Except as provided in regulations prescribed by the Secretary, if there is an exchange described in section 751(a) of any interest in a partnership during any calendar year, such partnership shall make a return for such calendar year stating—
(1)the name and address of the transferee and transferor in such exchange, and
(2)such other information as the Secretary may by regulations prescribe.
Such return shall be made at such time and in such manner as the Secretary may require by regulations.
(b) Statements to be furnished to transferor and transferee
Every partnership 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, address, and phone number of the information contact of the partnership 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 required to be made.
(c) Requirement that transferor notify partnership
(1) In general
In the case of any exchange described in subsection (a), the transferor of the partnership interest shall promptly notify the partnership of such exchange.
(2) Partnership not required to make return until notice
A partnership shall not be required to make a return under this section with respect to any exchange until the partnership is notified of such exchange.
1996—Subsec. (b)(1). Pub. L. 104–168substituted “name, address, and phone number of the information contact” for “name and address”.
1986—Subsec. (b). Pub. L. 99–514, § 1501(c)(13), in amending subsec. (b) generally, substituted references to partnerships required to make a return for former references to partnerships making a return and references to persons whose name is required to be set forth for former references to persons whose name is set forth.
Subsec. (c)(2). Pub. L. 99–514, § 1811(b)(2), substituted “this section” for “this subsection”.
Effective Date of 1996 Amendment
Amendment by Pub. L. 104–168applicable to statements required to be furnished after Dec. 31, 1996 (determined without regard to any extension), see section 1201(b) ofPub. L. 104–168, set out as a note under section
6041 of this title.
Effective Date of 1986 Amendment
Amendment by section 1501(c)(13) ofPub. L. 99–514applicable to returns the due date for which (determined without regard to extensions) is after Dec. 31, 1986, see section 1501(e) ofPub. L. 99–514, set out as an Effective Date note under section
6721 of this title.
Amendment by section 1811(b)(2) ofPub. L. 99–514applicable to partnership taxable years beginning after Oct. 22, 1986, see section 1811(b)(1)(B) ofPub. L. 99–514, set out as a note under section
6031 of this title.
Amendment by section 1811(b)(2) ofPub. L. 99–514effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98–369, div. A, to which such amendment relates, see section 1881 ofPub. L. 99–514, set out as a note under section
48 of this title.
Section 149(d) ofPub. L. 98–369provided that: “The amendments made by this section [enacting this section and amending sections
6678 of this title] shall apply with respect to exchanges after December 31, 1984.”
Plan Amendments Not Required Until January 1, 1989
For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and
1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L. 99–514require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 ofPub. L. 99–514, as amended, set out as a note under section
401 of this title.
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