§ 6045. Returns of brokers

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. 1954

   Aug. 16, 1954, ch. 736, 68A Stat. 747 · 68A Stat. 747

   Enacted · 26 U.S.C. § 6045

   Aug. 16, 1954, ch. 736, 68A Stat. 747

   Source evidence

   Code source credit
   Aug. 16, 1954, ch. 736, 68A Stat. 747

2. 1976

   Pub. L. 94–455 title XIX § 1906(b)(13)(A) · 90 Stat. 1520

   Struck · 26 U.S.C. § 6045

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

   Source evidence

   Code amendment note
   Pub. L. 94–455 struck out “or his delegate” after “Secretary” wherever appearing.

   Enacted provision · exact public law section
   (A) The Internal Revenue Code of 1954, as amended by this Act, is amended by striking out “Secretary or his delegate” each place it appears and inserting in lieu thereof “Secretary”.

3. 1982

   Pub. L. 97–248 title III § 311(a)(1) · 96 Stat. 324

   1. Amended · 26 U.S.C. § 6045

      Pub. L. 97–248 designated existing provisions as subsec. (a)

   2. Substituted · 26 U.S.C. § 6045

      Pub. L. 97–248 substituted “the name and address of each customer, with such details regarding gross proceeds” for “the names of customers for whom such person has transacted any business, with such details regarding the profits and losses” after “with respect to”

   3. Substituted · 26 U.S.C. § 6045

      Pub. L. 97–248 substituted “such business” for “each customer as will enable the Secretary to determine the amount of such profits and losses” after “with respect to”

   4. Added · 26 U.S.C. § 6045

      Pub. L. 97–248 added subsecs. (b) and (c)

   Source evidence

   Code amendment note
   Pub. L. 97–248 designated existing provisions as subsec. (a), substituted “the name and address of each customer, with such details regarding gross proceeds” for “the names of customers for whom such person has transacted any business, with such details regarding the profits and losses” after “may prescribe, showing” and “such business” for “each customer as will enable the Secretary to determine the amount of such profits and losses” after “with respect to”, and added subsecs. (b) and (c).

   Enacted provision · exact public law section
   (1) Returns.— Section 6045 (relating to returns of brokers) is 26 USC 6045. amended to read as follows:

4. 1984

   Tax Reform Act of 1984

   Pub. L. 98–369 § 714(e)(1) · 98 Stat. 494

   Added · 26 U.S.C. § 6045(c)(4)

   Pub. L. 98–369, § 714(e)(1), added par. (4)

   Source evidence

   Code amendment note
   Subsec. (c)(4). Pub. L. 98–369, § 714(e)(1), added par. (4).

   Enacted provision · exact public law section
   (1) In general.— Section 6045(c) (relating to returns of brokers) is amended by adding at the end thereof the following new paragraph: “(4) Person.— The term ‘person’ includes any governmental unit and any agency or instrumentality thereof.”

5. 1984

   Tax Reform Act of 1984

   Pub. L. 98–369 § 150(a) · 98 Stat. 494

   Added · 26 U.S.C. § 6045(d)

   Pub. L. 98–369, § 150(a), added subsec. (d)

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 98–369, § 150(a), added subsec. (d).

   Enacted provision · exact public law section
   (a) In General.— Section 6045 (relating to returns of brokers) is amended by adding at the end thereof the following new subsection: “(d) Statements Required in Case of Certain Substitute Payments.— If any broker— “(1) transfers securities of a customer for use in a short sale or similar transaction, and “(2) receives (on behalf of the customer) a payment in lieu of— “(A) a dividend, “(B) tax-exempt interest, or “(C) such other items as the Secretary may prescribe by regulations, during the period such short sale or similar transaction is open, the broker shall furnish such customer a written statement (at such time and in the manner as the Secretary shall prescribe by regulations) identifying such payment as being in lieu of the dividend, taxexempt interest, or such other item. The Secretary may prescribe regulations which require the broker to make a return which includes the information contained in such written statement.”

6. 1986

   Tax Reform Act of 1986

   Pub. L. 99–514 § 1501(c)(4) · 100 Stat. 2085

   1. Changed · 26 U.S.C. § 6045(b)

      Pub. L. 99–514, § 1501(c)(4), in amending subsec. (c) generally

   2. Substituted · 26 U.S.C. § 6045(b)

      Pub. L. 99–514, § 1501(c)(4), in substituted references to persons required to make a return for former references to persons making a return

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 99–514, § 1501(c)(4), in amending subsec. (c) generally, substituted references to persons required to make a return for former references to persons making a return.

   Enacted provision · exact public law section
   (4) Subsection (b) of section 6045 is amended to read as follows: “(b) Statements To Be Furnished to Customers.— Every person required to make a return under subsection (a) shall furnish to each customer whose name is required to be set forth in such return a written statement showing— “(1) the name and address of the person required to make such return, and “(2) the information required to be shown on such return with respect to such customer. The written statement required under the preceding sentence shall be furnished to the customer on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.”

7. 1986

   Tax Reform Act of 1986

   Pub. L. 99–514 § 1521(a) · 100 Stat. 2085

   Added · 26 U.S.C. § 6045(e)

   Pub. L. 99–514, § 1521(a), added subsec. (e)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 99–514, § 1521(a), added subsec. (e).

   Enacted provision · exact public law section
   (a) General Rule.— Section 6045 (relating to returns of brokers) is amended by adding at the end thereof the following new subsection: “(e) Return Required in the Case of Real Estate Transactions.— “(1) In general.— In the case of a real estate transaction, the real estate broker shall file a return under subsection (a) and a statement under subsection (b) with respect to such transaction. “(2) Real estate broker.— For purposes of this subsection, the term ‘real estate broker’ means any of the following persons involved in a real estate transaction in the following order: “(A) the person (including any attorney or title company) responsible for closing the transaction, (B) the mortgage lender, “(C) the seller’s broker, “(D) the buyer’s broker, or “(E) such other person designated in regulations prescribed by the Secretary. Any person treated as a real estate broker under the preceding sentence shall be treated as a broker for purposes of subsection (c)(1).”

8. 1988

   Technical and Miscellaneous Revenue Act of 1988

   Pub. L. 100–647 § 1015(e)(1)(A) · 102 Stat. 3342

   Inserted · 26 U.S.C. § 6045(c)(1)

   Pub. L. 100–647, § 1015(e)(1)(A), inserted at end “A person shall not be treated as a broker with respect to activities consisting of managing a farm on behalf of another person.”

   Source evidence

   Code amendment note
   Subsec. (c)(1). Pub. L. 100–647, § 1015(e)(1)(A), inserted at end “A person shall not be treated as a broker with respect to activities consisting of managing a farm on behalf of another person.”

   Enacted provision · exact public law section
   (A) Paragraph (1) of section 6045(c) of the 1986 Code is amended by adding at the end thereof the following new sentence: “A person shall not be treated as a broker with respect to Agriculture and agricultural commodities. activities consisting of managing a farm on behalf of another person.”

9. 1988

   Technical and Miscellaneous Revenue Act of 1988

   Pub. L. 100–647 § 1015(e)(3)(A) · 102 Stat. 3342

   Substituted · 26 U.S.C. § 6045(e)(1)

   Pub. L. 100–647, § 1015(e)(3)(A), substituted “real estate reporting person” for “real estate broker”

   Source evidence

   Code amendment note
   Subsec. (e)(1). Pub. L. 100–647, § 1015(e)(3)(A), substituted “real estate reporting person” for “real estate broker”.

   Enacted provision · exact public law section
   (A) by striking out “real estate broker” each place it appears in the text and inserting in lieu thereof “real estate reporting person”, and

10. 1988

    Technical and Miscellaneous Revenue Act of 1988

    Pub. L. 100–647 § 1015(e)(3) · 102 Stat. 3342

    Substituted · 26 U.S.C. § 6045(e)(2)

    Pub. L. 100–647, § 1015(e)(3), substituted “estate reporting person” for “estate broker” in par. (2) heading and two places in text

    Source evidence

    Code amendment note
    Subsec. (e)(2). Pub. L. 100–647, § 1015(e)(3), substituted “estate reporting person” for “estate broker” in par. (2) heading and two places in text.

