Page:United States Statutes at Large Volume 97.djvu/410

 97 STAT. 378 PUBLIC LAW 98-67 —AUG. 5, 1983 subsection (a) during the period during which a person is wait- ing for receipt of a TIN. "(h) OTHER DEFINITIONS AND SPECIAL RULES.— For purposes of this section— "(1) OBVIOUSLY INCORRECT NUMBER. — A person shall be treated as failing to furnish his TIN if the TIN furnished does not contain the proper number of digits. "(2) PAYEE FURNISHES 2 INCORRECT TINS.—I f the payee fur- nishes the payor 2 incorrect TINs in any 3-year period, the payor shall, after receiving notice of the second incorrect TIN, treat the payee as not having furnished another TIN under subsection (e)(2)(B) until the day on which the payor receives notification from the Secretary that a correct TIN has been furnished. "(3) JOINT PAYEES. — Except to the extent otherwise provided in regulations, any payment to joint payees shall be treated as if all the payment were made to the first person listed in the payment. "(4) PAYOR DEFINED.—The term 'payor' means, with respect to any reportable payment, a person required to file a return described in paragraph (2) or (3) of subsection (b) with respect to such payment. "(5) BROKER. — "(A) IN GENERAL.—The term 'broker' has the meaning 96 Stat. 600. given to such term by section 6045(c)(1). 26 USC 6045. '<(g) QNLY 1 BROKER PER ACQUISITION. —If, but for this subparagraph, there would be more than 1 broker with respect to any acquisition, only the broker having the closest contact with the payee shall be treated as the broker. "(C) PAYOR NOT TREATED AS BROKER.— In the case of any instrument, such term shall not include any person who is the payor with respect to such instrument. "(6) READILY TRADABLE INSTRUMENT.—The term 'readily trad- able instrument' means— "(A) any instrument which is part of an issue any portion of which is traded on an established securities market (within the meaning of section 453(f)(5)), and "(B) except as otherwise provided in regulations pre- scribed by the Secretary, any instrument which is regularly quoted by brokers or dealers making a market. "(7) ORIGINAL ISSUE DISCOUNT.— To the extent provided in regulations, rules similar to the rules of paragraph (6) of section 96 Stat. 591. 6049(d) shall apply. 26 USC 6049. «(g) REQUIREMENT OF NOTICE TO PAYEE. —Whenever the Secre- tary notifies a payor under paragraph (1)(B) of subsection (a) that the TIN furnished by any payee is incorrect, the Secretary shall at the same time furnish a copy of such notice to the payor, and the payor shall promptly furnish such copy to the payee. (9) REQUIREMENT OF NOTICE TO SECRETARY.— If the Secretary notifies a payor under paragraph (1)(B) of subsection (a) that the TIN furnished by any payee is incorrect and such payee subse- quently furnishes another TIN to the payor, the payor shall promptly notify the Secretary of the other TIN so furnished. "(10) COORDINATION WITH OTHER SECTIONS. — For purposes of 96 Stat. 585. section 31, this chapter (other than section 3402(n)), and so ^b Uoi-' ol.

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