2017 US Code
Title 26 - Internal Revenue Code
Subtitle F - Procedure and Administration
Chapter 61 - Information and Returns
Subchapter A - Returns and Records
Part III - Information Returns
Subpart B - Information Concerning Transactions With Other Persons
Sec. 6050P - Returns relating to the cancellation of indebtedness by certain entities
| 26 U.S.C. § 6050P (2017) |
| §6050P. Returns relating to the cancellation of indebtedness by certain entities |
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(a) In general
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— (1) the name, address, and TIN of each person whose indebtedness was discharged during such calendar year, (2) the date of the discharge and the amount of the indebtedness discharged, and (3) such other information as the Secretary may prescribe. Subsection (a) shall not apply to any discharge of less than $600. (c) Definitions and special rulesFor purposes of this section— (1) Applicable entityThe term "applicable entity" means— (A) an executive, judicial, or legislative agency (as defined in section 3701(a)(4) of title 31, United States Code), and (B) an applicable financial entity. The term "applicable financial entity" means— (A) any financial institution described in section 581 or 591(a) and any credit union, (B) the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, the National Credit Union Administration, and any other Federal executive agency (as defined in section 6050M), and any successor or subunit of any of the foregoing, (C) any other corporation which is a direct or indirect subsidiary of an entity referred to in subparagraph (A) but only if, by virtue of being affiliated with such entity, such other corporation is subject to supervision and examination by a Federal or State agency which regulates entities referred to in subparagraph (A), and (D) any organization a significant trade or business of which is the lending of money. 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— (1) the name and address of the entity required to make such return, and (2) the information required to be shown on the return with respect to such person. 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. (e) Alternative procedureIn 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. |
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(Added Pub. L. 103–66, title XIII, §13252(a), Aug. 10, 1993, 107 Stat. 531; amended Pub. L. 104–134, title III, §31001(m)(2)(A)–(D)(ii), Apr. 26, 1996, 110 Stat. 1321–368, 1321–369; Pub. L. 106–170, title V, §533(a), Dec. 17, 1999, 113 Stat. 1931.) |
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AMENDMENTS
1999—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). EFFECTIVE DATE OF 1999 AMENDMENTPub. L. 106–170, title V, §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 DATEPub. L. 103–66, title XIII, §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]." |
| United States Code, 2012 Edition, Supplement 5, Title 26 - INTERNAL REVENUE CODE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 26 - INTERNAL REVENUE CODE Subtitle F - Procedure and Administration CHAPTER 61 - INFORMATION AND RETURNS Subchapter A - Returns and Records PART III - INFORMATION RETURNS Subpart B - Information Concerning Transactions With Other Persons Sec. 6050P - Returns relating to the cancellation of indebtedness by certain entities |
| section 6050P |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 107 Stat. 531, 532 110 Stat. 1321-368 113 Stat. 1931 |
| Public Law 103-66, Public Law 104-134, Public Law 106-170 |
