Internal Revenue Code:Sec. 6050K. Returns relating to exchanges of certain partnership interests

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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. 6050K. Returns relating to exchanges of certain partnership
        interests
 
    (a) In general
      Except as provided in regulations prescribed by the Secretary, if
    there is an exchange described in section 751(a) of any interest in
    a partnership during any calendar year, such partnership shall make
    a return for such calendar year stating -
        (1) the name and address of the transferee and transferor in
      such exchange, and
        (2) such other information as the Secretary may by regulations
      prescribe.
    Such return shall be made at such time and in such manner as the
    Secretary may require by regulations.
    (b) Statements to be furnished to transferor and transferee
      Every partnership 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, address, and phone number of the information
      contact of the partnership 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 required to be made.
    (c) Requirement that transferor notify partnership
      (1) In general
        In the case of any exchange described in subsection (a), the
      transferor of the partnership interest shall promptly notify the
      partnership of such exchange.
      (2) Partnership not required to make return until notice
        A partnership shall not be required to make a return under this
      section with respect to any exchange until the partnership is
      notified of such exchange.
 

Sources

    (Added Pub. L. 98-369, div.  A, title I, Sec. 149(a), July 18,
    1984, 98 Stat. 689; amended Pub. L. 99-514, title XV, Sec.
    1501(c)(13), title XVIII, Sec. 1811(b)(2), Oct. 22, 1986, 100 Stat.
    2739, 2833; Pub. L. 104-168, title XII, Sec. 1201(a)(11), July 30,
    1996, 110 Stat. 1470.)
 

Miscellaneous

                                 AMENDMENTS
      1996 - Subsec. (b)(1). Pub. L. 104-168 substituted ''name,
    address, and phone number of the information contact'' for ''name
    and address''.
      1986 - Subsec. (b). Pub. L. 99-514, Sec. 1501(c)(13), in amending
    subsec. (b) generally, substituted references to partnerships
    required to make a return for former references to partnerships
    making a return and references to persons whose name is required to
    be set forth for former references to persons whose name is set
    forth.
      Subsec. (c)(2). Pub. L. 99-514, Sec. 1811(b)(2), substituted
    ''this section'' for ''this subsection''.
                      EFFECTIVE DATE OF 1996 AMENDMENT
      Amendment by Pub. L. 104-168 applicable to statements required to
    be furnished after Dec. 31, 1996 (determined without regard to any
    extension), see section 1201(b) of Pub. L. 104-168, set out as a
    note under section 6041 of this title.
                      EFFECTIVE DATE OF 1986 AMENDMENT
      Amendment by section 1501(c)(13) 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.
      Amendment by section 1811(b)(2) of Pub. L. 99-514 applicable to
    partnership taxable years beginning after Oct. 22, 1986, see
    section 1811(b)(1)(B) of Pub. L. 99-514, set out as a note under
    section 6031 of this title.
      Amendment by section 1811(b)(2) of Pub. L. 99-514 effective,
    except as otherwise provided, as if included in the provisions of
    the Tax Reform Act of 1984, Pub. L. 98-369, div.  A, to which such
    amendment relates, see section 1881 of Pub. L. 99-514, set out as a
    note under section 48 of this title.
                               EFFECTIVE DATE
      Section 149(d) of Pub. L. 98-369 provided that: ''The amendments
    made by this section (enacting this section and amending sections
    6652 and 6678 of this title) shall apply with respect to exchanges
    after December 31, 1984.''
             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.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 6721, 6722, 6724 of this
    title.