dreamproit/uscode huggingface dataset:
26 U.S.C. § 6039F (INTERNAL REVENUE CODE)
§ 6039F. Notice of large gifts received from foreign persons
(a) In general
If the value of the aggregate foreign gifts received by a United States person (other than an organization described in section 501(c) and exempt from tax under section 501(a)) during any taxable year exceeds $10,000, such United States person shall furnish (at such time and in such manner as the Secretary shall prescribe) such information as the Secretary may prescribe regarding each foreign gift received during such year.
(b) Foreign gift
For purposes of this section, the term “foreign gift” means any amount received from a person other than a United States person which the recipient treats as a gift or bequest. Such term shall not include any qualified transfer (within the meaning of section 2503(e)(2)) or any distribution properly disclosed in a return under section 6048(c).
(c) Penalty for failure to file information
(1) In general
If a United States person fails to furnish the information required by subsection (a) with respect to any foreign gift within the time prescribed therefor (including extensions)—
(A) the tax consequences of the receipt of such gift shall be determined by the Secretary, and
(B) such United States person shall pay (upon notice and demand by the Secretary and in the same manner as tax) an amount equal to 5 percent of the amount of such foreign gift for each month for which the failure continues (not to exceed 25 percent of such amount in the aggregate).
(2) Reasonable cause exception
Paragraph (1) shall not apply to any failure to report a foreign gift if the United States person shows that the failure is due to reasonable cause and not due to willful neglect.
(d) Cost-of-living adjustment
In the case of any taxable year beginning after December 31, 1996, the $10,000 amount under subsection (a) shall be increased by an amount equal to the product of such amount and the cost-of-living adjustment for such taxable year under section 1(f)(3), except that subparagraph (B) thereof shall be applied by substituting “1995” for “1992”.
(e) Regulations
The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this section.
(Added Pub. L. 104–188, title I, § 1905(a), Aug. 20, 1996, 110 Stat. 1913.)
heading: Inflation Adjusted Items for Certain Years
text: For inflation adjustment of certain items in this section, see Revenue Procedures listed in a table under section 1 of this title.
heading: Codification
text: Another section 6039F was renumbered section 6039G of this title.
heading: Effective Date
text: Pub. L. 104–188, title I, § 1905(c), Aug. 20, 1996, 110 Stat. 1913, provided that: “The amendments made by this section [enacting this section] shall apply to amounts received after the date of the enactment of this Act [Aug. 20, 1996] in taxable years ending after such date.”
26 U.S.C. § 6039H (INTERNAL REVENUE CODE)
§ 6039H. Information with respect to Alaska Native Settlement Trusts and sponsoring Native Corporations
(a) Requirement
The fiduciary of an electing Settlement Trust (as defined in section 646(h)(1)) shall include with the return of income of the trust a statement containing the information required under subsection (c).
(b) Application with other requirements
The filing of any statement under this section shall be in lieu of the reporting requirements under section 6034A to furnish any statement to a beneficiary regarding amounts distributed to such beneficiary (and such other reporting rules as the Secretary deems appropriate).
(c) Required information
The information required under this subsection shall include—
(1) the amount of distributions made during the taxable year to each beneficiary,
(2) the treatment of such distribution under the applicable provision of section 646, including the amount that is excludable from the recipient beneficiary’s gross income under section 646, and
(3) the amount (if any) of any distribution during such year that is deemed to have been made by the sponsoring Native Corporation (as defined in section 646(h)(5)).
(d) Sponsoring Native Corporation
(1) In general
The electing Settlement Trust shall, on or before the date on which the statement under subsection (a) is required to be filed, furnish such statement to the sponsoring Native Corporation (as so defined).
(2) Distributees
The sponsoring Native Corporation shall furnish each recipient of a distribution described in section 646(e)(3) a statement containing the amount deemed to have been distributed to such recipient by such corporation for the taxable year.
(Added Pub. L. 107–16, title VI, § 671(b), June 7, 2001, 115 Stat. 147.)
heading: Effective Date
text: Section applicable to taxable years ending after June 7, 2001, and to contributions made to electing Settlement Trusts for such year or any subsequent year, see section 671(d) of Pub. L. 107–16, set out as a note under section 646 of this title.
26 U.S.C. § 6039I (INTERNAL REVENUE CODE)
§ 6039I. Returns and records with respect to employer-owned life insurance contracts
(a) In general
Every applicable policyholder owning 1 or more employer-owned life insurance contracts issued after the date of the enactment of this section shall file a return (at such time and in such manner as the Secretary shall by regulations prescribe) showing for each year such contracts are owned—
(1) the number of employees of the applicable policyholder at the end of the year,
(2) the number of such employees insured under such contracts at the end of the year,
(3) the total amount of insurance in force at the end of the year under such contracts,
(4) the name, address, and taxpayer identification number of the applicable policyholder and the type of business in which the policyholder is engaged, and
(5) that the applicable policyholder has a valid consent for each insured employee (or, if all such consents are not obtained, the number of insured employees for whom such consent was not obtained).
