Internal Revenue Code:Sec. 6031. Return of partnership income

From TaxAlmanac

Location in Internal Revenue 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 A - Information Concerning Persons Subject to Special
                Provisions
         

Statute

    Sec. 6031. Return of partnership income
 
    (a) General rule
      Every partnership (as defined in section 761(a)) shall make a
    return for each taxable year, stating specifically the items of its
    gross income and the deductions allowable by subtitle A, and such
    other information, for the purpose of carrying out the provisions
    of subtitle A as the Secretary may by forms and regulations
    prescribe, and shall include in the return the names and addresses
    of the individuals who would be entitled to share in the taxable
    income if distributed and the amount of the distributive share of
    each individual.
    (b) Copies to partners
      Each partnership required to file a return under subsection (a)
    for any partnership taxable year shall (on or before the day on
    which the return for such taxable year was required to be filed)
    furnish to each person who is a partner or who holds an interest in
    such partnership as a nominee for another person at any time during
    such taxable year a copy of such information required to be shown
    on such return as may be required by regulations.  In the case of
    an electing large partnership (as defined in section 775), such
    information shall be furnished on or before the first March 15
    following the close of such taxable year.
    (c) Nominee reporting
      Any person who holds an interest in a partnership as a nominee
    for another person -
        (1) shall furnish to the partnership, in the manner prescribed
      by the Secretary, the name and address of such other person, and
      any other information for such taxable year as the Secretary may
      by form and regulation prescribe, and
        (2) shall furnish in the manner prescribed by the Secretary
      such other person the information provided by such partnership
      under subsection (b).
    (d) Separate statement of items of unrelated business taxable
        income
      In the case of any partnership regularly carrying on a trade or
    business (within the meaning of section 512(c)(1)), the information
    required under subsection (b) to be furnished to its partners shall
    include such information as is necessary to enable each partner to
    compute its distributive share of partnership income or loss from
    such trade or business in accordance with section 512(a)(1), but
    without regard to the modifications described in paragraphs (8)
    through (15) of section 512(b).
    (e) Foreign partnerships
      (1) Exception for foreign partnership
        Except as provided in paragraph (2), the preceding provisions
      of this section shall not apply to a foreign partnership.
      (2) Certain foreign partnerships required to file return
        Except as provided in regulations prescribed by the Secretary,
      this section shall apply to a foreign partnership for any taxable
      year if for such year, such partnership has -
          (A) gross income derived from sources within the United
        States, or
          (B) gross income which is effectively connected with the
        conduct of a trade or business within the United States.
      The Secretary may provide simplified filing procedures for
      foreign partnerships to which this section applies.

   (f) Electing Investment Partnerships.--In the case of any electing 
    investment partnership (as defined in section 743(e)(6)), the 
    information required under subsection (b) to be furnished to any
    partner to whom section 743(e)(2) applies shall include such  
    information as is necessary to enable the partner to 
    compute the amount of losses disallowed under section 743(e).


 

Sources

    (Aug. 16, 1954, ch. 736, 68A Stat. 741; Pub. L. 94-455, title XIX,
    Sec. 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 97-248,
    title IV, Sec. 403, Sept. 3, 1982, 96 Stat. 669; Pub. L. 99-514,
    title XV, Sec. 1501(c)(16), title XVIII, Sec. 1811(b)(1)(A), Oct.
    22, 1986, 100 Stat. 2740, 2832; Pub. L. 100-647, title V, Sec.
    5074(a), Nov. 10, 1988, 102 Stat. 3682; Pub. L. 105-34, title XI,
    Sec. 1141(a), title XII, Sec. 1223(a), Aug. 5, 1997, 111 Stat. 980,
    1019.)
 

