified securities),’’. 
(3) CLERICAL AMENDMENT.—The table of sec-
tions for subpart B of part III of subchapter A of 
chapter 61 of such Code, as amended by subsection 
(b)(3), is amended by inserting after the item relating 
to section 6045A the following new item: 
‘‘Sec. 6045B. Returns relating to actions affecting basis of specified securities.’’. 
(e) EFFECTIVE DATE.— 
(1) IN GENERAL.—Except as otherwise provided 
in this subsection, the amendments made by this sec-
tion shall take effect on January 1, 2010. 
(2) EXTENSION
OF
PERIOD
FOR
STATEMENTS 
SENT
TO
CUSTOMERS.—The amendments made by 
subsection (a)(3) shall apply to statements required to 
be furnished after December 31, 2008. 
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SEC. 302. DELAY IN APPLICATION OF WORLDWIDE ALLOCA-
TION OF INTEREST. 
(a) IN GENERAL.—Paragraphs (5)(D) and (6) of sec-
tion 864(f) are each amended by striking ‘‘December 31, 
2008’’ and inserting ‘‘December 31, 2009’’. 
(b) TRANSITIONAL RULE.—Subsection (f) of section 
864 is amended by adding at the end the following new 
paragraph: 
‘‘(7) TRANSITION.—In the case of the first tax-
able year to which this subsection applies, the in-
crease (if any) in the amount of the interest expense 
allocable to sources within the United States by rea-
son of the application of this subsection shall be 78 
percent of the amount of such increase determined 
without regard to this paragraph.’’. 
(c) EFFECTIVE DATE.—The amendments made by this 
section shall apply to taxable years beginning after Decem-
ber 31, 2008. 
SEC. 303. TIME FOR PAYMENT OF CORPORATE ESTIMATED 
TAXES. 
(a) REPEAL OF ADJUSTMENT FOR 2012.—Subpara-
graph (B) of section 401(1) of the Tax Increase Prevention 
and Reconciliation Act of 2005 is amended by striking the 
percentage contained therein and inserting ‘‘100 percent’’. 
(b) MODIFICATION OF ADJUSTMENT FOR 2013.—The 
percentage under subparagraph (C) of section 401(1) of the 
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Tax Increase Prevention and Reconciliation Act of 2005 in 
effect on the date of the enactment of this Act is increased 
by 13 percentage points. 
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Union Calendar No. 377 
110TH CONGRESS 
2D SESSION 
H. R. 5720 
[Report No. 110–606] 
A BILL 
To amend the Internal Revenue Code of 1986 to 
provide assistance for housing. 
APRIL 24, 2008 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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