26 U.S.C. § 6050K
§ 6050K. Returns relating to exchanges of certain partnership interests
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Added in 1984 by the Deficit Reduction Act of 1984. Last changed July 30, 1996 by the Public Law 104-168.
Every change, newest first (3)
- July 30, 1996Public Law 104-168
- October 22, 1986Tax Reform Act of 1986
- July 18, 1984Deficit Reduction Act of 1984 · added this section
The law as written
Current through Public Law 119-102. Amendment notes omitted.
Structure
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—
the name and address of the transferee and transferor in such exchange, and
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.
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—
the name, address, and phone number of the information contact of the partnership required to make such return, and
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.
In the case of any exchange described in subsection (a), the transferor of the partnership interest shall promptly notify the partnership of such exchange.
A partnership shall not be required to make a return under this section with respect to any exchange until the partnership is notified of such exchange.