Page:United States Statutes at Large Volume 98 Part 1.djvu/737

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 689

(3) Paragraph (1) of section 6678(a) (relating to failure Ante, p. 686. to furnish certain statements) is amended— (A) by striking out "or 60501(e)" and inserting in lieu thereof "60501(e), or 6050J(e)", and (B) by striking out "or 60501(a)" and inserting in lieu thereof "60501(a), or 6050J(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.

6050J. Returns relating to foreclosures and abandonments of security." EFFECTIVE DATE.—The amendments made by this section shall

(d) 26 USC 6050J apply with respect to acquisitions of property and abandonments of note. property after December 31, 1984. SEC. 149. RETURNS RELATING TO EXCHANGES OF PARTNERSHIP INTERESTS WHERE UNREALIZED RECEIVABLES, ETC., INVOLVED. (a) IN GENERAL.—Subpart B of part III of subchapter A of chapter 61 (relating to information and returns) is amended by adding at the end thereof the following new section. "SEC. 6050K. RETURNS RELATING TO EXCHANGES OF CERTAIN PARTNER- 26 USC 6050K. SHIP INTERESTS. "(a) IN GENERAL.—Except as provided in regulations prescribed by the Secretary, if there is an exchange described in section 751(a) of any interest in a partnership during any calendar year, such partnership shall make a return for such calendar year stating— "(1) the name and address of the transferee and transferor in ^ -^ ' " such exchange, and "(2) such other information as the Secretary may by regulations prescribe. Such return shall be made at such time and in such manner as the Secretary may require by regulations. "(b) STATEMENT TO B E FURNISHED TO TRANSFEROR AND TRANS-

FEREE.—Every partnership making a return under subsection (a) shall furnish to each person whose name is set forth in such return a written statement showing— "(1) the name and address of the partnership making the return, and "(2) the information shown on the return with respect to such person. The statement required under the preceding sentence shall be furnished to the person on or before January 31 following the calendar year for which the return under subsection (a) was made. "(c) REQUIREMENT THAT TRANSFEROR NOTIFY PARTNERSHIP.—

"(1) IN GENERAL.—In the case of any exchange described in subsection (a), the transferor of the partnership interest shall promptly notify the partnership of such exchange. "(2)

PARTNERSHIP NOT REQUIRED TO MAKE RETURN UNTIL

NOTICE.—A partnership shall not be required to make a return under this subsection with respect to any exchange until the partnership is notified of such exchange." (b) PENALTIES.—

(1) Subparagraph (B) of section 6652(a)(1) (relating to failure to Ante, p. 688. file certain information returns, etc.) is amended by striking out "or" at the end of clause (vi), by adding "or" at the end of clause (vii), and by inserting after clause (vii) the following new clause:

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