(b) Recordkeeping requirement
Each applicable policyholder owning 1 or more employer-owned life insurance contracts during any year shall keep such records as may be necessary for purposes of determining whether the requirements of this section and section 101(j) are met.
(c) Definitions
Any term used in this section which is used in section 101(j) shall have the same meaning given such term by section 101(j).
(Added Pub. L. 109–280, title VIII, § 863(b), Aug. 17, 2006, 120 Stat. 1023.)
heading: References in Text
text: The date of the enactment of this section, referred to in subsec. (a), is the date of enactment of Pub. L. 109–280, which was approved Aug. 17, 2006.
heading: Effective Date
text: Section applicable to life insurance contracts issued after Aug. 17, 2006, except for a contract issued after such date pursuant to an exchange described in section 1035 of this title for a contract issued on or prior to that date, and any material change to cause the contract to be treated as a new contract, with exception in the case of a master contract, see section 863(d) of Pub. L. 109–280, set out as an Effective Date of 2006 Amendment note under section 101 of this title.
26 U.S.C. § 6039J (INTERNAL REVENUE CODE)
§ 6039J. Information reporting with respect to Commodity Credit Corporation transactions
(a) Requirement of reporting
The Commodity Credit Corporation, through the Secretary of Agriculture, shall make a return, according to the forms and regulations prescribed by the Secretary of the Treasury, setting forth any market gain realized by a taxpayer during the taxable year in relation to the repayment of a loan issued by the Commodity Credit Corporation, without regard to the manner in which such loan was repaid.
(b) Statements to be furnished to persons with respect to whom information is required
The Secretary of Agriculture shall furnish to each person whose name is required to be set forth in a return required under subsection (a) a written statement showing the amount of market gain reported in such return.
(Added Pub. L. 110–234, title XV, § 15353(a), May 22, 2008, 122 Stat. 1526, and Pub. L. 110–246, § 4(a), title XV, § 15353(a), June 18, 2008, 122 Stat. 1664, 2288.)
heading: Codification
text: Pub. L. 110–234 and Pub. L. 110–246 enacted identical sections. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246.
heading: Effective Date
text: Enactment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, except as otherwise provided, see section 4 of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.
Pub. L. 110–234, title XV, § 15353(c), May 22, 2008, 122 Stat. 1527, and Pub. L. 110–246, § 4(a), title XV, § 15353(c), June 18, 2008, 122 Stat. 1664, 2289, provided that: “The amendments made by this section [enacting this section] shall apply to loans repaid on or after January 1, 2007.”
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.]
26 U.S.C. § 6040 (INTERNAL REVENUE CODE)
§ 6040. Cross references
(1) For the notice required of persons acting in a fiduciary capacity for taxpayers or for transferees, see sections 6212, 6901(g), and 6903.
(2) For application by fiduciary for determination of tax and discharge from personal liability therefor, see section 2204.
(3) For the notice required of taxpayers for redetermination of taxes claimed as credits, see sections 905(c) and 2016.
(4) For exemption certificates required to be furnished to employers by employees, see section 3402(f)(2), (3), (4), and (5).
(5) For receipts, constituting information returns, required to be furnished to employees, see section 6051.
[(6) Repealed. Pub. L. 89–44, title III, § 305(b), June 21, 1965, 79 Stat. 148]
(7) For information required with respect to the redemption of stamps, see section 6805.
(8) For the statement required to be filed by a corporation expecting a net operating loss carryback or unused excess profits credit carryback, see section 6164.
(9) For the application, which a taxpayer may file for a tentative carryback adjustment of income taxes, see section 6411.
(Aug. 16, 1954, ch. 736, 68A Stat. 744, § 6037; renumbered § 6038, Pub. L. 85–866, title I, § 64(c), Sept. 2, 1958, 72 Stat. 1656; renumbered § 6039, Pub. L. 86–780, § 6(a), Sept. 14, 1960, 74 Stat. 1014; renumbered § 6040, Pub. L. 88–272, title II, § 221(b)(1), Feb. 26, 1964, 78 Stat. 73; amended Pub. L. 89–44, title III, § 305(b), June 21, 1965, 79 Stat. 148; Pub. L. 91–614, title I, § 101(d)(2), Dec. 31, 1970, 84 Stat. 1837.)
heading: Amendments
text: 1970—Par. (2). Pub. L. 91–614 substituted “fiduciary” for “executor”.
