§ 6034A. Information to beneficiaries of estates and trusts

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1984

   Tax Reform Act of 1984

   Pub. L. 98–369 div. A title VII § 714(q)(1) · 98 Stat. 494

   Enacted · 26 U.S.C. § 6034A

   Added Pub. L. 98–369, div. A, title VII, § 714(q)(1), July 18, 1984, 98 Stat. 965

   Source evidence

   Code source credit
   Added Pub. L. 98–369, div. A, title VII, § 714(q)(1), July 18, 1984, 98 Stat. 965

   Enacted provision · exact public law section
   (1) Estates and trusts.— Subpart A of part III of subchapter A of chapter 61 (relating to information concerning persons subject to special provisions) is amended by adding after section 6034 the following new section: “SEC. 6034A. INFORMATION TO BENEFICIARIES OF ESTATES AND TRUSTS. “The fiduciary of any estate or trust making the return required to be filed under section 6012(a) for any taxable year shall, on or before the date on which such return was filed, furnish to each beneficiary— “(1) who receives a distribution from such estate or trust with respect to such taxable year, or * “(2) to whom any item with respect to such taxable year is allocated, a statement containing such information shown on such return as the Secretary may prescribe.”

2. 1986

   Tax Reform Act of 1986

   Pub. L. 99–514 § 1501(c)(15) · 100 Stat. 2085

   1. Substituted · 26 U.S.C. § 6034A(a)

      Pub. L. 99–514, § 1501(c)(15), in introductory provisions, substituted “required to file a return” for “making the return required to be filed” in concluding provisions

   2. Substituted · 26 U.S.C. § 6034A(a)

      Pub. L. 99–514, § 1501(c)(15), in introductory provisions, substituted “was required to be filed” for “was filed” in concluding provisions

   3. Substituted · 26 U.S.C. § 6034A(a)

      Pub. L. 99–514, § 1501(c)(15), in introductory provisions, substituted “required to be shown on such return” for “shown on such return”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 99–514, § 1501(c)(15), in introductory provisions, substituted “required to file a return” for “making the return required to be filed” and “was required to be filed” for “was filed”, and in concluding provisions, substituted “required to be shown on such return” for “shown on such return”.

   Enacted provision · exact public law section
   (15) Subsection (a) of section 6034A is amended— (A) by striking out “making the return required to be filed” and inserting in lieu thereof “required to file a return”, (B) by striking out “was filed” and inserting in lieu thereof “was required to be filed”, and (C) by striking out “shown on such return” and inserting in lieu thereof “required to be shown on such return”.

3. 1986

   Tax Reform Act of 1986

   Pub. L. 99–514 § 1875(d)(3)(A)(i) · 100 Stat. 2085

   1. Amended · 26 U.S.C. § 6034A(a)

      Pub. L. 99–514, § 1875(d)(3)(A)(i), (ii), designated existing provisions as subsec. (a)

   2. Inserted · 26 U.S.C. § 6034A(a)

      Pub. L. 99–514, § 1875(d)(3)(A)(i), (ii), inserted heading “General rule”

   3. Substituted · 26 U.S.C. § 6034A(a)

      Pub. L. 99–514, § 1875(d)(3)(A)(i), (ii), substituted “each beneficiary (or nominee thereof)” for “each beneficiary” in text

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 99–514, § 1875(d)(3)(A)(i), (ii), designated existing provisions as subsec. (a), inserted heading “General rule”, and substituted “each beneficiary (or nominee thereof)” for “each beneficiary” in text.

   Enacted provision · exact public law section
   (i) by striking out “The fiduciary” and inserting in lieu thereof “(a) General Rule,—The fiduciary ”,

4. 1986

   Tax Reform Act of 1986

   Pub. L. 99–514 § 1875(d)(3)(A)(iii) · 100 Stat. 2085

   Added · 26 U.S.C. § 6034A(b)

   Pub. L. 99–514, § 1875(d)(3)(A)(iii), added subsec. (b)

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 99–514, § 1875(d)(3)(A)(iii), added subsec. (b).

