Internal Revenue Code:Sec. 6050N. Returns regarding payments of royalties

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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. 6050N. Returns regarding payments of royalties
 
    (a) Requirement of reporting
      Every person -
        (1) who makes payments of royalties (or similar amounts)
      aggregating $10 or more to any other person during any calendar
      year, or
        (2) who receives payments of royalties (or similar amounts) as
      a nominee and who makes payments aggregating $10 or more during
      any calendar year to any other person with respect to the
      royalties (or similar amounts) so received,
    shall make a return according to the forms or regulations
    prescribed by the Secretary, setting forth the aggregate amount of
    such payments and the name and address of the person to whom paid.
    (b) Statements to be furnished to persons with respect to whom
        information is furnished
      Every person 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 person required to make such return, and
        (2) the aggregate amount of payments to the person required to
      be shown on such return.
    The written statement required under the preceding sentence shall
    be furnished (either in person or in a statement mailing by
    first-class mail which includes adequate notice that the statement
    is enclosed) to the person on or before January 31 of the year
    following the calendar year for which the return under subsection
    (a) was made and shall be in such form as the Secretary may
    prescribe by regulations.
    (c) Exception for payments to certain persons
      Except to the extent otherwise provided in regulations, this
    section shall not apply to any amount paid to a person described in
    subparagraph (A), (B), (C), (D), (E), or (F) of section 6049(b)(4).
 

Sources

    (Added Pub. L. 99-514, title XV, Sec. 1523(a), Oct. 22, 1986, 100
    Stat. 2747; amended Pub. L. 104-168, title XII, Sec. 1201(a)(12),
    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''.
                      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
      Section 1523(d) of Pub. L. 99-514 provided that: ''The amendments
    made by this section (enacting this section and amending sections
    3406, 6041, and 6676 of this title) shall apply with respect to
    payments made after December 31, 1986.''
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 3406, 6041, 6724 of this
    title.