Page:United States Statutes at Large Volume 115 Part 1.djvu/104

 115 STAT. 82 PUBLIC LAW 107-16-JUNE 7, 2001 Applicability. Deadline. 26 USC 6019. "(A) by taking into account only— "(i) tangible property situated in the United States, and "(ii) other property acquired from the decedent by a United States person, and "(B) by substituting the dollar amount applicable under section 1022(b)(3) for the dollar amount referred to in paragraph (1). "(4) RETURNS BY TRUSTEES OR BENEFICIARIES.— I f the executor is unable to make a complete return as to any property acquired from or passing from the decedent, the executor shall include in the return a description of such property and the name of every person holding a legal or beneficial interest therein. Upon notice from the Secretary, such person shall in like manner make a return as to such property. " (c) INFORMATION REQUIRED TO BE FURNISHED.— The information specified in this subsection with respect to any property acquired from the decedent is— "(1) the name and TIN of the recipient of such property, "(2) an accurate description of such property, "(3) the adjusted basis of such property in the hands of the decedent and its fair market value at the time of death, "(4) the decedent's holding period for such property, "(5) sufficient information to determine whether any gain on the sale of the property would be treated as ordinary income, "(6) the amount of basis increase allocated to the property under subsection (b) or (c) of section 1022, and "(7) such other information as the Secretary may by regulations prescribe. "(d) PROPERTY ACQUIRED FROM DECEDENT.— For purposes of this section, section 1022 shall apply for purposes of determining the property acquired from a decedent. "(e) STATEMENTS TO BE FURNISHED TO CERTAIN PERSONS.— Every person required to make a return under subsection (a) shall furnish to each person whose name is required to be set forth in such return (other than the person required to make such return) a written statement showing— "(1) the name, address, and phone number of the person required to make such return, and "(2) the information specified in subsection (c) with respect to property acquired from, or passing from, the decedent to the person required to receive such statement. The written statement required under the preceding sentence shall be furnished not later than 30 days after the date that the return required by subsection (a) is filed.". (2) GIFTS. —Section 6019 (relating to gift tax returns) is amended— (A) by striking "Any individual" and inserting "(a) IN GENERAL. — ^ Any individual", and (B) by adding at the end the following new subsection: " (b) STATEMENTS TO BE FURNISHED TO CERTAIN PERSONS. — Every person required to make a return under subsection (a) shall furnish to each person whose name is required to be set forth in such return (other than the person required to make such return) a written statement showing— "(1) the name, address, and phone number of the person required to make such return, and

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