    Enacted provision · exact public law section
    (3) Subsection (e) of section 6045 of the 1986 Code is amended— (A) by striking out “real estate broker” each place it appears in the text and inserting in lieu thereof “real estate reporting person”, and (B) by striking out “Real estate broker” in the heading of paragraph (2) and inserting in lieu thereof “Real estate reporting person”.

11. 1988

    Technical and Miscellaneous Revenue Act of 1988

    Pub. L. 100–647 § 4005(g)(3) · 102 Stat. 3342

    Added · 26 U.S.C. § 6045(e)(3)

    Pub. L. 100–647, § 4005(g)(3), added par. (3) relating to whether seller’s financing was federally-subsidized indebtedness

    Source evidence

    Code amendment note
    Subsec. (e)(3). Pub. L. 100–647, § 4005(g)(3), added par. (3) relating to whether seller’s financing was federally-subsidized indebtedness.

    Enacted provision · exact public law section
    (3) Broker reporting.— Subsection (e) of section 6045 of the 1986 Code is amended by adding at the end thereof the following new paragraph: “(3) Whether seller’s financing was federally-subsidized.— In the case of a real estate transaction involving a residence, the real estate broker shall specify on the return under subsection (a) and the statement under subsection (b) whether or not the financing (if any) of the seller was federally-subsidized indebtedness (as defined in section 143(m)(3)).”

12. 1988

    Technical and Miscellaneous Revenue Act of 1988

    Pub. L. 100–647 § 1015(e)(2)(A) · 102 Stat. 3342

    Added · 26 U.S.C. § 6045(e)(3)

    Pub. L. 100–647, § 1015(e)(2)(A), added par. (3) relating to prohibition of separate charge for filing return

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 100–647, § 1015(e)(2)(A), added par. (3) relating to prohibition of separate charge for filing return.

    Enacted provision · exact public law section
    (A) Subsection (e) of section 6045 of the 1986 Code is amended by adding at the end thereof the following new paragraph: “(3) Prohibition of separate charge for filing return.— It shall be unlawful for any real estate reporting person to separately charge any customer for complying with any requirement of paragraph (1).”

13. 1989

    Revenue Reconciliation Act of 1989

    Pub. L. 101–239 title VII § 7814(c)(1) · 103 Stat. 2106

    Redesignated · 26 U.S.C. § 6045(e)(3); 26 U.S.C. § 6045(e)(4)

    Pub. L. 101–239 redesignated par. (3), relating to whether seller’s financing was federally-subsidized indebtedness, as (4)

    Source evidence

    Code amendment note
    Subsec. (e)(3), (4). Pub. L. 101–239 redesignated par. (3), relating to whether seller’s financing was federally-subsidized indebtedness, as (4).

    Enacted provision · exact public law section
    (1) The paragraph (3) of section 6045(e) added by section 4005 of the 1988 Act is redesignated as paragraph (4).

14. 1990

    Revenue Reconciliation Act of 1990

    Pub. L. 101–508 title XI § 11704(a)(25) · 104 Stat. 1388

    Substituted · 26 U.S.C. § 6045(e)(4)

    Pub. L. 101–508 substituted “reporting person” for “broker”

    Source evidence

    Code amendment note
    Subsec. (e)(4). Pub. L. 101–508 substituted “reporting person” for “broker”.

    Enacted provision · exact public law section
    (25) Paragraph (4) of section 6045(e) is amended by striking “broker” and inserting “reporting person”.

15. 1992

    Energy Policy Act of 1992

    Pub. L. 102–486 title XIX § 1939(a) · 106 Stat. 2776

    1. Substituted · 26 U.S.C. § 6045(e)(4)

       Pub. L. 102–486 substituted heading for one which read: “Whether seller’s financing was federally-subsidized”

    2. Amended · 26 U.S.C. § 6045(e)(4)

       Pub. L. 102–486 amended text generally. Prior to amendment, text read as follows: “In the case of a real estate transaction involving a residence, the real estate reporting person shall specify on the return under subsection (a) and the statement under subsection (b) whether or not the financing (if any) of the seller was federally-subsidized indebtedness (as defined in section 143(m)(3)).”

    Source evidence

    Code amendment note
    Subsec. (e)(4). Pub. L. 102–486 substituted heading for one which read: “Whether seller’s financing was federally-subsidized” and amended text generally. Prior to amendment, text read as follows: “In the case of a real estate transaction involving a residence, the real estate reporting person shall specify on the return under subsection (a) and the statement under subsection (b) whether or not the financing (if any) of the seller was federally-subsidized indebtedness (as defined in section 143(m)(3)).”

    Enacted provision · exact public law section
    (a) General Rule.— Paragraph (4) of section 6045(e) is amended to read as follows: “(4) Additional information required.— In the case of a real estate transaction involving a residence, the real estate reporting person shall include the following information on the return under subsection (a) and on the statement under subsection (b): “(A) The portion of any real property tax which is treated as a tax imposed on the purchaser by reason of section 164(d)(1)(B). “(B) Whether or not the financing (if any) of the seller was federally-subsidized indebtedness (as defined in section 143(m)(3)).”

16. 1996

    Taxpayer Bill of Rights 2

    Pub. L. 104–168 title XII § 1201(a)(5) · 110 Stat. 1452

    Substituted · 26 U.S.C. § 6045(b)(1)

    Pub. L. 104–168 substituted “name, address, and phone number of the information contact” for “name and address”

    Source evidence

    Code amendment note
    Subsec. (b)(1). Pub. L. 104–168 substituted “name, address, and phone number of the information contact” for “name and address”.

    Enacted provision · exact public law section
    (5) Section 6045(b)(1).

17. 1996

    Small Business Job Protection Act of 1996

    Pub. L. 104–188 title I § 1704 · 110 Stat. 1755

    Inserted · 26 U.S.C. § 6045(e)(3)

    Pub. L. 104–188 inserted at end “Nothing in this paragraph shall be construed to prohibit the real estate reporting person from taking into account its cost of complying with such requirement in establishing its charge (other than a separate charge for complying with such requirement) to any customer for performing services in the case of a real estate transaction.”

    Source evidence

    Code amendment note
    Subsec. (e)(3). Pub. L. 104–188 inserted at end “Nothing in this paragraph shall be construed to prohibit the real estate reporting person from taking into account its cost of complying with such requirement in establishing its charge (other than a separate charge for complying with such requirement) to any customer for performing services in the case of a real estate transaction.”

