Page:United States Statutes at Large Volume 98 Part 1.djvu/735

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 687

(A) by striking out "or 6050H(d)" and inserting in lieu thereof "6050H(d), or 60501(e)", and (B) by striking out "or 6050H(a)" and inserting in lieu thereof "6050H(a), or 60501(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. 60501. Returns relating to cash received in trade or business."

(d) EFFECTIVE DATE.—The amendments made by this section shall apply to amounts received after December 31, 1984.

26 USC 6050i note.

SEC. 147. PROVISIONS RELATING TO INDIVIDUAL RETIREMENT ACCOUNTS. (a) CLARIFICATION THAT REGULATIONS MAY REQUIRE REPORTS TO IDENTIFY YEARS TO WHICH CONTRIBUTIONS RELATE.—Subsection (i) of

section 408 (relating to individual retirement accounts) is amended by inserting "(and the years to which they relate)" after "contributions".

26 USC 408.

(b) INCREASE IN PENALTY FOR FAILURE TO FILE REPORTS.—Subsec-

tion (a) of section 6693 (relating to failure to provide reports on individual retirement accounts and annuities) is amended by striking out "$10" and inserting in lieu thereof "$50". (c) CONTRIBUTIONS REQUIRED TO B E MADE ON OR BEFORE UNEXTENDED RETURN F I U N G DATE.—Subparagraph (A) of section 219(f)(3)

(relating to time when contributions deemed made) is amended by striking out "including" and inserting in lieu thereof "not including". (d) EFFECTIVE DATES.— (1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to contributions made after December 31, 1984. (2) SUBSECTION (b).—The amendment made by subsection (b) shall apply to failures occurring after the date of the enactment of this Act.

26 USC 6693.

26 USC 219.

26 USC 219 not(3.

SEC. 148. RETURNS RELATING TO FORECLOSURES AND ABANDONMENTS OF SECURITY.

(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. 6050J. RETURNS RELATING TO FORECLOSURES AND ABANDONMENTS OF SECURITY.

"(a) IN GENERAL.—Any person who, in connection with a trade or business conducted by such person, lends money secured by property and who— "(1) in full or partial satisfaction of any indebtedness, acquires an interest in any property which is security for such indebtedness, or "(2) has reason to know that the property in which such person has a security interest has been abandoned, shall make a return described in subsection (c) with respect to each of such acquisitions or abandonments, at such time as the Secretary may by regulations prescribe. "(b) EXCEPTION.—Subsection (a) shall not apply to any loan to an individual secured by an interest in tangible personal property

26 USC 6050J.

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