Source: http://taxtv.com/code/01493-USCODE-2011-title26-subtitleF-chap61-subchapA-partIII-subpartA-sec6038/
Timestamp: 2017-11-24 04:04:39
Document Index: 252560238

Matched Legal Cases: ['§6038', '§6038', '§6', '§20', '§4', '§1031', '§1906', '§338', '§1202', '§7712', '§11701', '§1704', '§1142', '§6011', '§6011', '§6011', '§6011', '§1142', '§1142', '§1142', '§1142', '§1142', '§1142', '§1142', '§1704', '§1704', '§7712', '§1202', '§1245', '§1202', '§338', '§338', '§1031', '§2']

IRC §6038. Information reporting with respect to certain foreign corporations and partnerships - TaxTV.com
IRC §6038. Information reporting with respect to certain foreign corporations and partnerships
The information required under paragraph (1) shall be furnished for the annual accounting period of the foreign business entity ending with or within the United States person’s taxable year. The information so required shall be furnished at such time and in such manner as the Secretary shall prescribe.
In the case of a foreign partnership which is controlled by United States persons holding at least 10-percent interests (but not by any one United States person), the Secretary may require each United States person who holds a 10-percent interest in such partnership to furnish information relating to such partnership, including information relating to such partner’s ownership interests in the partnership and allocations to such partner of partnership items.
(B) in applying subparagraph (C) of section 318(a)(2), the phrase “10 percent” shall be substituted for the phrase “50 percent” used in subparagraph (C).
A 10-percent interest in a partnership is an interest which would be described in subparagraph (B) if “10 percent” were substituted for “50 percent” each place it appears.
(2) For definition of the term “United States person”, see section 7701(a)(30).
(Added Pub. L. 86–780, §6(a), Sept. 14, 1960, 74 Stat. 1014; amended Pub. L. 87–834, §20(a), Oct. 16, 1962, 76 Stat. 1059; Pub. L. 88–554, §4(b)(6), Aug. 31, 1964, 78 Stat. 764; Pub. L. 94–455, title X, §1031(b)(5), title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1623, 1834; Pub. L. 97–248, title III, §338(a)–(c), Sept. 3, 1982, 96 Stat. 631; Pub. L. 99– 4, title XII, §§1202(c), 1245(b)(5), Oct. 22, 1986, 100 Stat. 2530, 2581; Pub. L. 101–239, title VII, §7712(a), Dec. 19, 1989, 103 Stat. 2393; Pub. L. 101–508, title XI, §11701(f), Nov. 5, 1990, 104 Stat. 1388–508; Pub. L. 104–188, title I, §1704(f)(5)(A), (t)(40), (46), Aug. 20, 1996, 110 Stat. 1880, 1889; Pub. L. 105–34, title XI, §1142(a)–(e)(2), Aug. 5, 1997, 111 Stat. 981–983; Pub. L. 105–206, title VI, §6011(f), July 22, 1998, 112 Stat. 818.)
1998—Subsec. (a)(2). Pub. L. 105–206, §6011(f)(1), struck out “by regulations” before “prescribe”.
Subsec. (a)(3). Pub. L. 105–206, §6011(f)(2), substituted “the Secretary has prescribed the furnishing of such information on or before the first day of such annual accounting period.” for “such information was required to be furnished under regulations in effect on the first day of such annual accounting period.”
Subsec. (e)(4). Pub. L. 105–206, §6011(f)(3), substituted “such foreign business entity” for “such corporation” in two places.
1997—Pub. L. 105–34, §1142(a), inserted “reporting” after “Information” and “and partnerships” after “corporations” in section catchline.
Subsec. (a)(2), (3). Pub. L. 105–34, §1142(e)(1)(A), substituted “foreign business entity” for “foreign corporation” in pars. (2) and (3).
Subsec. (b). Pub. L. 105–34, §1142(c), (e)(1)(B), substituted “foreign business entity” for “foreign corporation” in par. (1), substituted “$10,000” for “$1,000” in pars. (1) and (2), and substituted “$50,000” for “$24,000” in par. (2).
Subsec. (c)(1). Pub. L. 105–34, §1142(e)(1)(C), (2), substituted “foreign business entity” for “foreign corporation” in introductory provisions and inserted “in the case of a foreign business entity which is a foreign corporation,” after “(B)” in subpar. (B).
Subsec. (c)(2). Pub. L. 105–34, §1142(e)(1)(C), substituted “foreign business entity” for “foreign corporation” in introductory provisions and in subpar. (B).
Subsec. (d). Pub. L. 105–34, §1142(e)(1)(D), substituted “foreign business entity” for “foreign corporation”.
Subsec. (e). Pub. L. 105–34, §1142(b), added pars. (1) and (3), redesignated former pars. (1) and (2) as (2) and (4), respectively, inserted “of corporation” after “Control” in par. (2) heading, and substituted “foreign business entity” for “foreign corporation” in two places in par. (4).