    Enacted provision · exact public law section
    SEC. 1704. MISCELLANEOUS PROVISIONS. (a) Application of Amendments Made by Title XII of Omnibus Budget Reconciliation Act Of 1990.— Except as otherwise expressly provided, whenever in title XII of the Omnibus Budget Reconciliation Act of 1990 an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (b) Treatment of Certain Amounts Under Hedge Bond Rules.— (1) In general.— Clause (iii) of section 149(g)(3)(B) is amended to read as follows: “(iii) Amounts held pending reinvestment or redemption.— Amounts held for not more than 30 days pending reinvestment or bond redemption shall be treated as invested in bonds described in clause (i).”. (2) Effective date.— The amendment made by paragraph (1) shall take effect as if included in the amendments made by section 7651 of the Omnibus Budget Reconciliation Act of 1989. (c) Treatment of Certain Distributions Under Section 1445.— (1) In general.— Paragraph (3) of section 1445(e) is amended by adding at the end thereof the following new sentence: “Rules similar to the rules of the preceding provisions of this paragraph shall apply in the case of any distribution to which section 301 applies and which is not made out of the earnings and profits of such a domestic corporation.”. (2) Effective date.— The amendment made by paragraph (1) shall apply to distributions after the date of the enactment of this Act. (d) Treatment of Certain Credits Under Section 469.— (1) In general.— Subparagraph (B) of section 469(c)(3) is amended by adding at the end thereof the following new sentence: “If the preceding sentence applies to the net income from any property for any taxable year, any credits allowable under subpart B (other than section 27(a)) or D of part IV of subchapter A for such taxable year which are attributable to such property shall be treated as credits not from a passive activity to the extent the amount of such credits does not exceed the regular tax liability of the taxpayer for the taxable year which is allocable to such net income.”. (2) Effective date.— The amendment made by paragraph (1) shall apply to taxable years beginning after December 31, 1986. (e) Treatment of Dispositions Under Passive Loss Rules.— (1) In general.— Subparagraph (A) of section 469(g)(1) is amended to read as follows: “(A) In general.— If all gain or loss realized on such disposition is recognized, the excess of— “(i) any loss from such activity for such taxable year (determined after the application of subsection (b)), over “(ii) any net income or gain for such taxable year from all other passive activities (determined after the application of subsection (b)), shall be treated as a loss which is not from a passive activity.”. (2) Effective date.— The amendment made by paragraph (1) shall apply to taxable years beginning after December 31, 1986. (f) Miscellaneous Amendments to Foreign Provisions.— (1) Coordination of unified estate tax credit with treaties.— Subparagraph (A) of section 2102(c)(3) is amended by adding at the end thereof the following new sentence: “For purposes of the preceding sentence, property shall not be treated as situated in the United States if such property is exempt from the tax imposed by this subchapter under any treaty obligation of the United States.”. (2) Treatment of certain interest paid to related person.— (A) Subparagraph (B) of section 163(j)(1) is amended by inserting before the period at the end thereof the following: “(and clause (ii) of paragraph (2)(A) shall not apply for purposes of applying this subsection to the amount so treated)”. (B) Subsection (j) of section 163 is amended by redesignating paragraph (7) as paragraph (8) and by inserting after paragraph (6) the following new paragraph: “(7) Coordination with passive loss rules, etc.— This subsection shall be applied before sections 465 and 469.”. (C) The amendments made by this paragraph shall 26 USC 163 note. apply as if included in the amendments made by section 7210(a) of the Revenue Reconciliation Act of 1989. (3) Treatment of interest allocable to effectively connected income.— (A) In general.— (i) Subparagraph (B) of section 884(f)(1) is amended by striking “to the extent” and all that follows down through “subparagraph (A)” and inserting “to the extent that the allocable interest exceeds the interest described in subparagraph (A)”. (ii) The second sentence of section 884(f)(1) is amended by striking “reasonably expected” and all that follows down through the period at the end thereof and inserting “reasonably expected to be allocable interest.”. (iii) Paragraph (2) of section 884(f) is amended to read as follows: “(2) Allocable interest.— For purposes of this subsection, the term ‘allocable interest’ means any interest which is allocable to income which is effectively connected (or treated as effectively connected) with the conduct of a trade or business in the United States.”. (B) Effective date.— The amendments made by 26 USC 884 note. subparagraph (A) shall take effect as if included in the amendments made by section 1241(a) of the Tax Reform Act of 1986. (4) Clarification of source rule.— (A) In general.— Paragraph (2) of section 865(b) is amended by striking “863(b)” and inserting “863”. (B) Effective date.— The amendment made by subparagraph (A) shall take effect as if included in the amendments made by section 1211 of the Tax Reform Act of 1986. (5) Repeal of obsolete provisions.— (A) Paragraph (1) of section 6038(a) is amended by striking “, and” at the end of subparagraph (E) and inserting a period, and by striking subparagraph (F). (B) Subsection (b) of section 6038A is amended by adding “and” at the end of paragraph (2), by striking “, and” at the end of paragraph (3) and inserting a period, and by striking paragraph (4). (g) Clarification of Treatment of Medicare Entitlement Under Cobra Provisions.— (1) In general.— (A) Subclause (V) of section 4980B(f)(2)(B)(i) is amended to read as follows: “(V) Medicare entitlement followed by qualifying event.— In the case of a qualifying event described in paragraph (3)(B) that occurs less than 18 months after the date the covered employee became entitled to benefits under title XVIII of the Social Security Act, the period of coverage for qualified beneficiaries other than the covered employee shall not terminate under this clause before the close of the 36-month period beginning on the date the covered employee became so entitled.”. (B) Clause (v) of section 602(2)(A) of the Employee 29 USC 1162. Retirement Income Security Act of 1974 is amended to read as follows: “(v) Medicare entitlement followed by qualifying event.— In the case of a qualifying event described in section 603(2) that occurs less than 18 months after the date the covered employee became entitled to benefits under title XVIII of the Social Security Act, the period of coverage for qualified beneficiaries other than the covered employee shall not terminate under this subparagraph before the close of the 36-month period beginning on the date the covered employee became so entitled.”. (C) Clause (iv) of section 2202(2)(A) of the Public 42 USC 300bb-2. Health Service Act is amended to read as follows: “(iv) Medicare entitlement followed by qualifying event.— In the case of a qualifying event described in section 2203(2) that occurs less than 18 months after the date the covered employee became entitled to benefits under title XVIII of the Social Security Act, the period of coverage for qualified beneficiaries other than the covered employee shall not terminate under this subparagraph before the close of the 36-month period beginning on the date the covered employee became so entitled.”. (2) Effective date.— The amendments made by this subsection shall 26 USC 4980B note. apply to plan years beginning after December 31, 1989. (h) Treatment of Certain Remic Inclusions.— (1) In general.— Subsection (a) of section 860E is amended by adding at the end thereof the following new paragraph: “(6) Coordination with minimum tax.— For purposes of part VI of subchapter A of this chapter— “(A) the reference in section 55(b)(2) to taxable income shall be treated as a reference to taxable income determined without regard to this subsection, “(B) the alternative minimum taxable income of any holder of a residual interest in a REMIC for any taxable year shall in no event be less than the excess inclusion for such taxable year, and “(C) any excess inclusion shall be disregarded for purposes of computing the alternative tax net operating loss deduction. The preceding sentence shall not apply to any organization to which section 593 applies, except to the extent provided in regulations prescribed by the Secretary under paragraph (2).”. (2) Effective date.— The amendment made by paragraph 26 USC 860E note. (1) take effect as if included in the amendments made by section 671 of the Tax Reform Act of 1986 unless the taxpayer elects to apply such amendment only to taxable years beginning after the date of the enactment of this Act. (i) Exemption From Harbor Maintenance Tax for Certain Passengers.— (1) In general.— Subparagraph (D) of section 4462(b)(1) (relating to special rule for Alaska, Hawaii, and possessions) is amended by inserting before the period the following: “, or passengers transported on United States flag vessels operating solely within the State waters of Alaska or Hawaii and adjacent international waters”. (2) Effective date.