§ 6050K. Returns relating to exchanges of certain partnership interests

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 I § 149(a) · 98 Stat. 494

   Enacted · 26 U.S.C. § 6050K

   Added Pub. L. 98–369, div. A, title I, § 149(a), July 18, 1984, 98 Stat. 689

   Source evidence

   Code source credit
   Added Pub. L. 98–369, div. A, title I, § 149(a), July 18, 1984, 98 Stat. 689

   Enacted provision · exact public law section
   (a) In General.— Subpart B of part III of subchapter A of chapter 61 (relating to information and returns) is amended by adding at the end thereof the following new section. “SEC. 6050K. RETURNS RELATING TO EXCHANGES OF CERTAIN PARTNERSHIP INTERESTS. “(a) In General.— Except as provided in regulations prescribed by the Secretary, if there is an exchange described in section 751(a) of any interest in a partnership during any calendar year, such partnership shall make a return for such calendar year stating— “(1) the name and address of the transferee and transferor in such exchange, and “(2) such other information as the Secretary may by regulations prescribe. Such return shall be made at such time and in such manner as the Secretary may require by regulations. “(b) Statement To Be Furnished to Transferor and Transferee.— Every partnership making a return under subsection (a) shall furnish to each person whose name is set forth in such return a written statement showing— “(1) the name and address of the partnership making the return, and “(2) the information shown on the return with respect to such person. The statement required under the preceding sentence shall be furnished to the person on or before January 31 following the calendar year for which the return under subsection (a) was made. “(c) Requirement That Transferor Notify Partnership.— “(1) In general.— In the case of any exchange described in subsection (a), the transferor of the partnership interest shall promptly notify the partnership of such exchange. “(2) Partnership not required to make return until notice.— A partnership shall not be required to make a return under this subsection with respect to any exchange until the partnership is notified of such exchange.”

2. 1986

   Tax Reform Act of 1986

   Pub. L. 99–514 § 1501(c)(13) · 100 Stat. 2085

   1. Changed · 26 U.S.C. § 6050K(b)

      Pub. L. 99–514, § 1501(c)(13), in amending subsec. (b) generally

   2. Substituted · 26 U.S.C. § 6050K(b)

      Pub. L. 99–514, § 1501(c)(13), in substituted references to partnerships required to make a return for former references to partnerships making a return and references to persons whose name is required to be set forth for former references to persons whose name is set forth

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 99–514, § 1501(c)(13), in amending subsec. (b) generally, substituted references to partnerships required to make a return for former references to partnerships making a return and references to persons whose name is required to be set forth for former references to persons whose name is set forth.

   Enacted provision · exact public law section
   (13) Subsection (b) of section 6050K is amended to read as follows: “(b) Statements To Be Furnished to Transferor and Transferee.— Every partnership 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 and address of the partnership required to make such return, and “(2) the information required to be shown on the return with respect to such person. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made.”

3. 1986

   Tax Reform Act of 1986

   Pub. L. 99–514 § 1811(b)(2) · 100 Stat. 2085

   Substituted · 26 U.S.C. § 6050K(c)(2)

   Pub. L. 99–514, § 1811(b)(2), substituted “this section” for “this subsection”

   Source evidence

   Code amendment note
   Subsec. (c)(2). Pub. L. 99–514, § 1811(b)(2), substituted “this section” for “this subsection”.

   Enacted provision · exact public law section
   (2) Returns relating to certain partnership interests.— Paragraph (2) of section 6050K(c) (relating to requirement that transferor notify partnership) is amended by striking out “this subsection” and inserting in lieu thereof “this section”.

4. 1996

   Taxpayer Bill of Rights 2

   Pub. L. 104–168 title XII § 1201(a)(11) · 110 Stat. 1452

   Substituted · 26 U.S.C. § 6050K(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
   (11) Section 6050K(b)(1).

   Effective date note
   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.

5 of 5 references resolved to an enrolled provision