1965—Par. (6). Pub. L. 89–44 struck out par. (6) which cross referred to section 4234 of this title.
heading: Effective Date of 1970 Amendment
text: Amendment by Pub. L. 91–614 applicable with respect to decedents dying after Dec. 31, 1970, see section 101(j) of Pub. L. 91–614, set out as a note under section 2032 of this title.
heading: Effective Date of 1965 Amendment
text: Amendment by Pub. L. 89–44 applicable with respect to admissions, services, and uses after noon, Dec. 31, 1965, see section 701(b)(1) of Pub. L. 89–44, set out as a note under section 4291 of this title.
26 U.S.C. § 6043A (INTERNAL REVENUE CODE)
§ 6043A. Returns relating to taxable mergers and acquisitions
(a) In general
According to the forms or regulations prescribed by the Secretary, the acquiring corporation in any taxable acquisition shall make a return setting forth—
(1) a description of the acquisition,
(2) the name and address of each shareholder of the acquired corporation who is required to recognize gain (if any) as a result of the acquisition,
(3) the amount of money and the fair market value of other property transferred to each such shareholder as part of such acquisition, and
(4) such other information as the Secretary may prescribe.
To the extent provided by the Secretary, the requirements of this section applicable to the acquiring corporation shall be applicable to the acquired corporation and not to the acquiring corporation.
(b) Nominees
According to the forms or regulations prescribed by the Secretary:
(1) Reporting
Any person who holds stock as a nominee for another person shall furnish in the manner prescribed by the Secretary to such other person the information provided by the corporation under subsection (d).
(2) Reporting to nominees
In the case of stock held by any person as a nominee, references in this section (other than in subsection (c)) to a shareholder shall be treated as a reference to the nominee.
(c) Taxable acquisition
For purposes of this section, the term “taxable acquisition” means any acquisition by a corporation of stock in or property of another corporation if any shareholder of the acquired corporation is required to recognize gain (if any) as a result of such acquisition.
(d) Statements to be furnished to shareholders
According to the forms or regulations prescribed by the Secretary, every person required to make a return under subsection (a) shall furnish to each shareholder 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 person required to make such return,
(2) the information required to be shown on such return with respect to such shareholder, and
(3) such other information as the Secretary may prescribe.
The written statement required under the preceding sentence shall be furnished to the shareholder on or before January 31 of the year following the calendar year during which the taxable acquisition occurred.
(Added Pub. L. 108–357, title VIII, § 805(a), Oct. 22, 2004, 118 Stat. 1573.)
heading: Effective Date
text: Pub. L. 108–357, title VIII, § 805(d), Oct. 22, 2004, 118 Stat. 1574, provided that: “The amendments made by this section [enacting this section and amending section 6724 of this title] shall apply to acquisitions after the date of the enactment of this Act [Oct. 22, 2004].”
26 U.S.C. § 6045A (INTERNAL REVENUE CODE)
§ 6045A. Information required in connection with transfers of covered securities to brokers
(a) Furnishing of information
Every applicable person which transfers to a broker (as defined in section 6045(c)(1)) a security which is a covered security (as defined in section 6045(g)(3)) in the hands of such applicable person shall furnish to such broker a written statement in such manner and setting forth such information as the Secretary may by regulations prescribe for purposes of enabling such broker to meet the requirements of section 6045(g).
(b) Applicable person
For purposes of subsection (a), the term “applicable person” means—
(1) any broker (as defined in section 6045(c)(1)), and
(2) any other person as provided by the Secretary in regulations.
(c) Time for furnishing statement
Except as otherwise provided by the Secretary, any statement required by subsection (a) shall be furnished not later than 15 days after the date of the transfer described in such subsection.
(Added Pub. L. 110–343, div. B, title IV, § 403(c)(1), Oct. 3, 2008, 122 Stat. 3858.)
heading: Effective Date
text: Section effective Jan. 1, 2011, see section 403(e)(1) of Pub. L. 110–343, set out as an Effective Date of 2008 Amendment note under section 1012 of this title.
26 U.S.C. § 6045B (INTERNAL REVENUE CODE)
§ 6045B. Returns relating to actions affecting basis of specified securities
(a) In general
According to the forms or regulations prescribed by the Secretary, any issuer of a specified security shall make a return setting forth—
(1) a description of any organizational action which affects the basis of such specified security of such issuer,
(2) the quantitative effect on the basis of such specified security resulting from such action, and
(3) such other information as the Secretary may prescribe.
(b) Time for filing return
Any return required by subsection (a) shall be filed not later than the earlier of—
(1) 45 days after the date of the action described in subsection (a), or
(2) January 15 of the year following the calendar 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 showing—
(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 sentence 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 section, the term “specified security” has the meaning given such term by section 6045(g)(3)(B). No return shall be required under this section with respect to actions described 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 Secretary 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 person, and
(2) the information described in paragraphs (1), (2), and (3) of subsection (a).