— The amendment made by paragraph 26 USC 4462 note. (1) shall take effect as if included in the amendments made by section 1402(a) of the Harbor Maintenance Revenue Act of 1986. (j) Amendments Related to Revenue Provisions of Energy Policy Act of 1992.— (1) Effective with respect to taxable years beginning after December 31, 1990, subclause (II) of section 53(d)(1)(B)(iv) is amended to read as follows: “(II) the adjusted net minimum tax for any taxable year is the amount of the net minimum tax for such year increased in the manner provided in clause (iii).”. (2) Subsection (g) of section 179A is redesignated as subsection (f). (3) Subparagraph (E) of section 6724(d)(3) is amended by striking “section 6109(f)” and inserting “section 6109(h)”. (4) (A) Subsection (d) of section 30 is amended— (i) by inserting “(determined without regard to subsection (b)(3))” before the period at the end of paragraph (1) thereof, and (ii) by adding at the end thereof the following new paragraph: “(4) Election to not take credit.— No credit shall be allowed under subsection (a) for any vehicle if the taxpayer elects to not have this section apply to such vehicle.”. (B) Subsection (m) of section 6501 (as redesignated by section 1602) is amended by striking “section 40(f)” and inserting “sections 30(d)(4), 40(f)”. (5) Subclause (III) of section 501(c)(21)(D)(ii) is amended by striking “section 101(6)” and inserting “section 101(7)” and by striking “1752(6)” and inserting “1752(7)”. (6) Paragraph (1) of section 1917(b) of the Energy Policy Act of 1992 shall be applied as if “at a rate” appeared instead of “at the rate” in the material proposed to be stricken. (7) Paragraph (2) of section 1921(b) of the Energy Policy Act of 1992 shall be applied as if a comma appeared after “(2)” in the material proposed to be stricken. (8) Subsection (a) of section 1937 of the Energy Policy Act of 1992 shall be applied as if “Subpart B” appeared instead of “Subpart C”. (k) Treatment of Qualified Football Coaches Plan.— (1) In general.— For purposes of the Internal Revenue Code of 1986, a qualified football coaches plan— (A) shall be treated as a multiemployer collectively bargained plan, and (B) notwithstanding section 401(k)(4)(B) of such Code, may include a qualified cash and deferred arrangement under section 401(k) of such Code. (2) Qualified football coaches plan.— For purposes of this subsection, the term “qualified football coaches plan” means any defined contribution plan which is established and maintained by an organization— (A) which is described in section 501(c) of such Code, (B) the membership of which consists entirely of individuals who primarily coach football as full-time employees of 4-year colleges or universities described in section 170(b)(1)(A)(ii) of such Code, and (C) which was in existence on September 18, 1986. (3) Effective date.— This subsection shall apply to years beginning after December 22, 1987. (l) Determination of Unrecovered Investment in Annuity Contract.— (1) In general.— Subparagraph (A) of section 72(b)(4) is amended by inserting “(determined without regard to subsection (c)(2))” after “contract”. (2) Effective date.— The amendment made by paragraph (1) shall take effect as if included in the amendments made by section 1122(c) of the Tax Reform Act of 1986. (m) Modifications to Election to Include Child’s Income on Parent’s Return.— (1) Eligibility for election.— Clause (ii) of section 1(g)(7)(A) (relating to election to include certain unearned income of child on parent’s return) is amended to read as follows: “(ii) such gross income is more than the amount described in paragraph (4)(A)(ii)(I) and less than 10 times the amount so described,”. (2) Computation of tax.— Subparagraph (B) of section 1(g)(7) (relating to income included on parent’s return) is amended— (A) by striking “$1 000” in clause (i) and inserting “twice the amount described in paragraph (4)(A)(ii)(I)”, and (B) by amending subclause (II) of clause (ii) to read as follows: “(II) for each such child, 15 percent of the lesser of the amount described in paragraph (4)(A)(ii)(I) or the excess of the gross income of such child over the amount so described, and”. (3) Minimum tax.— Subparagraph (B) of section 59(j)(1) is amended by striking “$1,000” and inserting “twice the amount in effect for the taxable year under section 63(c)(5)(A)”. (4) Effective date.— The amendments made by this subsection 26 USC 1 note. shall apply to taxable years beginning after December 31, 1995. (n) Treatment of Certain Veterans’ Reemployment Rights.— (1) In general.— Section 414 is amended by adding at the end the following new subsection: “(u) Special Rules Relating to Veterans’ Reemployment Rights Under USERRA.— “(1) Treatment of certain contributions made pursuant to veterans’ reemployment rights.— if any contribution is made by an employer or an employee under an individual account plan with respect to an employee, or by an employee to a defined benefit plan that provides for employee contributions, and such contribution is required by reason of such employee’s rights under chapter 43 of title 38, United States Code, resulting from qualified military service, then— “(A) such contribution shall not be subject to any otherwise applicable limitation contained in section 402(g), 402(h), 403(b), 404(a), 404(h), 408, 415, or 457, and shall not be taken into account in applying such limitations to other contributions or benefits under such plan or any other plan, with respect to the year in which the contribution is made, “(B) such contribution shall be subject to the limitations referred to in subparagraph (A) with respect to the year to which the contribution relates (in accordance with rules prescribed by the Secretary), and “(C) such plan shall not be treated as failing to meet the requirements of section 401(a)(4), 401(a)(26), 401(k)(3), 401(k)(11), 401(k.)(12), 401(m), 403(b)(12), 408(k)(3), 408(k)(6), 408(p), 410(b), or 416 by reason of the making of (or the right to make) such contribution. For purposes of the preceding sentence, any elective deferral or employee contribution made under paragraph (2) shall be treated as required by reason of the employee’s rights under such chapter 43. “(2) Reemployment rights under userra with respect to elective deferrals.— “(A) In general.— For purposes of this subchapter and section 457, if an employee is entitled to the benefits of chapter 43 of title 38, United States Code, with respect to any plan which provides for elective deferrals, the employer sponsoring the plan shall be treated as meeting the requirements of such chapter 43 with respect to such elective deferrals only if such employer— “(i) permits such employee to make additional elective deferrals under such plan (in the amount determined under subparagraph (B) or such lesser amount as is elected by the employee) during the period which begins on the date of the reemployment of such employee with such employer and has the same length as the lesser of— “(I) the product of 3 and the period of qualified military service which resulted in such rights, and “(II) 5 years, and “(ii) makes a matching contribution with respect to any additional elective deferral made pursuant to clause (i) which would have been required had such deferral actually been made during the period of such qualified military service. “(B) Amount of makeup required.— The amount determined under this subparagraph with respect to any plan is the maximum amount of the elective deferrals that the individual would have been permitted to make under the plan in accordance with the limitations referred to in paragraph (1)(A) during the period of qualified military service if the individual had continued to be employed by the employer during such period and received compensation as determined under paragraph (7). Proper adjustment shall be made to the amount determined under the preceding sentence for any elective deferrals actually made during the period of such qualified military service. “(C) Elective deferral.— For purposes of this paragraph, the term ‘elective deferral’ has the meaning given such term by section 402(g)(3); except that such term shall include any deferral of compensation under an eligible deferred compensation plan (as defined in section 457(b)). “(D) After-tax employee contributions.— References in subparagraphs (A) and (B) to elective deferrals shall be treated as including references to employee contributions. “(3) Certain retroactive adjustments not required.— For purposes of this subchapter and subchapter E, no provision of chapter 43 of title 38, United States Code, shall be construed as requiring— “(A) any crediting of earnings to an employee with respect to any contribution before such contribution is actually made, or “(B) any allocation of any forfeiture with respect to the period of qualified military service. “(4) Loan repayment suspensions permitted.— If any plan suspends the obligation to repay any loan made to an employee from such plan for any part of any period during which such employee is performing service in the uniformed services (as defined in chapter 43 of title 38, United States Code), whether or not qualified military service, such suspension shall not be taken into account for purposes of section 72(p), 401(a). or 4975(d)(1). “(5) Qualified military service.— For purposes of this subsection, the term ‘qualified military service’ means any service in the uniformed services (as defined in chapter 43 of title 38, United States Code) by any individual if such individual is entitled to reemployment rights under such chapter with respect to such service. “(6) Individual account plan.