Page:United States Statutes at Large Volume 118.djvu/1660

 118 STAT. 1630 PUBLIC LAW 108–357—OCT. 22, 2004 ‘‘(1) IN GENERAL.—If the donee of any charitable deduction property sells, exchanges, or otherwise disposes of such property within 2 years after its receipt, the donee shall make a return (in accordance with forms and regulations prescribed by the Secretary) showing— ‘‘(A) the name, address, and TIN of the donor, ‘‘(B) a description of the property, ‘‘(C) the date of the contribution, ‘‘(D) the amount received on the disposition, and ‘‘(E) the date of such disposition. ‘‘(2) DEFINITIONS.—For purposes of this subsection: ‘‘(A) CHARITABLE DEDUCTION PROPERTY.—The term ‘charitable deduction property’ means any property (other than publicly traded securities) contributed in a contribu tion for which a deduction was claimed under section 170 if the claimed value of such property (plus the claimed value of all similar items of property donated by the donor to 1 or more donees) exceeds $5,000. ‘‘(B) PUBLICLY TRADED SECURITIES.—The term ‘publicly traded securities’ means securities for which (as of the date of the contribution) market quotations are readily available on an established securities market. ‘‘(b) QUALIFIED INTELLECTUAL PROPERTY CONTRIBUTIONS.— ‘‘(1) IN GENERAL.—Each donee with respect to a qualified intellectual property contribution shall make a return (at such time and in such form and manner as the Secretary may by regulations prescribe) with respect to each specified taxable year of the donee showing— ‘‘(A) the name, address, and TIN of the donor, ‘‘(B) a description of the qualified intellectual property contributed, ‘‘(C) the date of the contribution, and ‘‘(D) the amount of net income of the donee for the taxable year which is properly allocable to the qualified intellectual property (determined without regard to para graph (10)(B) of section 170(m) and with the modifications described in paragraphs (5) and (6) of such section). ‘‘(2) DEFINITIONS.—For purposes of this subsection: ‘‘(A) IN GENERAL.—Terms used in this subsection which are also used in section 170(m) have the respective meanings given such terms in such section. ‘‘(B) SPECIFIED TAXABLE YEAR.—The term ‘specified tax able year’ means, with respect to any qualified intellectual property contribution, any taxable year of the donee any portion of which is part of the 10 year period beginning on the date of such contribution. ‘‘(c) STATEMENT TO BE FURNISHED TO DONORS.—Every person making a return under subsection (a) or (b) shall furnish a copy of such return to the donor at such time and in such manner as the Secretary may by regulations prescribe.’’. (2) CLERICAL AMENDMENT.—The table of sections for sub part A of part II of subchapter A of chapter 61 is amended by striking the item relating to section 6050L and inserting the following new item: ‘‘Sec. 6050L. Returns relating to certain donated property.’’.

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