Page:United States Statutes at Large Volume 96 Part 1.djvu/643

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 601

(b) BARTER EXCHANGE TREATED AS THIRD-PARTY RECORDKEEPER.—

Paragraph (3) of section 7609(a) (defining third-party recordkeeper) is amended by striking out "and" at the end of subparagraph (E), by striking out the period at the end of subparagraph (F) and inserting in lieu thereof "; and", and by adding at the end thereof the following new subparagraph: "(G) any barter exchange (as defined in section 6045(c)(3))."

26 USC 7609.

(c) EFFECTIVE DATES.— (1) SUBSECTION (a).—The amendments made by subsection (a)

26 USC 6045 note.

shall take effect on the date of the enactment of this Act, except that— (A) regulations relating to reporting by commodities and securities brokers shall be issued under section 6045 of the Internal Revenue Code of 1954 (as amended by this Act) within 6 months after the date of the enactment of this Act, and (B) such regulations shall not apply to transactions occurring before January 1, 1983. (2) SUBSECTION (b).—The amendments made by subsection (b) 26 USC 7609 shall apply to summonses served after December 31, 1982. "°*^SEC. 312. INFORMATION REPORTING REQUIREMENTS FOR PAYMENTS OF REMUNERATION FOR SERVICES AND DIRECT SALES.

(a) GENERAL RULE.—Subpart B of part III of subchapter A of chapter 61 (relating to information concerning transactions with other persons) is amended by inserting after section 6041 the following new section: SEC. 6041A. RETURNS REGARDING PAYMENTS OF REMUNERATION FOR SERVICES AND DIRECT SALES.

26 USC 6041A.

"(a) RETURNS REGARDING REMUNERATION FOR SERVICES.—If—

"(1) any service-recipient engaged in a trade or business pays in the course of such trade or business during any calendar year remuneration to any person for services performed by such person, and "(2) the aggregate of such remuneration paid to such person during such calendar year is $600 or more, then the service-recipient shall make a return, according to the forms or regulations prescribed by the Secretary, setting forth the aggregate amount of such payments and the name and address of the recipient of such payments. For purposes of the preceding "Servicesentence, the term 'service-recipient' means the person for whom ''^cipient. the service is performed. "(b) DIRECT SALES OF $5,000 OR MORE.— "(1) IN GENERAL.—If—

"(A) any person engaged in a trade or business in the course of such trade or business during any calendar year sells consumer products to any buyer on a buy-sell basis, a deposit-commission basis, or any similar basis which the Secretary prescribes by regulations, for resale (by the buyer or any other person) in the home or otherwise than in a permanent retail establishment, and "(B) the aggregate amount of the sales to such buyer during such calendar year is $5,000 or more,

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