— For purposes of this subsection, the term ‘individual account plan’ means any defined contribution plan (including any tax-sheltered annuity plan under section 403(b), any simplified employee pension under section 408(k), any qualified salary reduction arrangement under section 408(p), and any eligible deferred compensation plan (as defined in section 457(b)). “(7) Compensation.— For purposes of sections 403(b)(3), 415(c)(3), and 457(e)(5), an employee who is in qualified military service shall be treated as receiving compensation from the employer during such period of qualified military service equal to— “(A) the compensation the employee would have received during such period if the employee were not in qualified military service, determined based on the rate of pay the employee would have received from the employer but for absence during the period of qualified military service, or “(B) if the compensation the employee would have received during such period was not reasonably certain, the employee’s average compensation from the employer during the 12-month period immediately preceding the qualified military service (or, if shorter, the period of employment immediately preceding the qualified military service). “(8) USERRA requirements for qualified retirement plans.— For purposes of this subchapter and section 457, an employer sponsoring a retirement plan shall be treated as meeting the requirements of chapter 43 of title 38, United States Code, only if each of the following requirements is met: “(A) An individual reemployed under such chapter is treated with respect to such plan as not having incurred a break in service with the employer maintaining the plan by reason of such individual’s period of qualified military service. “(B) Each period of qualified military service served by an individual is, upon reemployment under such chapter, deemed with respect to such plan to constitute service with the employer maintaining the plan for the purpose of determining the nonforfeitability of the individual’s accrued benefits under such plan and for the purpose of determining the accrual of benefits under such plan. “(C) An individual reemployed under such chapter is entitled to accrued benefits that are contingent on the making of, or derived from, employee contributions or elective deferrals only to the extent the individual makes payment to the plan with respect to such contributions or deferrals. No such payment may exceed the amount the individual would have been permitted or required to contribute had the individual remained continuously employed by the employer throughout the period of qualified military service. Any payment to such plan shall be made during the period beginning with the date of reemployment and whose duration is 3 times the period of the qualified military service (but not greater than 5 years). “(9) Plans not subject to title 38.— This subsection shall not apply to any retirement plan to which chapter 43 of title 38, United States Code, does not apply. “(10) References.— For purposes of this section, any reference to chapter 43 of title 38, United States Code, shall be treated as a reference to such chapter as in effect on December 12, 1994 (without regard to any subsequent amendment).”. (2) Amendment to erisa.— Section 408(b)(1) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 29 USC 1108. 1148(b)) is amended by adding at the end the following new sentence: “A loan made by a plan shall not fail to meet the requirements of the preceding sentence by reason of a loan repayment suspension described under section 414(u)(4) of the Internal Revenue Code of 1986.”. (3) Effective date.— The amendments made by this subsection shall be effective as of December 12, 1994. (o) Reporting of Real Estate Transactions.— (1) In general.— Paragraph (3) of section 6045(e) (relating to prohibition of separate charge for filing return) is amended by adding at the end the following new sentence: “Nothing in this paragraph shall be construed to prohibit the real estate reporting person from taking into account its cost of complying with such requirement in establishing its charge (other than a separate charge for complying with such requirement) to any customer for performing services in the case of a real estate transaction.”. (2) Effective date.— The amendment made by paragraph (1) shall take effect as if included in section 1015(e)(2)(A) of the Technical and Miscellaneous Revenue Act of 1988. (p) Clarification of Denial of Deduction for Stock Redemption Expenses. (1) In general.— Paragraph (1) of section 162(k) is amended by striking “the redemption of its stock” and inserting “the reacquisition of its stock or of the stock of any related person (as defined in section 465(b)(3)(C))”. (2) Certain deductions permitted.— Subparagraph (A) of section 162(k)(2) is amended by striking “or” at the end of clause (i), by redesignating clause (ii) as clause (iii), and by inserting after clause (i) the following new clause: “(ii) deduction for amounts which are properly allocable to indebtedness and amortized over the term of such indebtedness, or”. (3) Clerical amendment.— The subsection heading for subsection (k) of section 162 is amended by striking “REDEMPTION” and inserting “REACQUISITION”. (4) Effective date.— (A) In general.— Except as provided in subparagraph (B), the amendments made by this subsection shall apply to amounts paid or incurred after September 13, 1995, in taxable years ending after such date. (B) Paragraph (2).— The amendment made by paragraph (2) shall take effect as if included in the amendment made by section 613 of the Tax Reform Act of 1986. (q) Clerical Amendment to Section 404.— (1) In general.— Paragraph (1) of section 404(j) is amended by striking “(10)” and inserting “(9)”. (2) Effective date.— The amendment made by paragraph 26 USC 404 note. (1) shall take effect as if included in the amendments made by section 713(d)(4)(A) of the Deficit Reduction Act of 1984. (r) Passive Income Not To Include FSC Income, Etc.— (1) In general.— Paragraph (2) of section 1296(b) is amended by striking “or” at the end of subparagraph (B), by striking the period at the end of subparagraph (C) and inserting “, or”, and by inserting after subparagraph (C) the following new subparagraph: “(D) which is foreign trade income of an FSC or export trade income of an export trade corporation (as defined in section 971).”. (2) Effective date.— The amendments made by paragraph 26 USC 1296 note. (1) shall take effect as if included in the amendments made by section 1235 of the Tax Reform Act of 1986. (s) Technical Correction of Intermediate Sanctions Provisions.— (1) Subparagraph (C) of section 6652(c)(1) is amended by striking “$10” and inserting “$20”, and by striking “$5,000” and inserting “$10,000”. (2) Subparagraph (D) of section 6652(c)(1) is amended by striking “$10” and inserting “$20”. (t) Miscellaneous Clerical Amendments.— (1) Subclause (II) of section 56(g)(4)(C)(ii) is amended by striking “of the subclause” and inserting “of subclause”. (2) Paragraph (2) of section 72(m) is amended by inserting “and” at the end of subparagraph (A), by striking subparagraph (B), and by redesignating subparagraph (C) as subparagraph (B). (3) Paragraph (2) of section 86(b) is amended by striking “adusted” and inserting “adjusted”. (4) (A) The heading for section 112 is amended by striking “combat pay” and inserting “combat zone compensation”. (B) The item relating to section 112 in the table of sections for part III of subchapter B of chapter 1 is amended by striking “combat pay” and inserting “combat zone compensation”. (C) Paragraph (1) of section 3401(a) is amended by striking “combat pay” and inserting “combat zone compensation”. (5) Clause (i) of section 172(h)(3)(B) is amended by striking the comma at the end thereof and inserting a period. (6) Clause (ii) of section 543(a)(2)(B) is amended by striking “section 563(c)” and inserting “section 563(d)”. (7) Paragraph (1) of section 958(a) is amended by striking “sections 955(b)(1)(A) and (B), 955(c)(2)(A)(ii), and 960(a)(1)” and inserting “section 960(a)(1)”. (8) Subsection (g) of section 642 is amended by striking “under 2621(a)(2)” and inserting “under section 2621(a)(2)”. (9) Section 1463 is amended by striking “this subsection” and inserting “this section”. (10) Subsection (k) of section 3306 is amended by inserting a period at the end thereof. (11) The item relating to section 4472 in the table of sections for subchapter B of chapter 36 is amended by striking “and special rules”. (12) Paragraph (3) of section 5134(c) is amended by striking “section 6662(a)” and inserting “section 6665(a)”. (13) Paragraph (2) of section 5206(f) is amended by striking “section 5(e)” and inserting “section 105(e)”. (14) Paragraph (1) of section 6050B(c) is amended by striking “section 85(c)” and inserting “section 85(b)”. (15) Subsection (k) of section 6166 is amended by striking paragraph (6). (16) Subsection (e) of section 6214 is amended to read as follows: “(e) Cross Reference.— “For provision giving Tax Court jurisdiction to order a refund of an overpayment and to award sanctions, see section 6512(b)(2).”