(Added Pub. L. 110–343, div. B, title IV, § 403(d)(1), Oct. 3, 2008, 122 Stat. 3859.)
heading: Effective Date
text: Section effective Jan. 1, 2011, see section 403(e)(1) of Pub. L. 110–343, set out as an Effective Date of 2008 Amendment note under section 1012 of this title.
26 U.S.C. § 6050 (INTERNAL REVENUE CODE)
[§ 6050. Repealed. Pub. L. 96–167, § 5(a), Dec. 29, 1979, 93 Stat. 1276]
text: Section, added Pub. L. 91–172, title I, § 121(e)(1), Dec. 30, 1969, 83 Stat. 548; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834, provided for a return by transferor of income producing property if the transferee was known to be an organization referred to in section 511(a) or (b) and property had a fair market value in excess of $50,000.
heading: Effective Date of Repeal
text: Pub. L. 96–167, § 5(c), Dec. 29, 1979, 93 Stat. 1276, provided that: “The amendments made by this section [repealing this section] shall apply to transfers after the date of the enactment of this Act [Dec. 29, 1979].”
26 U.S.C. § 6050A (INTERNAL REVENUE CODE)
§ 6050A. Reporting requirements of certain fishing boat operators
(a) Reports
The operator of a boat on which one or more individuals, during a calendar year, perform services described in section 3121(b)(20) shall submit to the Secretary (at such time, and in such manner and form, as the Secretary shall by regulations prescribe) information respecting—
(1) the identity of each individual performing such services;
(2) the percentage of each such individual’s share of the catches of fish or other forms of aquatic animal life, and the percentage of the operator’s share of such catches;
(3) if such individual receives his share in kind, the type and weight of such share, together with such other information as the Secretary may prescribe by regulations reasonably necessary to determine the value of such share;
(4) if such individual receives a share of the proceeds of such catches, the amount so received; and
(5) any cash remuneration described in section 3121(b)(20)(A).
(b) Written statement
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 information relating to such person required to be contained in 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 required to be made.
(Added Pub. L. 94–455, title XII, § 1207(e)(3)(A), Oct. 4, 1976, 90 Stat. 1707; amended Pub. L. 99–514, title XV, § 1501(c)(6), Oct. 22, 1986, 100 Stat. 2737; Pub. L. 104–188, title I, § 1116(a)(1)(C), Aug. 20, 1996, 110 Stat. 1762.)
heading: Amendments
text: 1996—Subsec. (a)(5). Pub. L. 104–188 added par. (5).
1986—Subsec. (b). Pub. L. 99–514 amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: “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 the information relating to such person contained in 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.”
heading: Effective Date of 1996 Amendment
text: Amendments by Pub. L. 104–188 applicable to remuneration paid after Dec. 31, 1996, see section 1116(a)(3)(B) of Pub. L. 104–188, set out as a note under section 3121 of this title.
heading: Effective Date of 1986 Amendment
text: Amendment by Pub. L. 99–514 applicable 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.
heading: Effective Date
text: Section effective for calendar years beginning after Oct. 4, 1976, see section 1207(f)(4)(A) of Pub. L. 94–455, set out as a note under section 3121 of this title.
26 U.S.C. § 6050C (INTERNAL REVENUE CODE)
[§ 6050C. Repealed. Pub. L. 100–418, title I, § 1941(b)(1), Aug. 23, 1988, 102 Stat. 1323]
text: Section, added Pub. L. 96–223, title I, § 101(d)(1), Apr. 2, 1980, 94 Stat. 251; amended Pub. L. 99–514, title XV, § 1501(d)(1)(E), Oct. 22, 1986, 100 Stat. 2740, related to information regarding windfall profit tax on domestic crude oil.
heading: Effective Date of Repeal
text: Repeal applicable to crude oil removed from the premises on or after Aug. 23, 1988, see section 1941(c) of Pub. L. 100–418, set out as an Effective Date of 1988 Amendment note under section 164 of this title.
26 U.S.C. § 6050D (INTERNAL REVENUE CODE)
§ 6050D. Returns relating to energy grants and financing
(a) In general
Every person who administers a Federal, State, or local program a principal purpose of which is to provide subsidized financing or grants for projects to conserve or produce energy shall, to the extent required under regulations prescribed by the Secretary, make a return setting forth the name and address of each taxpayer receiving financing or a grant under such program and the aggregate amount so received by such individual.
(b) Definition of person
For purposes of this section, the term “person” means the officer or employee having control of the program, or the person appropriately designated for purposes of this section.
(Added Pub. L. 96–223, title II, § 203(b)(1), Apr. 2, 1980, 94 Stat. 259.)
heading: Effective Date
text: Pub. L. 96–223, title II, § 203(c), Apr. 2, 1980, 94 Stat. 259, provided that: “The amendments made by this section [amending this section and section 23 of this title] shall apply to taxable years beginning after December 31, 1980, but only with respect to financing or grants made after such date.”