Miscellaneous

                                 AMENDMENTS
      2004 - Subsec.833(B),Pub.L.108-357, amended Sec.6031 by 
    adding subsection 6031(f)"Electing Investment Partnerships".
      1997 - Subsec. (b). Pub. L. 105-34, Sec. 1223(a), inserted at end
    ''In the case of an electing large partnership (as defined in
    section 775), such information shall be furnished on or before the
    first March 15 following the close of such taxable year.''
      Subsec. (e). Pub. L. 105-34, Sec. 1141(a), added subsec. (e).
      1988 - Subsec. (d). Pub. L. 100-647 added subsec. (d).
      1986 - Subsec. (b). Pub. L. 99-514, Sec. 1501(c)(16), substituted
    ''was required to be filed'' for ''was filed'' and ''required to be
    shown on such return'' for ''shown on such return''.
      Pub. L. 99-514, Sec. 1811(b)(1)(A)(i), inserted ''or who holds an
    interest in such partnership as a nominee for another person''
    after ''who is a partner''.
      Subsec. (c). Pub. L. 99-514, Sec. 1811(b)(1)(A)(ii), added
    subsec. (c).
      1982 - Subsec. (a). Pub. L. 97-248, Sec. 403(b), designated
    existing provisions as subsec. (a) and added subsec. heading.
      Subsec. (b). Pub. L. 97-248, Sec. 403(a), added subsec. (b).
      1976 - Pub. L. 94-455 struck out ''or his delegate'' after
    ''Secretary''.
                      EFFECTIVE DATE OF 1997 AMENDMENT
      Section 1141(c) of Pub. L. 105-34 provided that: ''The amendments
    made by this section (amending this section and section 6231 of
    this title) shall apply to taxable years beginning after the date
    of the enactment of this Act (Aug. 5, 1997).''
      Amendment by section 1223(a) of Pub. L. 105-34 applicable to
    partnership taxable years beginning after Dec. 31, 1997, see
    section 1226 of Pub. L. 105-34, as amended, set out as a note under
    section 6011 of this title.
                      EFFECTIVE DATE OF 1988 AMENDMENT
      Section 5074(b) of Pub. L. 100-647 provided that: ''The amendment
    made by subsection (a) (amending this section) shall apply to
    taxable years beginning after December 31, 1988.''
                      EFFECTIVE DATE OF 1986 AMENDMENT
      Amendment by section 1501(c)(16) 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.
      Section 1811(b)(1)(B) of Pub. L. 99-514 provided that: ''The
    amendments made by this subsection (amending this section and
    section 6050K of this title) shall apply to partnership taxable
    years beginning after the date of the enactment of this Act (Oct.
    22, 1986).''
                      EFFECTIVE DATE OF 1982 AMENDMENT
      Amendment by Pub. L. 97-248 applicable to partnership taxable
    years beginning after Sept. 3, 1982, with provision for the
    applicability of the amendment to any partnership taxable year
    ending after Sept. 3, 1982, if the partnership, each partner, and
    each indirect partner requests such application and the Secretary
    of the Treasury or his delegate consents to such application, see
    section 407(a)(1), (3) of Pub. L. 97-248, set out as an Effective
    Date note under section 6221 of this title.
             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 (Sec. 1101-1147 and 1171-1177) or title
    XVIII (Sec. 1800-1899A) of Pub. L. 99-514 require 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 of Pub. L. 99-514, as amended, set out as a note under
    section 401 of this title.
     RETURNS REQUIRED FROM ALL PARTNERSHIPS WITH UNITED STATES PARTNERS
      Section 404 of Pub. L. 97-248, as amended by Pub. L. 99-514, Sec.
    2, Oct. 22, 1986, 100 Stat. 2095, provided that: ''Except as
    hereafter provided in regulations prescribed by the Secretary of
    the Treasury or his delegate, nothing in section 6031 of the
    Internal Revenue Code of 1986 (formerly I.R.C. 1954) shall be
    treated as excluding any partnership from the filing requirements
    of such section for any taxable year if the income tax liability
    under subtitle A of such Code of any United States person is
    determined in whole or in part by taking into account (directly or
    indirectly) partnership items of such partnership for such taxable
    year.''
       SPECIAL RULE FOR CERTAIN INTERNATIONAL SATELLITE PARTNERSHIPS
      For provision that this section is not applicable to certain
    international satellite partnerships, see section 406 of Pub. L.
    97-248, set out as a note under section 6231 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 6063, 6072, 6104, 6231,
    6698, 6724 of this title.