Internal Revenue Code:Sec. 6043. Liquidating, etc., transactions

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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 B - Information Concerning Transactions With Other Persons
        

Statute

    Sec. 6043. Liquidating, etc., transactions
 
    (a) Corporate liquidating, etc., transactions
      Every corporation shall -
        (1) Within 30 days after the adoption by the corporation of a
      resolution or plan for the dissolution of the corporation or for
      the liquidation of the whole or any part of its capital stock,
      make a return setting forth the terms of such resolution or plan
      and such other information as the Secretary shall by forms or
      regulations prescribe; and
        (2) When required by the Secretary, make a return regarding its
      distributions in liquidation, stating the name and address of,
      the number and class of shares owned by, and the amount paid to,
      each shareholder, or, if the distribution is in property other
      than money, the fair market value (as of the date the
      distribution is made) of the property distributed to each
      shareholder.
    (b) Exempt organizations
      Every organization which for any of its last 5 taxable years
    preceding its liquidation, dissolution, termination, or substantial
    contraction was exempt from taxation under section 501(a) shall
    file such return and other information with respect to such
    liquidation, dissolution, termination, or substantial contraction
    as the Secretary shall by forms or regulations prescribe; except
    that -
        (1) no return shall be required under this subsection from
      churches, their integrated auxiliaries, conventions or
      associations of churches, or any organization which is not a
      private foundation (as defined in section 509(a)) and the gross
      receipts of which in each taxable year are normally not more than
      $5,000, and
        (2) the Secretary may relieve any organization from such filing
      where he determines that such filing is not necessary to the
      efficient administration of the internal revenue laws or, with
      respect to an organization described in section 401(a), where the
      employer who established such organization files such a return.
    (c) Changes in control and recapitalizations
      If -
        (1) control (as defined in section 304(c)(1)) of a corporation
      is acquired by any person (or group of persons) in a transaction
      (or series of related transactions), or
        (2) there is a recapitalization of a corporation or other
      substantial change in the capital structure of a corporation,
    when required by the Secretary, such corporation shall make a
    return (at such time and in such manner as the Secretary may
    prescribe) setting forth the identity of the parties to the
    transaction, the fees involved, the changes in the capital
    structure involved, and such other information as the Secretary may
    require with respect to such transaction.
    (d) Cross references
          For provisions relating to penalties for failure to file -
            (1) a return under subsection (b), see section 6652(c), or
            (2) a return under subsection (c), see section 6652(1).
          (FOOTNOTE 1)
       (FOOTNOTE 1) So in original.  Probably should be section
    ''6652(l).''
 

Sources

    (Aug. 16, 1954, ch. 736, 68A Stat. 746; Pub. L. 91-172, title I,
    Sec. 101(j)(35), Dec. 30, 1969, 83 Stat. 529; Pub. L. 94-455, title
    XIX, Sec. 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L.
    99-514, title XV, Sec. 1501(d)(1)(C), Oct. 22, 1986, 100 Stat.
    2740; Pub. L. 101-239, title VII, Sec. 7208(b)(1), (3)(A), (B),
    Dec. 19, 1989, 103 Stat. 2337, 2338; Pub. L. 104-188, title I, Sec.
    1704(t)(17), Aug. 20, 1996, 110 Stat. 1888.)
 

Miscellaneous

                                 AMENDMENTS
      1996 - Pub. L. 104-188 substituted ''Liquidating, etc.,
    transactions'' for ''Liquidating; etc., transactions'' in section
    catchline.
      1989 - Pub. L. 101-239, Sec. 7208(b)(3)(B), substituted
    ''Liquidating; etc., transactions'' for ''Returns regarding
    liquidation, dissolution, termination, or contraction'' in section
    catchline.
      Subsec. (a). Pub. L. 101-239, Sec. 7208(b)(3)(A), substituted
    ''Corporate liquidating, etc., transactions'' for ''Corporations''
    in heading.
      Subsecs. (c), (d). Pub. L. 101-239, Sec. 7208(b)(1), added
    subsecs. (c) and (d) and struck out former subsec. (c) which read
    as follows: ''Cross Reference. - For provisions relating to
    penalties for failure to file a return required by subsection (b),
    see section 6652(c).''
      1986 - Subsec. (c). Pub. L. 99-514 substituted ''section
    6652(c)'' for ''section 6652(d)''.
      1976 - Pub. L. 94-455 struck out ''or his delegate'' after
    ''Secretary'' wherever appearing.
      1969 - Pub. L. 91-172 inserted references to termination and
    contraction in section catchline, designated existing provisions as
    subsec. (a), and added subsecs. (b) and (c).
                      EFFECTIVE DATE OF 1989 AMENDMENT
      Section 7208(b)(4) of Pub. L. 101-239 provided that: ''The
    amendments made by this subsection (amending this section and
    section 6652 of this title) shall apply to transactions after March
    31, 1990.''
                      EFFECTIVE DATE OF 1986 AMENDMENT
      Amendment by 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.
                      EFFECTIVE DATE OF 1969 AMENDMENT
      Amendment by Pub. L. 91-172 applicable to taxable years beginning
    after Dec. 31, 1969, see section 101(k)(2)(B) of Pub. L. 91-172,
    set out as an Effective Date note under section 4940 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 6033, 6652 of this title.