Amendment of Section
Pub. L. 117–58, div. H, title VI, § 80603(a), (b)(1), (c), Nov. 15, 2021, 135 Stat. 1339–1341, provided that, applicable to returns required to be filed, and statements required to be furnished, after Dec. 31, 2023, this section is amended as follows:
(1) in subsection (c)(1)—
(A) by striking “and” at the end of subparagraph (B),
(B) in subparagraph (C), by striking “any other person who (for a consideration)” and inserting “any person who (for consideration)” and by striking the period at the end and inserting “, and”, and
(C) by inserting after subparagraph (C) the following new subparagraph:
“(D) any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.”;
(2) in subsection (g)(3)(B), by striking “and” at the end of clause (iii), by redesignating clause (iv) as clause (v), and by inserting after clause (iii) the following new clause:
“(iv) any digital asset, and”;
(3) in subsection (g)(3)(C), by striking “and” at the end of clause (ii), by redesignating clause (iii) as clause (iv), and by inserting after clause (ii) the following new clause:
“(iii) January 1, 2023, in the case of any specified security which is a digital asset, and”; and
(4) in subsection (g)(3), by adding at the end the following new subparagraph:
“(D) Digital asset
“Except as otherwise provided by the Secretary, the term ‘digital asset’ means any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary.”
See 2021 Amendment notes below.
Editorial Notes
Amendments
2021—Subsec. (c)(1)(C). Pub. L. 117–58, § 80603(a)(2), substituted “any person who (for consideration)” for “any other person who (for a consideration)” and “, and” for period at end.
Subsec. (c)(1)(D). Pub. L. 117–58, § 80603(a)(1), (3), added subpar. (D).
Subsec. (g)(3)(B)(iv), (v). Pub. L. 117–58, § 80603(b)(1)(A), added cl. (iv) and redesignated former cl. (iv) as (v).
Subsec. (g)(3)(C)(iii), (iv). Pub. L. 117–58, § 80603(b)(1)(C), added cl. (iii) and redesignated former cl. (iii) as (iv).
Subsec. (g)(3)(D). Pub. L. 117–58, § 80603(b)(1)(B), added subpar. (D).
2015—Subsec. (g)(2)(B)(iii). Pub. L. 114–113 added cl. (iii).
2014—Subsec. (g)(6). Pub. L. 113–295 added par. (6).
2008—Subsec. (b). Pub. L. 110–343, § 403(a)(3)(A), (C), in concluding provisions, substituted “February 15” for “January 31” and inserted at end “In the case of a consolidated reporting statement (as defined in regulations) with respect to any customer, any statement which would otherwise be required to be furnished on or before January 31 of a calendar year with respect to any item reportable to the taxpayer shall instead be required to be furnished on or before February 15 of such calendar year if furnished with such consolidated reporting statement.”
Subsec. (d). Pub. L. 110–343, § 403(a)(3)(B), in concluding provisions, struck out “at such time and” before “in the manner” and inserted “The written statement required under the preceding sentence shall be furnished on or before February 15 of the year following the calendar year in which the payment was made.” before “The Secretary may prescribe”.
Subsecs. (g), (h). Pub. L. 110–343, § 403(a)(1), (2), added subsecs. (g) and (h).
2005—Subsec. (e)(5)(A). Pub. L. 109–135 adjusted the margin of the third sentence to include it in concluding provisions with the second sentence.
1997—Subsec. (e)(5). Pub. L. 105–34, § 312(c), added par. (5).
Subsec. (f). Pub. L. 105–34, § 1021(a), added subsec. (f).
1996—Subsec. (b)(1). Pub. L. 104–168 substituted “name, address, and phone number of the information contact” for “name and address”.
Subsec. (e)(3). Pub. L. 104–188 inserted at end “Nothing in this paragraph shall be construed to prohibit the real estate reporting person from taking into account its cost of complying with such requirement in establishing its charge (other than a separate charge for complying with such requirement) to any customer for performing services in the case of a real estate transaction.”
1992—Subsec. (e)(4). Pub. L. 102–486 substituted heading for one which read: “Whether seller’s financing was federally-subsidized” and amended text generally. Prior to amendment, text read as follows: “In the case of a real estate transaction involving a residence, the real estate reporting person shall specify on the return under subsection (a) and the statement under subsection (b) whether or not the financing (if any) of the seller was federally-subsidized indebtedness (as defined in section 143(m)(3)).”
1990—Subsec. (e)(4). Pub. L. 101–508 substituted “reporting person” for “broker”.
1989—Subsec. (e)(3), (4). Pub. L. 101–239 redesignated par. (3), relating to whether seller’s financing was federally-subsidized indebtedness, as (4).
1988—Subsec. (c)(1). Pub. L. 100–647, § 1015(e)(1)(A), inserted at end “A person shall not be treated as a broker with respect to activities consisting of managing a farm on behalf of another person.”
Subsec. (e)(1). Pub. L. 100–647, § 1015(e)(3)(A), substituted “real estate reporting person” for “real estate broker”.
Subsec. (e)(2). Pub. L. 100–647, § 1015(e)(3), substituted “estate reporting person” for “estate broker” in par. (2) heading and two places in text.
Subsec. (e)(3). Pub. L. 100–647, § 4005(g)(3), added par. (3) relating to whether seller’s financing was federally-subsidized indebtedness.
Pub. L. 100–647, § 1015(e)(2)(A), added par. (3) relating to prohibition of separate charge for filing return.