. (17) The section heading for section 6043 is amended by striking the semicolon and inserting a comma. (18) The item relating to section 6043 in the table of sections for subpart B of part III of subchapter A of chapter 61 is amended by striking the semicolon and inserting a comma. (19) The table of sections for part I of subchapter A of chapter 68 is amended by striking the item relating to section 6662. (20) (A) Section 7232 is amended— (i) by striking “lubricating oil,” in the heading, and (ii) by striking “lubricating oil,” in the text. (B) The table of sections for part II of subchapter A of chapter 75 is amended by striking “lubricating oil,” in the item relating to section 7232. (21) Paragraph (1) of section 6701(a) of the Omnibus Budget 26 USC 4980B. Reconciliation Act of 1989 is amended by striking “subclause (IV)” and inserting “subclause (V)”. (22) Clause (ii) of section 7304(a)(2)(D) of such Act is amended by striking “subsection (c)(2)” and inserting “subsection (c)”. (23) Paragraph (1) of section 7646(b) of such Act is amended by striking “section 6050H(b)(1)” and inserting “section 6050H(b)(2)”. (24) Paragraph (10) of section 7721(c) of such Act is amended by striking “section 6662(b)(2)(C)(ii)” and inserting “section 6661(b)(2)(C)(ii)”. (25) Subparagraph (A) of section 7811(i)(3) of such Act is amended by inserting “the first place it appears” before “in clause (i)”. (26) Paragraph (10) of section 7841(d) of such Act is amended by striking “section 381(a)” and inserting “section 381(c)”. (27) Paragraph (2) of section 7861(c) of such Act is amended by inserting “the second place it appears” before “and inserting”. (28) Paragraph (1) of section 460(b) is amended by striking “the look-back method of paragraph (3)” and inserting “the look-back method of paragraph (2)”. (29) Subparagraph (C) of section 50(a)(2) is amended by striking “subsection (c)(4)” and inserting “subsection (d)(5)”. (30) Subparagraph (B) of section 172(h)(4) is amended by striking the material following the heading and preceding clause (i) and inserting “For purposes of subsection (b)(2)—”. (31) Subparagraph (A) of section 355(d)(7) is amended by inserting “section” before “267(b)”. (32) Subparagraph (C) of section 420(e)(1) is amended by striking “mean” and inserting “means”. (33) Paragraph (4) of section 537(b) is amended by striking “section 172(i)” and inserting “section 172(f)”. (34) Subparagraph (B) of section 613(e)(1) is amended by striking the comma at the end thereof and inserting a period. (35) Paragraph (4) of section 856(a) is amended by striking “section 582(c)(5)” and inserting “section 582(c)(2)”. (36) Sections 904(f)(2)(B)(i) and 907(c)(4)(B)(iii) are each amended by inserting “(as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990)” after “section 172(h)”. (37) Subsection (b) of section 936 is amended by striking “subparagraphs (D)(ii)(I)” and inserting “subparagraphs (D)(ii)”. (38) Subsection (c) of section 2104 is amended by striking “subparagraph (A), (C), or (D) of section 861(a)(1)” and inserting “section 861(a)(1)(A)”. (39) Subparagraph (A) of section 280A(c)(1) is amended to read as follows: “(A) as the principal place of business for any trade or business of the taxpayer,”. (40) Section 6038 is amended by redesignating the subsection relating to cross references as subsection (f). (41) Clause (iv) of section 6103(e)(1)(A) is amended by striking all that follows “provisions of” and inserting “section 1(g) or 59(j);”. (42) The subsection (f) of section 6109 of the Internal Revenue Code of 1986 which was added by section 2201(d) of Public Law 101–624 is redesignated as subsection (g). (43) Subsection (b) of section 7454 is amended by striking “section 4955(e)(2)” and inserting “section 4955(f)(2)”. (44) Subsection (d) of section 11231 of the 26 USC 9507 note. Revenue Reconciliation Act of 1990 shall be applied as if “comma” appeared instead of “period” and as if the paragraph (9)proposed to be added ended with a comma. (45) Paragraph (1) of section 11303(b) of the 26 USC 832. Revenue Reconciliation Act of 1990 shall be applied as if “paragraph” appeared instead of “subparagraph” in the material proposed to be stricken. (46) Subsection (f) of section 11701 of the Revenue Reconciliation Act of 1990 is amended by inserting 26 USC 6038. “(relating to definitions)” after “section 6038(e)”. (47) Subsection (i) of section 11701 of the 26 USC 1253. Revenue Reconciliation Act of 1990 shall be applied as if “subsection” appeared instead of “section” in the material proposed to be stricken. (48) Subparagraph (B) of section 11801(c)(2) of the Revenue 26 USC 56. Reconciliation Act of 1990 shall be applied as if “section 56(g)” appeared instead of “section 59(g)”. (49) Subparagraph (C) of section 11801(c)(8) of the Revenue Reconciliation Act of 1990 shall be applied as if “reorganizations” appeared instead of “reorganization” in the material proposed to be stricken. (50) Subparagraph (H) of section 11801(c)(9) of the Revenue Reconciliation Act of 1990 shall be applied as if “section 1042(c)(1)(B)” appeared instead of “section 1042(c)(2)(B)”. (51) Subparagraph (F) of section 11801(c)(12) of the Revenue Reconciliation Act of 1990 shall be applied as if “and (3)” appeared instead of “and (E)”. (52) Subparagraph (A) of section 11801(c)(22) of the Revenue Reconciliation Act of 1990 shall be applied as if “chapters 21” appeared instead of “chapter 21” in the material proposed to be stricken. (53) Paragraph (3) of section 11812(b) of the Revenue Reconciliation Act of 1990 shall be applied by not executing the amendment therein to the heading of section 42(d)(5)(B). (54) Clause (i) of section 11813(b)(9)(A) of the Revenue Reconciliation Act of 1990 shall be applied as if a comma appeared after “(3)(A)(ix)” in the material proposed to be stricken. (55) Subparagraph (F) of section 11813(b)(l3) of the Revenue Reconciliation Act of 1990 shall be applied as if “tax” appeared after “investment” in the material proposed to be stricken. (56) Paragraph (19) of section 11813(b) of the Revenue Reconciliation Act of 1990 shall be applied as if “Paragraph (20) of section 1016(a), as redesign.ated by section. 11801,” appeared instead of “Paragraph (21) of section 1016(a)”. (57) Paragraph (5) section 8002(a) of the Surface Transportation Revenue Act of 1991 shall be applied as if “4481(e)” appeared instead of “4481(c)”. (58) Section 7872 is amended— (A) by striking “foregone” each place it appears in subsections (a) and (e)(2) and inserting “forgone”, and (B) by striking “FOREGONE” in the heading for subsection (e) and the heading for paragraph (2) of subsection (e) and inserting “FORGONE”. (59) Paragraph (7) of section 76l1(h) is amended by striking “approporiate” and inserting “appropriate”. (60) The heading of paragraph (3) of section 419A(c) is amended by striking “severence” and inserting “severance”. (61) Clause (ii) of section 807(d)(3)(B) is amended by striking “Commissoners’” and inserting “Commissioners’”. (62) Subparagraph (B) of section 1274A(c)(1) is amended by striking “instument” and inserting “instrument”. (63) Subparagraph (B) of section 724(d)(3) by striking “Subparagaph” and inserting “Subparagraph”. (64) The last sentence of paragraph (2) of section 42(c) is amended by striking “of 1988”. (65) Paragraph(1) of section 9707(d) is amended by striking “diligence,” and inserting “diligence”. (66) Subsection (c) of section 4977 is amended by striking “section 132(i)(2)” and inserting “section 132(h)”. (67) The last sentence of section 401(a)(20) is amended by striking “section 211” and inserting “section 521”. (68) Subparagraph (A) of section 402(g)(3) is amended by striking “subsection (a)(8)” and inserting “subsection (e)(3)”. (69) The last sentence of section 403(b)(10) is amended by striking “an direct” and inserting “a direct”. (70) Subparagraph (A) of section 4973(b)(1) is amended by striking “sections 402(c)” and inserting “section 402(c)”. (71) Paragraph (12) of section 3405(e) is amended by striking “(b)(3)” and inserting “(b)(2)”. (72) Paragraph (41) of section 521(b) of the Unemployment 26 USC 4973. Compensation Amendments of 1992 shall be applied as if “section” appeared instead of “sections” in the material proposed to be stricken. (73) Paragraph (27) of section 521(b) of the Unemployment 26 USC 691. Compensation Amendments of 1992 shall be applied as if “Section 691(c)(5)” appeared instead of “Section 691(c)”. (74) Paragraph (5) of section 860F(a) is amended by striking “paragraph (1)” and inserting “paragraph (2)”. (75) Paragraph (1) of section 415(k) is amended by adding “or” at the end of subparagraph (C), by striking subparagraphs (D) and (E), andby redesignating subparagraph (F) as subparagraph (D). (76) Paragraph (2) of section 404(a) is amended by striking “(18),”. (77) Clause (ii) of section 72(p)(4)(A) is amended to read as follows: (ii) Special rule.— The term ‘qualified employer plan’ shall include any plan which was (or was determined to be) a qualified employer plan or a government plan.”. (78) Sections 461(i)(3)(C) and 1274(b)(3)(B)(i) are each amended by striking “section 6662(d)(2)(C)(ii)” and inserting “section 6662(d)(2)(C)(iii)”. (79) Subsection (a) of section 164 is amended by striking the paragraphs relating to the generation-skipping tax and the environmental tax imposed by section 59A and by inserting after paragraph (3) the following new paragraphs: “(4) The GST tax imposed on income distributions. “(5) The environmental tax imposed by section 59A.”. (80) Subclause (I) of section 936(a)(4)(A)(ii) is amended by striking “deprecation” and inserting “depreciation”.

