Internal Revenue Code:Sec. 6050L. Returns relating to certain donated property
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Contents |
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. 6050L. Returns relating to certain donated property
(a) Dispositions of Donated Property.--
(1) In general.--If the donee of any charitable deduction
property sells, exchanges, or otherwise disposes of such
property within 3 years after its receipt, the donee shall make
a return (in accordance with forms and regulations prescribed by
the Secretary) showing--
(A) the name, address, and TIN of the donor,
(B) a description of the property,
(C) the date of the contribution,
(D) the amount received on the disposition,
(E) the date of such disposition,
(F) a description of the donee's use of the property, and
(G) a statement indicating whether the use of the
property was related to the purpose or function
constituting the basis for the donee's exemption under
section 501.
In any case in which the donee indicates that the use of
applicable property (as defined in section 170(e)(7)(C)) was
related to the purpose or function constituting the basis for
the exemption of the donee under section 501 under subparagraph
(G), the donee shall include with the return the certification
described in section 170(e)(7)(D) if such certification is made
under section 170(e)(7).
(2) Definitions.--For purposes of this subsection:
(A) Charitable deduction property.--The term
`charitable deduction property' means any property
(other than publicly traded securities) contributed in a
contribution for which a deduction was claimed under
section 170 if the claimed value of such property (plus
the claimed value of all similar items of property
donated by the donor to 1 or more donees) exceeds $5,000.
(B) Publicly traded securities.--The term
`publicly traded securities' means securities for which
(as of the date of the contribution) market quotations
are readily available on an established securities market.
(b) Qualified Intellectual Property Contributions.--
(1) In general.--Each donee with respect to a qualified
intellectual property contribution shall make a return (at such
time and in such form and manner as the Secretary may by
regulations prescribe) with respect to each specified taxable
year of the donee showing--
(A) the name, address, and TIN of the donor,
(B) a description of the qualified intellectual
property contributed,
(C) the date of the contribution, and
(D) the amount of net income of the donee for the
taxable year which is properly allocable to the
qualified intellectual property (determined without
regard to paragraph (10)(B) of section 170(m) and with
the modifications described in paragraphs (5) and (6) of
such section).
(2) Definitions.--For purposes of this subsection:
(A) In general.--Terms used in this subsection
which are also used in section 170(m) have the
respective meanings given such terms in such section.
(B) Specified taxable year.--The term `specified
taxable year' means, with respect to any qualified
intellectual property contribution, any taxable year of
the donee any portion of which is part of the 10-year
period beginning on the date of such contribution.
(c) Statement To Be Furnished to Donors.--Every person making a
return under subsection (a) or (b) shall furnish a copy of such return
to the donor at such time and in such manner as the Secretary may by
regulations prescribe.
Sources
(Added Pub. L. 98-369, div. A, title I, Sec. 155(b)(1), July 18,
1984, 98 Stat. 692.)
Miscellaneous
AMENDMENTS
2006 - Pension Protection Act of 2006 (P.L. 109-280)
Section 1215(b) Reporting Requirements.--Paragraph (1) of section 6050L(a)
(relating to returns relating to certain dispositions of donated
property) is amended--
(1) by striking ``2 years'' and inserting ``3 years'', and
(2) by striking ``and'' at the end of subparagraph (D), by
striking the period at the end of subparagraph (E) and inserting
a comma, and by inserting at the end the following:
``(F) a description of the donee's use of the
property, and
``(G) a statement indicating whether the use of the
property was related to the purpose or function
constituting the basis for the donee's exemption under
section 501.
In any case in which the donee indicates that the use of
applicable property (as defined in section 170(e)(7)(C)) was
related to the purpose or function constituting the basis for
the exemption of the donee under section 501 under subparagraph
(G), the donee shall include with the return the certification
described in section 170(e)(7)(D) if such certification is made
under section 170(e)(7).''.
2004 - Pub. L. 108-357, Sec. 882(c).Section 6050L (relating to
returns relating to certain dispositions of donated property) is
amended to read as follows: "Sec. 6050L. Returns relating to certain
donated property...."
EFFECTIVE DATE OF 2006 AMENDMENT
2006 - Pension Protection Act of 2006 (P.L. 109-280)
Section 1215(d)(2) <<NOTE: 26 USC 6050L.>> Reporting.--The amendments made
by subsection (b) shall apply to returns filed after September
1, 2006.
EFFECTIVE DATE
Section 155(d)(1) of Pub. L. 98-369 provided that: ''The
amendments made by subsections (a) and (b) (enacting this section,
amending sections 6652 and 6678 of this title, and enacting
provisions set out as a note under section 170 of this title) shall
apply to contributions made after December 31, 1984, in taxable
years ending after such date.''
References
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 6721, 6722, 6724 of this
title.
