§ 6050P. Returns relating to the cancellation of indebtedness by certain entities

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. 1993

   Revenue Reconciliation Act of 1993

   Pub. L. 103–66 title XIII § 13252(a) · 107 Stat. 312

   Enacted · 26 U.S.C. § 6050P

   Added Pub. L. 103–66, title XIII, § 13252(a), Aug. 10, 1993, 107 Stat. 531

   Source evidence

   Code source credit
   Added Pub. L. 103–66, title XIII, § 13252(a), Aug. 10, 1993, 107 Stat. 531

   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. 6050P. RETURNS RELATING TO THE CANCELLATION OF INDEBTEDNESS BY CERTAIN FINANCIAL ENTITIES. “(a) In General.— Any applicable financial entity which discharges (in whole or in part) the indebtedness of any person during any calendar year shall make a return (at such time and in such form as the Secretary may by regulations prescribe) setting forth— “(1) the name, address, and TIN of each person whose indebtedness was discharged during such calendar year, “(2) the date of the discharge and the amount of the indebtedness discharged, and “(3) such other information as the Secretary may prescribe. “(b) Exception.— Subsection (a) shall not apply to any discharge of less than $600. “(c) Definitions and Special Rules.— For purposes of this section— “(1) Applicable financial entity.— The term ‘applicable financial entity’ means— “(A) any financial institution described in section 581 or 591(a) and any credit union, “(B) the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, the National Credit Union Administration, and any other Federal executive agency (as defined in section 6050M), and any successor or subunit of any of the foregoing, and “(C) any other corporation which is a direct or indirect subsidiary of an entity referred to in subparagraph (A) but only if, by virtue of being affiliated with such entity, such other corporation is subject to supervision and examination by a Federal or State agency which regulates entities referred to in subparagraph (A). “(2) Governmental units.— In the case of an entity described in paragraph (1)(B), any return under this section shall be made by the officer or employee appropriately designated for the purpose of making such return. “(d) Statements to Be Furnished to Persons With Respect to Whom Information Is Required To Be Furnished.— Every applicable financial entity 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 entity 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 made.”

2. 1996

   Debt Collection Improvement Act of 1996

   Pub. L. 104–134 § 31001(m)(2)(D)(ii) · 110 Stat. 1321

   1. Amended · 26 U.S.C. § 6050P

      Pub. L. 104–134, § 31001(m)(2)(D)(ii), amended section catchline generally

   2. Struck · 26 U.S.C. § 6050P

      Pub. L. 104–134, § 31001(m)(2)(D)(ii), striking out “financial” before “entities”

   Source evidence

   Code amendment note
   Pub. L. 104–134, § 31001(m)(2)(D)(ii), amended section catchline generally, striking out “financial” before “entities”.

   Enacted provision · exact public law section
   (ii) The heading of section 6050P of such Code is amended to read as follows: “SEC. 6050P. RETURNS RELATING TO THE CANCELLATION OF INDEBTEDNESS BY CERTAIN ENTITIES.”

3. 1996

   Debt Collection Improvement Act of 1996

   Pub. L. 104–134 § 31001(m)(2)(A) · 110 Stat. 1321

   Struck · 26 U.S.C. § 6050P(a)

   Pub. L. 104–134, § 31001(m)(2)(A), struck out “financial” before “entity” in introductory provisions

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 104–134, § 31001(m)(2)(A), struck out “financial” before “entity” in introductory provisions.

   Enacted provision · exact public law section
   (A) In general.— Subsection (a) of section 6050P of the Internal Revenue Code of 1986 (relating to returns relating to the cancellation of indebtedness by certain financial entities) is amended by striking “applicable financial entity” and inserting “applicable entity”.

