Page:United States Statutes at Large Volume 98 Part 1.djvu/732

 98 STAT. 684

PUBLIC LAW 98-369—JULY 18, 1984 (Yf

"For provision giving Tax Court jurisdiction to determine whether any portion of deficiency is a substantial underpayment attributable to tax motivated transactions, see section 6621(d)(4)." ^^^ EFFECTIVE DATE.—The amendments made by this section shall

Ante, p. 682.

notY^^ ^^^^

apply with respect to interest accruing after December 31, 1984. PART II—INFORMATION REPORTING PROVISIONS SEC. 145. RETURNS RELATING TO MORTGAGE INTEREST RECEIVED IN TRADE OR BUSINESS FROM INDIVIDUALS.

(a) IN GENERAL.—Subpart B of part III of subchapter A of chapter 61 (relating to information concerning transactions with other persons) is amended by adding at the end thereof the following new section: 26 USC 6050H.

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01.

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"SEC. 6050H. RETURNS RELATING TO MORTGAGE INTEREST RECEIVED IN TRADE OR BUSINESS FROM INDIVIDUALS. "(a) MORTGAGE INTEREST OF $600 OR MORE.—Any person—

"(1) who is engaged in a trade or business, and "(2) who, in the course of such trade or business, receives from any individual interest aggregating $600 or more for any calendar year on any mortgage, shall make the return described in subsection (b) with respect to each individual from whom such interest was received at such time as the Secretary may by regulations prescribe. "(b) FORM AND MANNER OF RETURNS.—A return is described in

this subsection if such return— "(1) is in such form as the Secretary may prescribe, "(2) contains— "(A) the name and address of the individual from whom the interest described in subsection (a)(2) was received, "(B) the amount of such interest received for the calendar year, and "(C) such other information as the Secretary may prescribe. "(c) APPLICATION TO GOVERNMENTAL UNITS.—For purposes of subsection (a)— "(1) TREATED AS PERSONS.—The term 'person' includes any governmental unit (and any agency or instrumentality thereof). "(2) SPECIAL RULES.—In the case of a governmental unit or any agency or instrumentality thereof^ "(A) subsection (a) shall be applied without regard to the trade or business requirement contained therein, and "(B) any return required under subsection (a) shall be made by the officer or employee appropriately designated for the purpose of making such return. "(d) STATEMENTS TO B E FURNISHED TO INDIVIDUALS WITH RESPECT TO WHOM INFORMATION IS FURNISHED.—Every person making a

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return under subsection (a) shall furnish to each individual whose name is set forth in such return a written statement showing— "(1) the name and address of the person making such return, and "(2) the aggregate amount of interest described in subsection (a)(2) received by the person making such return from the individual to whom the statement is furnished.

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