18. 1997

    Pub. L. 105–34 § 312(c) · 111 Stat. 788

    Added · 26 U.S.C. § 6045(e)(5)

    Pub. L. 105–34, § 312(c), added par. (5)

    Source evidence

    Code amendment note
    Subsec. (e)(5). Pub. L. 105–34, § 312(c), added par. (5).

    Enacted provision · exact public law section
    (c) Exception From Reporting.— Subsection (e) of section 6045 (relating to return required in the case of real estate transactions) is amended by adding at the end the following new paragraph: “(A) In general.— Paragraph (1) shall not apply to any sale or exchange of a residence for $250,000 or less if the person referred to in paragraph (2) receives written assurance in a form acceptable to the Secretary from the seller that— “(i) such residence is the principal residence (within the meaning of section 121) of the seller, “(ii) if the Secretary requires the inclusion on the return under subsection (a) of information as to whether there is federally subsidized mortgage financing assistance with respect to the mortgage on residences, that there is no such assistance with respect to the mortgage on such residence, and “(iii) the full amount of the gain on such sale or exchange is excludable from gross income under section 121. If such assurance includes an assurance that the seller is married, the preceding sentence shall be applied by substituting ‘$500,000’ for ‘$250,000’. The Secretary may by regulation increase the dollar amounts under this subparagraph if the Secretary determines that such an increase will not materially reduce revenues to the Treasury. “(B) Seller.— For purposes of this paragraph, the term ‘seller’ includes the person relinquishing the residence in an exchange.”.

19. 1997

    Pub. L. 105–34 § 1021(a) · 111 Stat. 788

    Added · 26 U.S.C. § 6045(f)

    Pub. L. 105–34, § 1021(a), added subsec. (f)

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 105–34, § 1021(a), added subsec. (f).

    Enacted provision · exact public law section
    (a) In General.— Section 6045 (relating to returns of brokers) is amended by adding at the end the following new subsection: “(f) Return Required in the Case of Payments to Attorneys.— “(1) In general.— Any person engaged in a trade or business and making a payment (in the course of such trade or business) to which this subsection applies shall file a return under subsection (a) and a statement under subsection (b) with respect to such payment. “(2) Application of subsection.— “(A) In general.— This subsection shall apply to any payment to an attorney in connection with legal services (whether or not such services are performed for the payor). “(B) Exception.— This subsection shall not apply to the portion of any payment which is required to be reported under section 6041(a) (or would be so required but for the dollar limitation contained therein) or section 6051.”.

20. 2005

    Tax Technical Corrections Act of 2005

    Pub. L. 109–135 title IV § 412(xx) · 119 Stat. 2577

    Changed · 26 U.S.C. § 6045(e)(5)(A)

    Pub. L. 109–135 adjusted the margin of the third sentence to include it in concluding provisions with the second sentence

    Source evidence

    Code amendment note
    Subsec. (e)(5)(A). Pub. L. 109–135 adjusted the margin of the third sentence to include it in concluding provisions with the second sentence.

    Enacted provision · exact public law section
    (xx) The matter following clause (iii) of section 6045(e)(5)(A) is amended by striking “for ‘$250,000’.” and all that follows through “to the Treasury.” and inserting “for ‘$250,000’. The Secretary may by regulation increase the dollar amounts under this subparagraph if the Secretary determines that such an increase will not materially reduce revenues to the Treasury.”.

21. 2008

    Energy Improvement and Extension Act of 2008

    Pub. L. 110–343 § 403(a)(3)(A) · 122 Stat. 3765

    1. Substituted · 26 U.S.C. § 6045(b)

       Pub. L. 110–343, § 403(a)(3)(A), (C), in concluding provisions, substituted “February 15” for “January 31”

    2. Inserted · 26 U.S.C. § 6045(b)

       Pub. L. 110–343, § 403(a)(3)(A), (C), in concluding provisions, inserted at end “In the case of a consolidated reporting statement (as defined in regulations) with respect to any customer, any statement which would otherwise be required to be furnished on or before January 31 of a calendar year with respect to any item reportable to the taxpayer shall instead be required to be furnished on or before February 15 of such calendar year if furnished with such consolidated reporting statement.”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 110–343, § 403(a)(3)(A), (C), in concluding provisions, substituted “February 15” for “January 31” and inserted at end “In the case of a consolidated reporting statement (as defined in regulations) with respect to any customer, any statement which would otherwise be required to be furnished on or before January 31 of a calendar year with respect to any item reportable to the taxpayer shall instead be required to be furnished on or before February 15 of such calendar year if furnished with such consolidated reporting statement.”

    Enacted provision · exact public law section
    (A) In general.— Subsection (b) of section 6045 is amended by striking “January 31” and inserting “February 15”.

22. 2008

    Energy Improvement and Extension Act of 2008

    Pub. L. 110–343 § 403(a)(3)(B) · 122 Stat. 3765

    Struck and inserted · 26 U.S.C. § 6045(d)

    Pub. L. 110–343, § 403(a)(3)(B), in concluding provisions, struck out “at such time and” before “in the manner” and inserted “The written statement required under the preceding sentence shall be furnished on or before February 15 of the year following the calendar year in which the payment was made.” before “The Secretary may prescribe”

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 110–343, § 403(a)(3)(B), in concluding provisions, struck out “at such time and” before “in the manner” and inserted “The written statement required under the preceding sentence shall be furnished on or before February 15 of the year following the calendar year in which the payment was made.” before “The Secretary may prescribe”.

    Enacted provision · exact public law section
    (B) Statements related to substitute payments.— Subsection (d) of section 6045 is amended— (i) by striking “at such time and”, and (ii) by inserting after “other item.” the following new sentence: Deadline. “The written statement required under the preceding sentence shall be furnished on or before February 15 of the year following the calendar year in which the payment was made.”.

23. 2008

    Energy Improvement and Extension Act of 2008

    Pub. L. 110–343 § 403(a)(1) · 122 Stat. 3765

    Added · 26 U.S.C. § 6045(g); 26 U.S.C. § 6045(h)

    Pub. L. 110–343, § 403(a)(1), (2), added subsecs. (g) and (h)

    Source evidence

    Code amendment note
    Subsecs. (g), (h). Pub. L. 110–343, § 403(a)(1), (2), added subsecs. (g) and (h).

    Enacted provision · exact public law section
    (1) Broker reporting for securities transactions.— Section 6045 is amended by adding at the end the following new subsection: “(g) Additional Information Required in the Case of Securities Transactions, etc.— “(1) In general.— If a broker is otherwise required to make a return under subsection (a) with respect to the gross proceeds of the sale of a covered security, the broker shall include in such return the information described in paragraph (2). “(2) Additional information required.— “(A) In general.— The information required under paragraph (1) to be shown on a return with respect to a covered security of a customer shall include the customer’s adjusted basis in such security and whether any gain or loss with respect to such security is long-term or short-term (within the meaning of section 1222). “(B) Determination of adjusted basis.— For purposes of subparagraph (A)— “(i) In general.— The customer’s adjusted basis shall be determined— “(I) in the case of any security (other than any stock for which an average basis method is permissible under section 1012), in accordance with the first-in first-out method unless the customer notifies the broker by means of making an adequate identification of the stock sold or transferred, and “(II) in the case of any stock for which an average basis method is permissible under section 1012, in accordance with the broker’s default method unless the customer notifies the broker that he elects another acceptable method under section 1012 with respect to the account in which such stock is held. “(ii) Exception for wash sales.— Except as otherwise provided by the Secretary, the customer’s adjusted basis shall be determined without regard to section 1091 (relating to loss from wash sales of stock or securities) unless the transactions occur in the same account with respect to identical securities. “(3) Covered security.— For purposes of this subsection— “(A) In general.— The term ‘covered security’ means any specified security acquired on or after the applicable date if such security— “(i) was acquired through a transaction in the account in which such security is held, or “(ii) was transferred to such account from an account in which such security was a covered security, but only if the broker received a statement under section 6045A with respect to the transfer. “(B) Specified security.— The term ‘specified security’ means— “(i) any share of stock in a corporation, “(ii) any note, bond, debenture, or other evidence of indebtedness, “(iii) any commodity, or contract or derivative with respect to such commodity, if the Secretary determines that adjusted basis reporting is appropriate for purposes of this subsection, and “(iv) any other financial instrument with respect to which the Secretary determines that adjusted basis reporting is appropriate for purposes of this subsection. “(C) Applicable date.— The term ‘applicable date’ means— “(i) January 1, 2011, in the case of any specified security which is stock in a corporation (other than any stock described in clause (ii)), “(ii) January 1, 2012, in the case of any stock for which an average basis method is permissible under section 1012, and “(iii) January 1, 2013, or such later date determined by the Secretary in the case of any other specified security. “(4) Treatment of s corporations.— In the case of the sale of a covered security acquired by an S corporation (other than a financial institution) after December 31, 2011, such S corporation shall be treated in the same manner as a partnership for purposes of this section. “(5) Special rules for short sales.— In the case of a short sale, reporting under this section shall be made for the year in which such sale is closed.” .