1986—Subsec. (b). Pub. L. 99–514, § 1501(c)(4), in amending subsec. (c) generally, substituted references to persons required to make a return for former references to persons making a return.
Subsec. (e). Pub. L. 99–514, § 1521(a), added subsec. (e).
1984—Subsec. (c)(4). Pub. L. 98–369, § 714(e)(1), added par. (4).
Subsec. (d). Pub. L. 98–369, § 150(a), added subsec. (d).
1982—Pub. L. 97–248 designated existing provisions as subsec. (a), substituted “the name and address of each customer, with such details regarding gross proceeds” for “the names of customers for whom such person has transacted any business, with such details regarding the profits and losses” after “may prescribe, showing” and “such business” for “each customer as will enable the Secretary to determine the amount of such profits and losses” after “with respect to”, and added subsecs. (b) and (c).
1976—Pub. L. 94–455 struck out “or his delegate” after “Secretary” wherever appearing.
Statutory Notes and Related Subsidiaries
Effective Date of 2021 Amendment
Pub. L. 117–58, div. H, title VI, § 80603(c), Nov. 15, 2021, 135 Stat. 1341, provided that:
“The amendments made by this section [amending this section and sections
6045A,
6050I, and
6724 of this title] shall apply to returns required to be filed, and statements required to be furnished, after
December 31, 2023.”
Effective Date of 2015 Amendment
Pub. L. 114–113, div. Q, title II, § 202(e), Dec. 18, 2015, 129 Stat. 3078, as amended by Pub. L. 115–141, div. U, title I, § 101(f)(3), Mar. 23, 2018, 132 Stat. 1161, provided that:
“The amendments made by this section [amending this section and sections
6721 and
6722 of this title] shall apply to returns required to be filed, and payee statements required to be furnished, after
December 31, 2016.”
Effective Date of 1997 Amendment
Amendment by section 312(c) of Pub. L. 105–34 applicable to sales and exchanges after May 6, 1997, with certain exceptions, see section 312(d) of Pub. L. 105–34, set out as a note under section 121 of this title.
Pub. L. 105–34, title X, § 1021(c), Aug. 5, 1997, 111 Stat. 923, provided that:
“The amendment made by this section [amending this section] shall apply to payments made after December 31, 1997.”
Effective Date of 1988 Amendment
Pub. L. 100–647, title I, § 1015(e)(1)(B), Nov. 10, 1988, 102 Stat. 3570, provided that:
“The amendment made by subparagraph (A) [amending this section] shall take effect as if included in the amendments made by section 311(a)(1) of the
Tax Equity and Fiscal Responsibility Act of 1982 [
Pub. L. 97–248].”
Pub. L. 100–647, title I, § 1015(e)(2)(B), Nov. 10, 1988, 102 Stat. 3570, provided that:
“The amendment made by subparagraph (A) [amending this section] shall take effect on the date of the enactment of this Act [Nov. 10, 1988].”
Amendment by section 1015(e)(3) of Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as a note under section 1 of this title.
Amendment by section 4005(g)(3) of Pub. L. 100–647 applicable to financing provided, and mortgage credit certificates issued, after Dec. 31, 1990, with certain exceptions, see section 4005(h)(3) of Pub. L. 100–647, set out as a note under section 143 of this title.
Effective Date of 1986 Amendment
Amendment by section 1501(c)(4) of 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.
Pub. L. 99–514, title XV, § 1521(c), Oct. 22, 1986, 100 Stat. 2747, provided that:
“The amendments made by this section [amending this section and
section 3406 of this title] shall apply to real estate transactions closing after
December 31, 1986.”
Effective Date of 1984 Amendment
Pub. L. 98–369, div. A, title I, § 150(b), July 18, 1984, 98 Stat. 690, provided that:
“The amendment made by this section [amending this section] shall apply to payments received after December 31, 1984.”
Amendment by section 714(e)(1) of Pub. L. 98–369 effective as if included in the provision of the Tax Equity and Fiscal Responsibility Act of 1982, Pub. L. 97–248, to which such amendment relates, see section 715 of Pub. L. 98–369, set out as a note under section 31 of this title.
Effective Date of 1982 Amendment
Pub. L. 97–248, title III, § 311(c)(1), Sept. 3, 1982, 96 Stat. 601, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that:
“The amendments made by subsection (a) [amending this section and section 6678 of this title] shall take effect on the date of the enactment of this Act [Sept. 3, 1982], except that—
“(A)
regulations relating to reporting by commodities and securities
brokers shall be issued under section 6045 of the
Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as amended by this Act) within 6 months after the date of the enactment of this Act [
Sept. 3, 1982], and
“(B)
such regulations shall not apply to transactions occurring before January 1, 1983.”
Rule of Construction
Pub. L. 117–58, div. H, title VI, § 80603(d), Nov. 15, 2021, 135 Stat. 1341, provided that:
“Nothing in this section [amending this section and sections 6045A, 6050I, and 6724 of this title and enacting provisions set out as a note under this section] or the amendments made by this section shall be construed to create any inference, for any period prior to the effective date of such amendments [see section 80603(c) of Pub. L. 117–58, set out as an Effective Date of 2021 Amendment note above], with respect to—
“(2)
whether any digital asset is property which is a
specified security under section 6045(g)(3)(B) of such Code.”
No Penalty for Payments Before January 1, 1985
Pub. L. 98–369, div. A, title VII, § 714(e)(2), July 18, 1984, 98 Stat. 961, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that no penalty for payments made before Jan. 1, 1985, would be imposed with respect to any person required to file a return under this section, as amended by section 714(e)(1) of Pub. L. 98–369.
