§ 6050L. Returns relating to certain donated property

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 § 155(b)(1) · 98 Stat. 494

   Enacted · 26 U.S.C. § 6050L

   Added Pub. L. 98–369, div. A, title I, § 155(b)(1), July 18, 1984, 98 Stat. 692

   Source evidence

   Code source credit
   Added Pub. L. 98–369, div. A, title I, § 155(b)(1), July 18, 1984, 98 Stat. 692

   Enacted provision · exact public law section
   (1) 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. 6050L. RETURNS RELATING TO CERTAIN DISPOSITIONS OF DONATED PROPERTY. “(a) General Rule.— If the donee of any charitable deduction property sells, exchanges, or otherwise disposes of such property within 2 years after its receipt, the donee shall make a return (in accordance with forms and regulations prescribed by the Secretary) showing— “(1) the name, address, and TIN of the donor, “(2) a description of the property, “(3) the date of the contribution, “(4) the amount received on the disposition, and “(5) the date of such disposition. “(b) Charitable Deduction Property.— For purposes of this section, the term ‘charitable deduction property’ means any property (other than publicly traded securities) contributed in a contribution for which a deduction was claimed under section 170 if the claimed value of such property (plus the claimed value of all similar items of property donated by the donor to 1 or more donees) exceeds $5,000. “(c) Statement To Be Furnished to Donors.— Every person making a return under subsection (a) shall furnish a copy of such return to the donor at such time and in such manner as the Secretary may by regulations prescribe. “(d) Definition of Publicly Traded Securities.— The term ‘publicly traded securities’ means securities for which (as of the date of the contribution) market quotations are readily available on an established securities market.”

2. 2004

   Pub. L. 108–357 title VIII § 882(c)(1) · 118 Stat. 1418

   1. Amended · 26 U.S.C. § 6050L

      Pub. L. 108–357 amended section catchline and text generally

   2. Substituted · 26 U.S.C. § 6050L

      Pub. L. 108–357 substituting provisions consisting of subsecs. (a) to (c) for provisions which, in subsec. (a) required return to be made by donee and set forth contents requirements, in subsec. (b) defined “charitable deduction property” for purposes of this section, in subsec. (c) required copy of return to be furnished to donor by donee, and in subsec. (d) defined “publicly traded securities”

   Source evidence

   Code amendment note
   Pub. L. 108–357 amended section catchline and text generally, substituting provisions consisting of subsecs. (a) to (c) for provisions which, in subsec. (a) required return to be made by donee and set forth contents requirements, in subsec. (b) defined “charitable deduction property” for purposes of this section, in subsec. (c) required copy of return to be furnished to donor by donee, and in subsec. (d) defined “publicly traded securities”.

   Enacted provision · exact public law section
   (1) In general.— Section 6050L (relating to returns relating to certain dispositions of donated property) is amended to read as follows: “SEC. 6050L. RETURNS RELATING TO CERTAIN DONATED PROPERTY. “(a) Dispositions of Donated Property.— “(1) In general.— If the donee of any charitable deduction property sells, exchanges, or otherwise disposes of such property within 2 years after its receipt, the donee shall make a return (in accordance with forms and regulations prescribed by the Secretary) showing— “(A) the name, address, and TIN of the donor, “(B) a description of the property, “(C) the date of the contribution, “(D) the amount received on the disposition, and “(E) the date of such disposition. “(2) Definitions.— For purposes of this subsection: “(A) Charitable deduction property.— The term ‘charitable deduction property’ means any property (other than publicly traded securities) contributed in a contribution for which a deduction was claimed under section 170 if the claimed value of such property (plus the claimed value of all similar items of property donated by the donor to 1 or more donees) exceeds $5,000. “(B) Publicly traded securities.— The term ‘publicly traded securities’ means securities for which (as of the date of the contribution) market quotations are readily available on an established securities market. “(b) Qualified Intellectual Property Contributions.— “(1) In general.— Each donee with respect to a qualified intellectual property contribution shall make a return (at such time and in such form and manner as the Secretary may by regulations prescribe) with respect to each specified taxable year of the donee showing— “(A) the name, address, and TIN of the donor, “(B) a description of the qualified intellectual property contributed, “(C) the date of the contribution, and “(D) the amount of net income of the donee for the taxable year which is properly allocable to the qualified intellectual property (determined without regard to paragraph (10)(B) of section 170(m) and with the modifications described in paragraphs (5) and (6) of such section). “(2) Definitions.— For purposes of this subsection: “(A) In general.— Terms used in this subsection which are also used in section 170(m) have the respective meanings given such terms in such section. “(B) Specified taxable year.— The term ‘specified taxable year’ means, with respect to any qualified intellectual property contribution, any taxable year of the donee any portion of which is part of the 10-year period beginning on the date of such contribution. “(c) Statement To Be Furnished to Donors.— Every person making a return under subsection (a) or (b) shall furnish a copy of such return to the donor at such time and in such manner as the Secretary may by regulations prescribe.” .

3. 2006

   Pub. L. 109–280 title XII § 1215(b) · 120 Stat. 780

   1. Added · 26 U.S.C. § 6050L(a)(1)

      Pub. L. 109–280, which directed the amendment of section 6050L by adding subpars. (F) and (G) and concluding provisions

   2. Substituted · 26 U.S.C. § 6050L(a)(1)

      Pub. L. 109–280, which directed the amendment of section 6050L by substituting “3 years” for “2 years” in introductory provisions without specifying the act to be amended, was executed to this section, which is section 6050L of the Internal Revenue Code of 1986, to reflect the probable intent of Congress

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 109–280, which directed the amendment of section 6050L by adding subpars. (F) and (G) and concluding provisions and substituting “3 years” for “2 years” in introductory provisions without specifying the act to be amended, was executed to this section, which is section 6050L of the Internal Revenue Code of 1986, to reflect the probable intent of Congress.

   Enacted provision · exact public law section
   (b) Reporting Requirements.— Paragraph (1) of section 6050L(a) (relating to returns relating to certain dispositions of donated property) is amended— (1) by striking “2 years” and inserting “3 years”, and (2) by striking “and” at the end of subparagraph (D), by striking the period at the end of subparagraph (E) and inserting a comma, and by inserting at the end the following: “(F) a description of the donee’s use of the property, and “(G) a statement indicating whether the use of the property was related to the purpose or function constituting the basis for the donee’s exemption under section 501. In any case in which the donee indicates that the use of applicable property (as defined in section 170(e)(7)(C)) was related to the purpose or function constituting the basis for the exemption of the donee under section 501 under subparagraph (G), the donee shall include with the return the certification described in section 170(e)(7)(D) if such certification is made under section 170(e)(7).” .

   Effective date note
   Pub. L. 109–280, title XII, § 1215(d)(2), Aug. 17, 2006, 120 Stat. 1079, provided that: “The amendments made by subsection (b) [amending this section] shall apply to returns filed after September 1, 2006.”

5 of 5 references resolved to an enrolled provision