26 USC 6050P - Returns relating to the cancellation of indebtedness by certain entities

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

§ 6050P.

Returns relating to the cancellation of indebtedness by certain entities

(a)

In general

Any applicable 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

(c)

Definitions and special rules

For purposes of this section—

(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.

(2)

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,

(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), and

(D)

any organization a significant trade or business of which is the lending of money.

(3)

Governmental units

(d)

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

Every applicable 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.

(e)

Alternative procedure

(Added Pub. L. 103–66, title XIII, § 13252(a), Aug. 10, 1993, 107 Stat. 531; amended Pub. L. 104–134, title III, § 31001(m)(2)(A)–(D)(ii), Apr. 26, 1996, 110 Stat. 1321–368, 1321–369; Pub. L. 106–170, title V, § 533(a), Dec. 17, 1999, 113 Stat. 1931.)

cite as: 26 USC 6050P