26 USC 6050J - Returns relating to foreclosures and abandonments of security

U.S Code last checked for updates: May 06, 2024

§ 6050J.

Returns relating to foreclosures and abandonments of security

(a)

In general

Any person who, in connection with a trade or business conducted by such person, lends money secured by property and who—

(1)

in full or partial satisfaction of any indebtedness, acquires an interest in any property which is security for such indebtedness, or

(2)

has reason to know that the property in which such person has a security interest has been abandoned,

shall make a return described in subsection (c) with respect to each of such acquisitions or abandonments, at such time as the Secretary may by regulations prescribe.

(b)

Exception

(c)

Form and manner of return

The return required under subsection (a) with respect to any acquisition or abandonment of property—

(1)

shall be in such form as the Secretary may prescribe,

(2)

shall contain—

(A)

the name and address of each person who is a borrower with respect to the indebtedness which is secured,

(B)

a general description of the nature of such property and such indebtedness,

(C)

in the case of a return required under subsection (a)(1)—

(i)

the amount of such indebtedness at the time of such acquisition, and

(ii)

the amount of indebtedness satisfied in such acquisition,

(D)

in the case of a return required under subsection (a)(2), the amount of such indebtedness at the time of such abandonment, and

(E)

such other information as the Secretary may prescribe.

(d)

Applications to governmental units

For purposes of this section—

(1)

Treated as persons

(2)

Special rules

In the case of a governmental unit or any agency or instrumentality thereof—

(A)

subsection (a) shall be applied without regard to the trade or business requirement contained therein, and

(B)

any return under this section shall be made by the officer or employee appropriately designated for the purpose of making such return.

(e)

Statements to be furnished to persons with respect to whom information is required to be furnished

(f)

Treatment of other dispositions

(Added Pub. L. 98–369, div. A, title I, § 148(a), July 18, 1984, 98 Stat. 687; amended Pub. L. 104–168, title XII, § 1201(a)(10), July 30, 1996, 110 Stat. 1470.)

cite as: 26 USC 6050J