1996—Subsec. (a)(1)(E), (F). Pub. L. 104–188, §1704(f)(5)(A), substituted period for “, and” at end of subpar. (E) and struck out subpar. (F) which read as follows: “such information as the Secretary may require for purposes of carrying out the provisions of section 453C.”
1990—Subsec. (e)(2). Pub. L. 101–508, as amended by Pub. L. 104–188, §1704(t)(46), in subsec. (e) relating to definitions, inserted at end of par. (2) “In the case of a specified foreign corporation (as defined in section 898), the taxable year of such corporation shall be treated as its annual accounting period.”
1989—Subsec. (a)(1). Pub. L. 101–239, §7712(a)(2), inserted before period at end “or which the Secretary determines to be appropriate to carry out the provisions of this title.”
1986—Subsec. (a)(1)(B). Pub. L. 99– 4, §1202(c)(1), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “the accumulated profits (as defined in section 902(c)) of such foreign corporation, including the items of income (whether or not included in gross income under chapter 1), deductions (whether or not allowed in computing taxable income under chapter 1), and any other items taken into account in computing such accumulated profits;”.
Subsec. (a)(1)(F). Pub. L. 99– 4, §1245(b)(5), added subpar. (F).
Subsec. (c)(4)(C). Pub. L. 99– 4, §1202(c)(2), substituted “post-1986 undistributed earnings” for “accumulated profits in excess of income, war profits, and excess profits taxes”.
1982—Subsec. (a)(1). Pub. L. 97–248, §338(c)(2), substituted “subsection (e)(1)” for “subsection (d)(1)”.
Subsec. (c). Pub. L. 97–248, §338(a), (b), (c)(1), (3), redesignated former subsec. (b) as (c), substituted “Penalty of reducing foreign tax credit” for “Effect of failure to furnish information” in heading, inserted “of such failure” after “90 days or more after notice” in par. (1), added par. (3), redesignated former par. (3) as (4), and in par. (4) inserted reference to subsection (b) in subpar. (B). Former subsec. (c) redesignated (d).
Subsec. (b)(1). Pub. L. 94–455, §1031(b)(5), substituted in subpar. (A) “section 904(c)” for “section 904(d)”.
1964—Subsec. (d)(1). Pub. L. 88–554 substituted “subparagraphs (A), (B), and (C) of section 318(a)(3)” for “the second sentence of subparagraphs (A) and (B), and clause (ii) of subparagraph (C), of section 318(a)(2)” in subpar. (A), and deleted “clause (i) of” after “in applying” in subpar. (B).
Subsec. (a)(2). Pub. L. 87–834 substituted provisions requiring the information to be furnished for the annual accounting period ending with or within the United States person’s taxable year for provisions which required such information to be furnished for the annual accounting period ending with or within the domestic corporation’s taxable year, and struck out provisions which related to the furnishing of information in the case of foreign subsidiaries.
Subsec. (b). Pub. L. 87–834, among other changes, substituted “If a United States person fails to furnish” for “If a domestic corporation fails to furnish” in the opening provisions, inserted provisions relating to reduction of taxes in applying sections 901 and 960 of this title, to the maximum amount of reduction under par. (1) for each failure to furnish information with respect to a foreign corporation required under subsec. (a)(1), and making the reduction provided by subsec. (b) inapplicable, in applying subsecs. (a) and (b) of section 902 and subsec. (a) of section 960, for purposes of determining the amount of accumulated profits in excess of income, war profits, and excess profits taxes, and eliminated provisions which related to the furnishing of information with respect to foreign subsidiaries.
Section 7712(b) of Pub. L. 101–239 provided that: “The amendments made by subsection (a) [amending this section] shall apply to returns and statements the due date for which (determined without regard to extensions) is after December 31, 1989.”
Amendment by section 1202(c) of Pub. L. 99– 4 applicable to distributions by foreign corporations out of, and to inclusions under section 9 (a) of this title attributable to, earnings and profits for taxable years beginning after Dec. 31, 1986, see section 1202(e) of Pub. L. 99– 4, set out as a note under section 902 of this title.
Amendment by section 1245(b)(5) of Pub. L. 99– 4 applicable to taxable years beginning after Dec. 31, 1986, see section 1245(c) of Pub. L. 99– 4, set out as a note under section 6038A of this title.
Section 338(d) of Pub. L. 97–248 provided that: “The amendments made by this section [amending this section] shall apply with respect to information for annual accounting periods ending after the date of the enactment of this Act [Sept. 3, 1982].”
Section 20(e)(1) of Pub. L. 87–834 provided that: “The amendments made by subsection (a) [amending this section] shall apply with respect to annual accounting periods of foreign corporations beginning after December 31, 1962.”
Section 6(c) of Pub. L. 86–780, as amended by Pub. L. 99– 4, §2, Oct. 22, 1986, 100 Stat. 2095, provided that: “The amendments made by subsection (a) [enacting this section and amending section 902 of this title] shall apply to taxable years of domestic corporations beginning after December 31, 1960, with respect to information relating to a foreign corporation or a foreign subsidiary described in section 6038(a) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as added by subsection (a)) for its annual accounting periods beginning after December 31, 1960.”