4. 1996

   Debt Collection Improvement Act of 1996

   Pub. L. 104–134 § 31001(m)(2)(B) · 110 Stat. 1321

   1. Added · 26 U.S.C. § 6050P(c)

      Pub. L. 104–134, § 31001(m)(2)(B), added par. (1)

   2. Redesignated · 26 U.S.C. § 6050P(c)

      Pub. L. 104–134, § 31001(m)(2)(B), redesignated former par. (1) as (2)

   3. Redesignated · 26 U.S.C. § 6050P(c)

      Pub. L. 104–134, § 31001(m)(2)(B), redesignated former par. (2) as (3)

   4. Substituted · 26 U.S.C. § 6050P(c)

      Pub. L. 104–134, § 31001(m)(2)(B), substituted “(1)(A) or (2)(B)” for “(1)(B)”

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 104–134, § 31001(m)(2)(B), added par. (1), redesignated former par. (1) as (2), and redesignated former par. (2) as (3) and substituted “(1)(A) or (2)(B)” for “(1)(B)”.

   Enacted provision · exact public law section
   (B) Entities to which requirement applies.— Subsection (c) of section 6050P of such Code is amended— (i) by redesignating paragraphs (1) and (2) as paragraphs (2) and (3), respectively, and inserting before paragraph (2) (as so redesignated) the following new paragraph: “(1) Applicable entity.—The term ‘applicable entity means— “(A) an executive, judicial, or legislative agency (as defined in section 3701(a)(4) of title 31, United States Code), and “(B) an applicable financial entity.”, and (ii) in paragraph (3), as so redesignated, by striking “(1)(B)” and inserting “(1)(A) or (2)(B)”.

5. 1996

   Debt Collection Improvement Act of 1996

   Pub. L. 104–134 § 31001(m)(2)(D)(i) · 110 Stat. 1321

   Struck · 26 U.S.C. § 6050P(d)

   Pub. L. 104–134, § 31001(m)(2)(D)(i), struck out “financial” before “entity” in introductory provisions

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 104–134, § 31001(m)(2)(D)(i), struck out “financial” before “entity” in introductory provisions.

   Enacted provision · exact public law section
   (i) Subsection (d) of section 6050P of such Code is amended by striking “applicable financial entity” and inserting “applicable entity”.

6. 1996

   Debt Collection Improvement Act of 1996

   Pub. L. 104–134 § 31001(m)(2)(C) · 110 Stat. 1321

   Added · 26 U.S.C. § 6050P(e)

   Pub. L. 104–134, § 31001(m)(2)(C), added subsec. (e)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 104–134, § 31001(m)(2)(C), added subsec. (e).

   Enacted provision · exact public law section
   (C) Alternative procedure.— Section 6050P of such Code is amended by adding at the end the following new subsection: “(e) Alternative Procedure.— In lieu of making a return required under subsection (a), an agency described in subsection (c)(1)(A) may submit to the Secretary (at such time and in such form as the Secretary may by regulations prescribe) information sufficient for the Secretary to complete such a return on behalf of such agency. Upon receipt of such information, the Secretary shall complete such return and provide a copy of such return to such agency.”

7. 1999

   Tax Relief Extension Act of 1999

   Pub. L. 106–170 title V § 533(a) · 113 Stat. 1860

   Added · 26 U.S.C. § 6050P(c)(2)(D)

   Pub. L. 106–170 added subpar. (D)

   Source evidence

   Code amendment note
   Subsec. (c)(2)(D). Pub. L. 106–170 added subpar. (D).

   Enacted provision · exact public law section
   (a) In General.— Paragraph (2) of section 6050P(c) of the Internal Revenue Code of 1986 (relating to definitions and special 26 USC 6050P. rules) is amended by striking “and” at the end of subparagraph (B), by striking the period at the end of subparagraph (C) and inserting “, and”, and by inserting after subparagraph (C) the following new subparagraph: “(D) any organization a significant trade or business of which is the lending of money.” .

   Effective date note
   Pub. L. 106–170, title V, § 533(b), Dec. 17, 1999, 113 Stat. 1931, provided that: “The amendment made by subsection (a) [amending this section] shall apply to discharges of indebtedness after December 31, 1999.”

11 of 11 references resolved to an enrolled provision