26 USC 6050L - Returns relating to certain donated property

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

§ 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 3 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,

(E)

the date of such disposition,

(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).

(2)

Definitions

For purposes of this subsection:

(A)

Charitable deduction property

(B)

Publicly traded securities

(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

(B)

Specified taxable year

(c)

Statement to be furnished to donors

(Added Pub. L. 98–369, div. A, title I, § 155(b)(1), July 18, 1984, 98 Stat. 692; amended Pub. L. 108–357, title VIII, § 882(c)(1), Oct. 22, 2004, 118 Stat. 1629; Pub. L. 109–280, title XII, § 1215(b), Aug. 17, 2006, 120 Stat. 1078.)

cite as: 26 USC 6050L