Page:United States Statutes at Large Volume 98 Part 1.djvu/736

 98 STAT. 688

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PUBLIC LAW 98-369—JULY 18, 1984 which is not held for investment and which is not used in a trade or business. "(c) FORM AND MANNER OF RETURN.—The return required under subsection (a) with respect to any acquisition or abandonment of property— "(1) shall be in such form as the Secretary may prescribe, "(2) shall contain— "(A) the name and address of each person who is a i borrower with respect to the indebtedness which is secured, "(B) a general description of the nature of such property and such indebtedness, "(C) in the case of a return required under subsection (a)(1)"(i) the amount of such indebtedness at the time of such acquisition, and "(ii) the amount of indebtedness satisfied in such acquisition, "(D) in the case of a return required under subsection (a)(2), the amount of such indebtedness at the time of such abandonment, and "(E) such other information as the Secretary may prescribe. "(d) APPLICATIONS TO GOVERNMENTAL UNITS.—For purposes of this section— "(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 under this section shall be made by the officer or employee appropriately designated for the purpose of making such return. "(e) STATEMENTS TO B E FURNISHED TO PERSONS WITH RESPECT TO WHOM INFORMATION IS REQUIRED TO B E FURNISHED.—Every person

required to make a return under subsection (a) shall furnish to each person whose name is required to be set forth in such return a written statement showing the name and address of the person required to make such return. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was made. "(0 TREATMENT OF OTHER DISPOSITIONS.—To the extent provided by regulations prescribed by the Secretary, any transfer of the property which secures the indebtedness to a person other than the lender shall be treated as an abandonment of such property." (b) PENALTIES.—

Ante, p. 686.

Ante, p. 686.

(1) Subparagraph (B) of section 6652(a)(1) (relating to failure to file certain information returns, etc.) is amended— (A) by striking out "or" at the end of clause (v), (B) by adding "or" at the end of clause (vi), and (C) by inserting after clause (vi) the following new clause: "(vii) section 6050J(a) (relating to foreclosures and abandonments of security),". (2) Clause (iii) of section 6652(a)(3)(A) (relating to penalty in case of intentional disregard) is amended by striking out "or 60501" and inserting in lieu thereof ", 60501, or 6050J".

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