   Enacted provision · exact public law section
   (iii) by adding at the end thereof the following new subsection: “(b) Nominee Reporting.— Any person who holds an interest in an estate or trust as a nominee for another person— “(1) shall furnish to the estate or trust, in the manner prescribed by the Secretary, the name and address of such other person, and any other information for the taxable year as the Secretary may by form and regulations prescribe, and “(2) shall furnish in the manner prescribed by the Secretary to such other person the information provided by the estate or trust under subsection (a).”

5. 1997

   Pub. L. 105–34 title X § 1027(a) · 111 Stat. 788

   Added · 26 U.S.C. § 6034A(c)

   Pub. L. 105–34 added subsec. (c)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 105–34 added subsec. (c).

   Enacted provision · exact public law section
   (a) Domestic Estates and Trusts.— Section 6034A (relating to information to beneficiaries of estates and trusts) is amended by adding at the end the following new subsection: “(c) Beneficiary’s Return Must be Consistent with Estate or Trust Return or Secretary Notified of Inconsistency.— “(1) In general.— A beneficiary of any estate or trust to which subsection (a) applies shall, on such beneficiary’s return, treat any reported item in a manner which is consistent with the treatment of such item on the applicable entity’s return. “(2) Notification of inconsistent treatment.— “(A) In general.— In the case of any reported item, if— “(i) (I) the applicable entity has filed a return but the beneficiary’s treatment on such beneficiary’s return is (or may be) inconsistent with the treatment of the item on the applicable entity’s return, or “(II) the applicable entity has not filed a return, and “(ii) the beneficiary files with the Secretary a statement identifying the inconsistency, paragraph (1) shall not apply to such item. “(B) Beneficiary receiving incorrect information.— A beneficiary shall be treated as having complied with clause (ii) of subparagraph (A) with respect to a reported item if the beneficiary— “(i) demonstrates to the satisfaction of the Secretary that the treatment of the reported item on the beneficiary’s return is consistent with the treatment of the item on the statement furnished under subsection (a) to the beneficiary by the applicable entity, and “(ii) elects to have this paragraph apply with respect to that item. “(3) Effect of failure to notify.— In any case— “(A) described in subparagraph (A)(i)(I) of paragraph (2), and “(B) in which the beneficiary does not comply with subparagraph (A)(ii) of paragraph (2), any adjustment required to make the treatment of the items by such beneficiary consistent with the treatment of the items on the applicable entity’s return shall be treated as arising out of mathematical or clerical errors and assessed according to section 6213(b)(1). Paragraph (2) of section 6213(b) shall not apply to any assessment referred to in the preceding sentence. “(4) Definitions.— For purposes of this subsection— “(A) Reported item.— The term ‘reported item’ means any item for which information is required to be furnished under subsection (a). “(B) Applicable entity.— The term ‘applicable entity’ means the estate or trust of which the taxpayer is the beneficiary. “(5) Addition to tax for failure to comply with section.— For addition to tax in the case of a beneficiary’s negligence in connection with, or disregard of, the requirements of this section, see part II of subchapter A of chapter 68.”. (b) Foreign Trusts.— Subsection (d) of section 6048 (relating to information with respect to certain foreign trusts) is amended by adding at the end the following new paragraph: “(5) United states person’s return must be consistent with trust return or secretary notified of inconsistency.— Rules similar to the rules of section 6034A(c) shall apply to items reported by a trust under subsection (b)(1)(B) and to United States persons referred to in such subsection.”. (c) Effective Date.— The amendments made by this section shall apply to returns of beneficiaries and owners filed after the date of the enactment of this Act.

   Effective date note
   Pub. L. 105–34, title X, § 1027(c), Aug. 5, 1997, 111 Stat. 926, provided that: “The amendments made by this section [amending this section and section 6048 of this title] shall apply to returns of beneficiaries and owners filed after the date of the enactment of this Act [Aug. 5, 1997].”

9 of 9 references resolved to an enrolled provision