26 U.S. Code § 6050P - Returns relating to the cancellation of indebtedness by certain entities
prev | next
(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,
(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
(2) Applicable financial entity
The term “applicable financial entity” means—
(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) 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—
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.
Source(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.)
1999—Subsec. (c)(2)(D). Pub. L. 106–170added 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 Amendment
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].”