Page:United States Statutes at Large Volume 98 Part 1.djvu/733

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 685

The written statement required under the preceding sentence shall be furnished on or before January 31 of the year following the calendar year for which the return under subsection (a) was made. "(e) MORTGAGE DEFINED.—For purposes of this section, except as provided in regulations prescribed by the Secretary, the term 'mortgage' means any obligation secured by real property. "(f) RETURNS WHICH WOULD B E REQUIRED TO B E MADE BY 2 OR MORE PERSONS.—Except to the extent provided in regulations pre-

scribed by the Secretary, in the case of interest received by any person on behalf of another person, only the person first receiving such interest shall be required to make the return under subsection (a)." (b) PENALTIES—

(1) Subparagraph (B) of section 6652(a)(1) (relating to failure to 26 USC 6652. ^ file certain information returns, etc.) is amended— (A) by striking out "or" at the end of clause (iii), (B) by inserting "or" at the end of clause (iv), and aoilc (C) by inserting after clause (iv) the following new clause: '(v) section 6050H(a) (relating to mortgage interest received in trade or business from individuals),". (2) Clause (iii) of section 6652(a)(3)(A) (relating to penalty in 97 Stat. 381. case of intentional disregard) is amended by inserting "or section 6050H" after "section 6041A(b)". (3) Paragraph (1) of section 6678(a) (relating to failure to 26 USC 6678. furnish certain statements) is amended— (A) by striking out "or 6052(b)" and inserting in lieu thereof "6052(b), or 6050H(d)", and (B) by striking out "or 6052(a)" and inserting in lieu thereof "6052(a), or 6050H(a)". (c) CONFORMING AMENDMENT.—The table of sections for subpart B of part III of subchapter A of chapter 61 is amended by adding at the end thereof the following new item: "Sec. 6050K. Returns relating to mortgage interest received in trade or business from individuals." (d) EFFECTIVE D A T E S. —

26 USC 6050H

(1) IN GENERAL.—Except as provided in paragraph (2), the note. amendments made by this section shall apply to amounts received after December 31, 1984. (2) SPECIAL RULE FOR OBLIGATIONS IN EXISTENCE ON DECEMBER

31, 1984.—In the case of any obligation in existence on December 31, 1984, no penalty shall be imposed under section 6652 of the Internal Revenue Code of 1954 by reason of the amendments made by this section on any failure to supply a taxpayer identification number with respect to amounts received before January 1, 1986.

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SEC. 146. RETURNS RELATING TO CASH RECEIVED IN TRADE OR BUSINESS.

(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: "SEC. 60501. RETURNS RELATING TO CASH RECEIVED IN TRADE OR BUSINESS. "(a) CASH RECEIPTS OF MORE THAN $10,000.—Any person—

"(1) who is engaged in a trade or business, and



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26 USC 60501.

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