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 rules
For purposes of this section—
(1) Applicable entity
The 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.
(2) Applicable financial entity
The term “applicable financial entity” means—
(A)any financial institution described in section
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.
(3) Governmental units
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.
(d) Statements to be furnished to persons with respect to whom information is required to be furnished
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 procedure
In 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.
Pub. 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.”
“(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].”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
LII has no control over and does not endorse any external Internet site that contains links to or references LII.