Page:United States Statutes at Large Volume 124.djvu/138

 124 STAT. 112 PUBLIC LAW 111–147—MAR. 18, 2010 (A) Subparagraph (B) of section 6501(e)(1), as redesig- nated by paragraph (1), is amended by striking all that precedes clause (i) and inserting the following: ‘‘(B) DETERMINATION OF GROSS INCOME.—For purposes of subparagraph (A)—’’. (B) Paragraph (2) of section 6229(c) is amended by striking ‘‘which is in excess of 25 percent of the amount of gross income stated in its return’’ and inserting ‘‘and such amount is described in clause (i) or (ii) of section 6501(e)(1)(A)’’. (b) ADDITIONAL REPORTS SUBJECT TO EXTENDED PERIOD.—Para- graph (8) of section 6501(c) is amended— (1) by inserting ‘‘pursuant to an election under section 1295(b) or’’ before ‘‘under section 6038’’, (2) by inserting ‘‘1298(f),’’ before ‘‘6038’’, and (3) by inserting ‘‘6038D,’’ after ‘‘6038B,’’. (c) CLARIFICATIONS RELATED TO FAILURE TO DISCLOSE FOREIGN TRANSFERS.—Paragraph (8) of section 6501(c) is amended by striking ‘‘event’’ and inserting ‘‘tax return, event,’’. (d) EFFECTIVE DATE.—The amendments made by this section shall apply to— (1) returns filed after the date of the enactment of this Act; and (2) returns filed on or before such date if the period speci- fied in section 6501 of the Internal Revenue Code of 1986 (determined without regard to such amendments) for assess- ment of such taxes has not expired as of such date. PART III—OTHER DISCLOSURE PROVISIONS SEC. 521. REPORTING OF ACTIVITIES WITH RESPECT TO PASSIVE FOR- EIGN INVESTMENT COMPANIES. (a) IN GENERAL.—Section 1298 is amended by redesignating subsection (f) as subsection (g) and by inserting after subsection (e) the following new subsection: ‘‘(f) REPORTING REQUIREMENT.—Except as otherwise provided by the Secretary, each United States person who is a shareholder of a passive foreign investment company shall file an annual report containing such information as the Secretary may require.’’. (b) CONFORMING AMENDMENT.—Subsection (e) of section 1291 is amended by striking ‘‘, (d), and (f)’’ and inserting ‘‘and (d)’’. (c) EFFECTIVE DATE.—The amendments made by this section take effect on the date of the enactment of this Act. SEC. 522. SECRETARY PERMITTED TO REQUIRE FINANCIAL INSTITU- TIONS TO FILE CERTAIN RETURNS RELATED TO WITH- HOLDING ON FOREIGN TRANSFERS ELECTRONICALLY. (a) IN GENERAL.—Subsection (e) of section 6011 is amended by adding at the end the following new paragraph: ‘‘(4) SPECIAL RULE FOR RETURNS FILED BY FINANCIAL INSTITUTIONS WITH RESPECT TO WITHHOLDING ON FOREIGN TRANSFERS.—The numerical limitation under paragraph (2)(A) shall not apply to any return filed by a financial institution (as defined in section 1471(d)(5)) with respect to tax for which such institution is made liable under section 1461 or 1474(a).’’. 26 USC 1291 note. Applicability. 26 USC 6229 note. 26 USC 6501.