Page:United States Statutes at Large Volume 120.djvu/1103

 120 STAT. 1072

PUBLIC LAW 109–280—AUG. 17, 2006 ‘‘(B) primarily engaged in the activity of the collection of human blood, ‘‘(C) registered with the Secretary for purposes of excise tax exemptions, and ‘‘(D) registered by the Food and Drug Administration to collect blood.’’. (g) EFFECTIVE DATE.— (1) IN GENERAL.—The amendments made by this section shall take effect on January 1, 2007. (2) SUBSECTION (d).—The amendment made by subsection (d) shall apply to taxable periods beginning on or after July 1, 2007.

26 USC 4041 note.

Subtitle B—Reforming Exempt Organizations PART 1—GENERAL REFORMS SEC. 1211. REPORTING ON CERTAIN ACQUISITIONS OF INTERESTS IN INSURANCE CONTRACTS IN WHICH CERTAIN EXEMPT ORGANIZATIONS HOLD AN INTEREST.

(a) REPORTING REQUIREMENTS.— (1) IN GENERAL.—Subpart B of part III of subchapter A of chapter 61 (relating to information concerning transactions with other persons), as amended by this Act, is amended by adding at the end the following new section: 26 USC 6050V.

‘‘SEC. 6050V. RETURNS RELATING TO APPLICABLE INSURANCE CONTRACTS IN WHICH CERTAIN EXEMPT ORGANIZATIONS HOLD INTERESTS.

‘‘(a) IN GENERAL.—Each applicable exempt organization which makes a reportable acquisition shall make the return described in subsection (c). ‘‘(b) TIME FOR MAKING RETURN.—Any applicable exempt organization required to make a return under subsection (a) shall file such return at such time as may be established by the Secretary. ‘‘(c) FORM AND MANNER OF RETURNS.—A return is described in this subsection if such return— ‘‘(1) is in such form as the Secretary prescribes, ‘‘(2) contains the name, address, and taxpayer identification number of the applicable exempt organization and the issuer of the applicable insurance contract, and ‘‘(3) contains such other information as the Secretary may prescribe. ‘‘(d) DEFINITIONS.—For purposes of this section— ‘‘(1) REPORTABLE ACQUISITION.—The term ‘reportable acquisition’ means the acquisition by an applicable exempt organization of a direct or indirect interest in any applicable insurance contract in any case in which such acquisition is a part of a structured transaction involving a pool of such contracts. ‘‘(2) APPLICABLE INSURANCE CONTRACT.— ‘‘(A) IN GENERAL.—The term ‘applicable insurance contract’ means any life insurance, annuity, or endowment contract with respect to which both an applicable exempt organization and a person other than an applicable exempt

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