24. 2014

    Tax Technical Corrections Act of 2014

    Pub. L. 113–295 div. A title II § 210(f)(4) · 128 Stat. 4010

    Added · 26 U.S.C. § 6045(g)(6)

    Pub. L. 113–295 added par. (6)

    Source evidence

    Code amendment note
    Subsec. (g)(6). Pub. L. 113–295 added par. (6).

    Enacted provision · exact public law section
    (4) Subsection (g) of section 6045 is amended by adding at the end the following new paragraph: “(6) Special rule for certain stock held in connection with dividend reinvestment plan.— For purposes of this subsection, stock acquired before January 1, 2012, in connection with a dividend reinvestment plan shall be treated as stock described in clause (ii) of paragraph (3)(C) (unless the broker with respect to such stock elects not to have this paragraph apply with respect to such stock).” .

25. 2015

    Department of Justice Appropriations Act, 2016

    Pub. L. 114–113 div. Q title II § 202(c) · 129 Stat. 2242

    Added · 26 U.S.C. § 6045(g)(2)(B)(iii)

    Pub. L. 114–113 added cl. (iii)

    Source evidence

    Code amendment note
    Subsec. (g)(2)(B)(iii). Pub. L. 114–113 added cl. (iii).

    Enacted provision · exact public law section
    Sec. 202. None of the funds appropriated by this title shall be available to pay for an abortion, except where the life of the mother would be endangered if the fetus were carried to term, or in the case of rape or incest: Provided, That should this prohibition be declared unconstitutional by a court of competent jurisdiction, this section shall be null and void.

26. 2021

    Infrastructure Investment and Jobs Act

    Pub. L. 117–58 § 80603(a)(2) · 135 Stat. 429

    Substituted · 26 U.S.C. § 6045(c)(1)(C)

    Pub. L. 117–58, § 80603(a)(2), substituted “any person who (for consideration)” for “any other person who (for a consideration)” and “, and” for period at end

    Source evidence

    Code amendment note
    Subsec. (c)(1)(C). Pub. L. 117–58, § 80603(a)(2), substituted “any person who (for consideration)” for “any other person who (for a consideration)” and “, and” for period at end.

    Enacted provision · exact public law section
    (2) in subparagraph (C)— (A) by striking “any other person who (for a consideration)” and inserting “any person who (for consideration)”, and (B) by striking the period at the end and inserting “, and”, and

    Effective date note
    Pub. L. 117–58, div. H, title VI, § 80603(c), Nov. 15, 2021, 135 Stat. 1341, provided that: “The amendments made by this section [amending this section and sections 6045A, 6050I, and 6724 of this title] shall apply to returns required to be filed, and statements required to be furnished, after December 31, 2023.”

27. 2021

    Infrastructure Investment and Jobs Act

    Pub. L. 117–58 § 80603(a)(1) · 135 Stat. 429

    Added · 26 U.S.C. § 6045(c)(1)(D)

    Pub. L. 117–58, § 80603(a)(1), (3), added subpar. (D)

    Source evidence

    Code amendment note
    Subsec. (c)(1)(D). Pub. L. 117–58, § 80603(a)(1), (3), added subpar. (D).

    Enacted provision · exact public law section
    (1) by striking “and” at the end of subparagraph (B),

    Effective date note
    Pub. L. 117–58, div. H, title VI, § 80603(c), Nov. 15, 2021, 135 Stat. 1341, provided that: “The amendments made by this section [amending this section and sections 6045A, 6050I, and 6724 of this title] shall apply to returns required to be filed, and statements required to be furnished, after December 31, 2023.”

28. 2021

    Infrastructure Investment and Jobs Act

    Pub. L. 117–58 § 80603(b)(1)(A) · 135 Stat. 429

    1. Added · 26 U.S.C. § 6045(g)(3)(B)(iv); 26 U.S.C. § 6045(g)(3)(B)(v)

       Pub. L. 117–58, § 80603(b)(1)(A), added cl. (iv)

    2. Redesignated · 26 U.S.C. § 6045(g)(3)(B)(iv); 26 U.S.C. § 6045(g)(3)(B)(v)

       Pub. L. 117–58, § 80603(b)(1)(A), redesignated former cl. (iv) as (v)

    Source evidence

    Code amendment note
    Subsec. (g)(3)(B)(iv), (v). Pub. L. 117–58, § 80603(b)(1)(A), added cl. (iv) and redesignated former cl. (iv) as (v).

    Enacted provision · exact public law section
    (A) Treatment as specified security.— Section 6045(g)(3)(B) of the Internal Revenue Code of 1986 26 USC 6045. is amended by striking “and” at the end of clause (iii), by redesignating clause (iv) as clause (v), and by inserting after clause (iii) the following new clause: “(iv) any digital asset, and” .

    Effective date note
    Pub. L. 117–58, div. H, title VI, § 80603(c), Nov. 15, 2021, 135 Stat. 1341, provided that: “The amendments made by this section [amending this section and sections 6045A, 6050I, and 6724 of this title] shall apply to returns required to be filed, and statements required to be furnished, after December 31, 2023.”

29. 2021

    Infrastructure Investment and Jobs Act

    Pub. L. 117–58 § 80603(b)(1)(C) · 135 Stat. 429

    1. Added · 26 U.S.C. § 6045(g)(3)(C)(iii); 26 U.S.C. § 6045(g)(3)(C)(iv)

       Pub. L. 117–58, § 80603(b)(1)(C), added cl. (iii)

    2. Redesignated · 26 U.S.C. § 6045(g)(3)(C)(iii); 26 U.S.C. § 6045(g)(3)(C)(iv)

       Pub. L. 117–58, § 80603(b)(1)(C), redesignated former cl. (iii) as (iv)

    Source evidence

    Code amendment note
    Subsec. (g)(3)(C)(iii), (iv). Pub. L. 117–58, § 80603(b)(1)(C), added cl. (iii) and redesignated former cl. (iii) as (iv).

    Enacted provision · exact public law section
    (C) Applicable date.— Section 6045(g)(3)(C) of such Code is amended— (i) in clause (ii), by striking “and” at the end, (ii) by redesignating clause (iii) as clause (iv), and (iii) by inserting after clause (ii) the following: “(iii) January 1, 2023, in the case of any specified security which is a digital asset, and” .

    Effective date note
    Pub. L. 117–58, div. H, title VI, § 80603(c), Nov. 15, 2021, 135 Stat. 1341, provided that: “The amendments made by this section [amending this section and sections 6045A, 6050I, and 6724 of this title] shall apply to returns required to be filed, and statements required to be furnished, after December 31, 2023.”

30. 2021

    Infrastructure Investment and Jobs Act

    Pub. L. 117–58 § 80603(b)(1)(B) · 135 Stat. 429

    Added · 26 U.S.C. § 6045(g)(3)(D)

    Pub. L. 117–58, § 80603(b)(1)(B), added subpar. (D)

    Source evidence

    Code amendment note
    Subsec. (g)(3)(D). Pub. L. 117–58, § 80603(b)(1)(B), added subpar. (D).

    Enacted provision · exact public law section
    (B) Definition of digital asset.— Section 6045(g)(3) of such Code is amended by adding at the end the following new subparagraph: “(D) Digital asset.— Except as otherwise provided by the Secretary, the term ‘digital asset’ means any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary.” .

    Effective date note
    Pub. L. 117–58, div. H, title VI, § 80603(c), Nov. 15, 2021, 135 Stat. 1341, provided that: “The amendments made by this section [amending this section and sections 6045A, 6050I, and 6724 of this title] shall apply to returns required to be filed, and statements required to be furnished, after December 31, 2023.”

37 of 38 references resolved to an enrolled provision · 1 partial