§ 6050N. Returns regarding payments of royalties

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. 1986

   Tax Reform Act of 1986

   Pub. L. 99–514 title XV § 1523(a) · 100 Stat. 2085

   Enacted · 26 U.S.C. § 6050N

   Added Pub. L. 99–514, title XV, § 1523(a), Oct. 22, 1986, 100 Stat. 2747

   Source evidence

   Code source credit
   Added Pub. L. 99–514, title XV, § 1523(a), Oct. 22, 1986, 100 Stat. 2747

   Enacted provision · exact public law section
   (a) In General.— Subpart B of part III of subchapter A of chapter 61 (relating to information concerning transactions with other persons) is amended by adding at the end thereof the following new section: “SEC. 6050N. RETURNS REGARDING PAYMENTS OF ROYALTIES. “(a) Requirement of Reporting.— Every person— “(1) who makes payments of royalties (or similar amounts) aggregating $10 or more to any other person during any calendar year, or “(2) who receives payments of royalties (or similar amounts) as a nominee and who makes payments aggregating $10 or more during any calendar year to any other person with respect to the royalties (or similar amounts) so received, shall make a return according to the forms or regulations prescribed by the Secretary, setting forth the aggregate amount of such payments and the name and address of the person to whom paid. “(b) Statements To Be Furnished to Persons With Respect To Whom Information Is Furnished.— Every person 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 person required to make such return, and “(2) the aggregate amount of payments to the person required to be shown on such return. The written statement required under the preceding sentence shall be furnished (either in person or in a statement mailing by first-class mail which includes adequate notice that the statement is enclosed) to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was made and shall be in such form as the Secretary may prescribe by regulations. “(c) Exception for Payments to Certain Persons.— Except to the extent otherwise provided in regulations, this section shall not apply to any amount paid to a person described in subparagraph (A), (B), (C), (D), (E), or (F) of section 6049(b)(4).”

2. 1996

   Taxpayer Bill of Rights 2

   Pub. L. 104–168 title XII § 1201(a)(12) · 110 Stat. 1452

   Substituted · 26 U.S.C. § 6050N(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
   (12) Section 6050N(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.

2 of 2 references resolved to an enrolled provision