§ 6037. Return of S corporation

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. 1958

   Technical Amendments Act of 1958

   Pub. L. 85–866 title I § 64(c) · 72 Stat. 1606

   Enacted · 26 U.S.C. § 6037

   Added Pub. L. 85–866, title I, § 64(c), Sept. 2, 1958, 72 Stat. 1656

   Source evidence

   Code source credit
   Added Pub. L. 85–866, title I, § 64(c), Sept. 2, 1958, 72 Stat. 1656

   Enacted provision · exact public law section
   (c) Returns by Electing Small Business Corporations.— Subpart A of part III of subchapter A of chapter 61 (relating to information returns) is amended by renumbering section 6037 as 6038, and by inserting after section 6036 the following new section: “SEC. 6037. RETURN OF ELECTING SMALL BUSINESS CORPORATION. “Every electing small business corporation (as defined in section 1371 (a) (2)) shall make a return for each taxable year, stating specifically the items of its gross income and the deductions allowable by subtitle A, the names and addresses of all persons owning stock in the corporation at any time during the taxable year, the number of shares of stock owned by each shareholder at all times during the taxable year, the amount of money and other property distributed by the corporation during the taxable year to each shareholder, the date of each such distribution, and such other information, for the purpose of carrying out the provisions of subchapter S of chapter 1, as the Secretary or his delegate may by forms and regulations prescribe. Any return filed pursuant to this section shall, for purposes of chapter 66 (relating to limitations), be treated as a return filed by the 26 USC 6012. corporation under section 6012.”

2. 1976

   Pub. L. 94–455 title XIX § 1906(a)(3) · 90 Stat. 1520

   1. Substituted · 26 U.S.C. § 6037

      Pub. L. 94–455 substituted “section 1371(b)” for “section 1371(a)(2)”

   2. Struck · 26 U.S.C. § 6037

      Pub. L. 94–455 struck out “or his delegate” after “Secretary”

   Source evidence

   Code amendment note
   Pub. L. 94–455 substituted “section 1371(b)” for “section 1371(a)(2)” and struck out “or his delegate” after “Secretary”.

   Enacted provision · exact public law section
   (3) Amendment of section 6037.— Section 6037 (relating to returns of subchapter S corporations) is amended by striking out “section 1371(a)(2)” and inserting in lieu thereof “section 1371 (b)”

3. 1982

   Subchapter S Revision Act of 1982

   Pub. L. 97–354 § 5(a)(39)(A) · 96 Stat. 1669

   1. Substituted · 26 U.S.C. § 6037

      Pub. L. 97–354 substituted “S corporation” for “electing small business corporation” in section catchline

   2. Substituted · 26 U.S.C. § 6037

      Pub. L. 97–354 substituted “Every S corporation” for “Every electing small business corporation (as defined in section 1371(b))”

   3. Substituted · 26 U.S.C. § 6037

      Pub. L. 97–354 substituted “each shareholder’s pro rata share of each item of the corporation for the taxable year, and such other information” for “and such other information”

   Source evidence

   Code amendment note
   Pub. L. 97–354 substituted “S corporation” for “electing small business corporation” in section catchline, substituted “Every S corporation” for “Every electing small business corporation (as defined in section 1371(b))”, and substituted “each shareholder’s pro rata share of each item of the corporation for the taxable year, and such other information” for “and such other information”.

   Enacted provision · exact public law section
   (A) Section 6037 (relating to return of electing small business corporation) is amended— (i) by striking out “Every electing small business corporation (as defined in section 1371(b))” and inserting in lieu thereof “Every S corporation”, (ii) by striking out “and such other information” and inserting in lieu thereof “each shareholder’s pro rata share of each item of the corporation for the taxable year, and such other information”, and (iii) by striking out “ELECTING SMALL BUSINESS CORPORATION” in the section heading and inserting in lieu thereof “S CORPORATION”.

4. 1984

   Tax Reform Act of 1984

   Pub. L. 98–369 div. A title VII § 714(q)(2) · 98 Stat. 494

   1. Amended · 26 U.S.C. § 6037

      Pub. L. 98–369 designated existing provisions as subsec. (a)

   2. Added · 26 U.S.C. § 6037

      Pub. L. 98–369 added subsec. (a) heading and subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 98–369 designated existing provisions as subsec. (a) and added subsec. (a) heading and subsec. (b).

   Enacted provision · exact public law section
   (2) S corporations.— Section 6037 (relating to return of S 26 USC 6037. corporation) is amended— (A) by striking out “Every” and inserting in lieu thereof “(a) In General.—Every”, and (B) by adding at the end thereof the following new subsection: “(b) Copies to Shareholders.— Each S corporation required to file a return under subsection (a) for any taxable year shall (on or before the day on which the return for such taxable year was filed) furnish to each person who is a shareholder at any time during such taxable year a copy of such information shown on such return as may be required by regulations.”

5. 1996

   Small Business Job Protection Act of 1996

   Pub. L. 104–188 title I § 1307(c)(2) · 110 Stat. 1755

   Added · 26 U.S.C. § 6037(c)

   Pub. L. 104–188 added subsec. (c)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 104–188 added subsec. (c).

   Enacted provision · exact public law section
   (2) Consistent treatment required.— Section 6037 (relating to return of S corporation) is amended by adding at the end the following new subsection: “(c) Shareholder’s Return Must Be Consistent With Corporate Return or Secretary Notified of Inconsistency.— “(1) In general.— A shareholder of an S corporation shall, on such shareholder’s return, treat a subchapter S item in a manner which is consistent with the treatment of such item on the corporate return. “(2) Notification of inconsistent treatment.— “(A) In general.— In the case of any subchapter S item, if— “(i) (I) the corporation has filed a return but the shareholder’s treatment on his return is (or may be) inconsistent with the treatment of the item on the corporate return, or “(II) the corporation has not filed a return, and “(ii) the shareholder files with the Secretary a statement identifying the inconsistency, paragraph (1) shall not apply to such item. “(B) Shareholder receiving incorrect information.— A shareholder shall be treated as having complied with clause (ii) of subparagraph (A) with respect to a subchapter S item if the shareholder— “(i) demonstrates to the satisfaction of the Secretary that the treatment of the subchapter S item on the shareholder’s return is consistent with the treatment of the item on the schedule furnished to the shareholder by the corporation, 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 shareholder does not comply with subparagraph (A)(ii) of paragraph (2), any adjustment required to make the treatment of the items by such shareholder consistent with the treatment of the items on the corporate 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) Subchapter s item.— For purposes of this subsection, the term ‘subchapter S item’ means any item of an S corporation to the extent that regulations prescribed by the Secretary provide that, for purposes of this subtitle, such item is more appropriately determined at the corporation level than at the shareholder level. “(5) Addition to tax for failure to comply with section.— “For addition to tax in the case of a shareholder’s negligence in connection with, or disregard of, the requirements of this section, see part II of subchapter A of chapter 68.”.

   Effective date note
   Amendment by Pub. L. 104–188 applicable to taxable years beginning after Dec. 31, 1996, see section 1317(a) of Pub. L. 104–188, set out as a note under section 641 of this title.

9 of 9 references resolved to an enrolled provision