Page:United States Statutes at Large Volume 107 Part 1.djvu/558

 107 STAT. 532 PUBLIC LAW 103-66 —AUG. 10, 1993 such other corporation is subject to supervision and examination by a Federal or State agency which regulates entities referred to in subparagraph (A). "(2) GOVERNMENTAL UNITS. —In the case of an entity described in paragraph (I)(B), any return under this section shall be made by the officer or employee appropriately designated for the purpose of making such return. "(d) STATEMENTS TO BE FURNISHED TO PERSONS WITH RESPECT TO WHOM INFORMATION IS REQUIRED TO BE FURNISHED.— Every applicable financial 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." (b) PENALTIES — 26 USC 6724. (1) RETURNS. — Suboaragraph (B) of section 6724(d)(l) is amended by inserting after clause (vii) the following new clause (and by redesignating the following clauses accordingly): " (viii) section 6050P (relating to returns relating to the cancellation of indebtedness by certain financial entities), ". (2) STATEMENTS.—Paragraph (2) of section 6724(d) is amended by redesignating subparagraphs (P) through (S) as subparagraphs (Q) througn (T), respectively, and by inserting after subparagraph (O) the following new subparagraph: (P) section 6050P(d) (relating to returns relating to the cancellation of indebtedness by certain financial entities),". (c) CLERICAL AMENDMENT.—The table of sections for subpart B of part III of subchapter A of chapter 61 is amended by adding at the end thereof the following new item: "Sec. 6050P. Returns relating to the cancellation of indebtedness by certain financial entities. 26 USC 6050P (d) EFFECTIVE DATE.— "° *^^ (1) IN GENERAL. —Except as provided in paragraph (2), the amendments made by this section shall apply to discharges of indebtedness after December 31, 1993. (2) (JOVERNMENTAL ENTITIES. —In the case of an entity referred to in section 6050P(c)(l)(B) of the Internal Revenue Code of 1986 (as added by this section), the amendments made by this section shall apply to discharges of indebtedness after the date of the enactment of this Act. PART VI—TREATMENT OF INTANGIBLES SEC. 13261. AMORTIZATION OF GOODWILL AND CERTAIN OTHER INTANGIBLES. (a) GENERAL RULE. —Part VI of subchapter B of chapter 1 (relating to itemized deductions for individuals and corporations) is amended by adding at the end thereof the following new section:

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