Page:United States Statutes at Large Volume 100 Part 3.djvu/940

 100 STAT. 2748

PUBLIC LAW 99-514—OCT. 22, 1986

"(1) who m a k e s payments of royalties (or similar amounts) aggregating $10 or more to any other person during any cali e n d a r year, or i "(2) who receives payments of royalties (or similar amounts) as a nominee and who m a k e s payments aggregating $10 or more during any calendar year to any other person with respect to the royalties (or similar amounts) so received, shall m a k e a r e t u r n according to the forms or regulations prescribed by the Secretary, setting forth the aggregate a m o u n t of such payments and the n a m e and address of the person to whom paid. "(b) STATEMENTS TO B E F U R N I S H E D TO PERSONS W I T H RESPECT To W H O M INFORMATION Is F U R N I S H E D. — E v e r y person r e q u i r e d to m a k e

a r e t u r n under subsection (a) shall furnish to each person whose n a m e is required to be set forth in such r e t u r n a w r i t t e n statement showing— "(1) the n a m e and address of the person required to m a k e such r e t u r n, and "(2) the aggregate a m o u n t of payments to the person required to be shown on such r e t u r n. The w r i t t e n statement required under the preceding sentence shall be furnished (either in person or in a statement mailing by firstclass mail which includes a d e q u a t e notice that the statement is enclosed) to the person on or before January 31 of the year following the calendar year for which the r e t u r n under subsection (a) w a s made and shall be in such form a s the Secretary may prescribe by regulations. "(c) EXCEPTION FOR P A Y M E N T S TO CERTAIN P E R S O N S. — E x c e p t to

the extent otherwise provided in regulations, this section shall not apply to any a m o u n t paid to a person described in subparagraph (A), (B), (C), (D), (E), or (F) of section 6049(b)(4)." (b) CONFORMING AMENDMENTS. —

(1) Paragraph (3) of section 34060t)) (relating to backup withholding) is amended— (A) by striking out " o r " a t the e n d of subparagraph (C), (B) by striking out the period a t the e n d of subparagraph ,; (D) and inserting in lieu thereof ", or", and vt • * (C) by adding a t the e n d thereof the following new nil subparagraph: "(E) section 6050N (relating to payments of royalties)." ti. (2) Subsection (a) of section 6041 (relating to information a t r source) is amended by striking out " o r 6049(a)" and inserting in lieu thereof "6049(a), or 6050N(a)". (3) Section 6676 (relating to failure to supply identifying numbers) is amended— (A) by striking o u t " o r 6049" in subsection (a)(3) and inserting in lieu thereof "6049, or 6050N", (B) by striking o u t "or 6049" in subsection (b)(1)(A) and inserting in lieu thereof "6049, or 6050N", and ,

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(C) by striking o u t " A N D D IV I D E N D " in the heading for

''"*"'"'

subsection (b) and inserting in lieu thereof ", DIVIDENDS,

AND ROYALTIES". (c) CLERICAL AMENDMENT. — The t a b l e of sections of subpart B of

part III of subchapter A of chapter 61 is amended by adding a t the end thereof the following new item: "Sec. 6050N. Returns regarding payments of royalties."

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