Page:United States Statutes at Large Volume 100 Part 3.djvu/1024

 100 STAT. 2832

PUBLIC LAW 99-514—OCT. 22, 1986

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that such election may not be made before the individual has met the substantial presence test of paragraph (3) with s« respect to the calendar year immediately following the election year. "(F) An election once made under subparagraph (B) remains in effect for the election year, unless revoked with the consent of the Secretary." (5)(A) Section 7701(b)(4)(A) (defining exempt individual) is amended by striking "or" at the end of clause (ii), by striking the period at the end of clause (iii) and inserting ", or" and by adding after clause (iii) the following new clause: .... "(jy) a professional athlete who is temporarily in the United States to compete in a charitable sports event described in section 274(k)(2)." (B) The amendments made by this paragraph shall apply to periods after the date of the enactment of this Act. SEC. 1811. AMENDMENTS RELATED TO REPORTING, PENALTY, AND OTHER PROVISIONS. (a) AMENDMENTS RELATED TO SECTION 145 OF THE ACT.—

(1) Section 6050H (relating to returns relating to mortgage interest received in trade or business from individuals) is amended by adding at the end thereof the following new subsection: "(g) SPECIAL RULES FOR COOPERATIVE HOUSING CORPORATIONS.—

For purposes of subsection (a), an amount received by a cooperative housing corporation from a tenant-stockholder shall be deemed to be interest received on a mortgage in the course of a trade or business engaged in by such corporation, to the extent of the tenant-stockholder's proportionate share of interest described in section 216(a)(2). Terms used in the preceding sentence shall have the same meanings as when used in section 216." (2) Paragraph (2) of section 145(d) of the Tax Reform Act of 1984 is amended l3y striking out "section 6652" and inserting in lieu thereof "section 6676". (b) AMENDMENTS RELATED TO SECTION 149 OF THE ACT.— (1) RETURN OF PARTNERSHIP INCOME.—

(A) IN GENERAL.—Section 6031 (relating to return of partnership income) is amended— fc3,'i < ? (i) by inserting "or who holds an interest in such partnership as a nominee for another person" in subsection (b) after "who is a partner", and (ii) by adding at the end thereof, the following new subsection: "(c) NOMINEE REPORTING.—Any person who holds an interest in a partnership as a nominee for another person— "(1) shall furnish to the partnership, in the manner prescribed by the Secretary, the name and address of such other person, and any other information for such taxable year as the Secretary may by form and regulation prescribe, and "(2) shall furnish in the manner prescribed by the Secretary such other person the information provided by such partnership under subsection (b)." (B) EFFECTIVE DATE.—The amendments made by this subsection shall apply to partnership taxable years beginning after the date of the enactment of this Act,

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