I.R.C. § 6037(a) In General
Every S corporation shall make a return for each taxable year, stating specifically
the items of its gross income and the deductions allowable by subtitle A, the names
and addresses of all persons owning stock in the corporation at any time during the
taxable year, the number of shares of stock owned by each shareholder at all times
during the taxable year, the amount of money and other property distributed by the
corporation during the taxable year to each shareholder, the date of each such distribution,
each shareholder's pro rata share of each item of the corporation for the taxable
year, and such other information, for the purpose of carrying out the provisions
of subchapter S of chapter 1, as the Secretary may by forms and regulations prescribe.
Any return filed pursuant to this section shall, for purposes of chapter 66 (relating
to limitations), be treated as a return filed by the corporation under section 6012
I.R.C. § 6037(b) Copies To Shareholders
Each S corporation required to file a return under subsection (a) for any taxable
year shall (on or before the day on which the return for such taxable year was filed)
furnish to each person who is a shareholder at any time during such taxable year
a copy of such information shown on such return as may be required by regulations.
I.R.C. § 6037(c) Shareholder's Return Must Be Consistent With Corporate Return Or Secretary Notified
I.R.C. § 6037(c)(1) In General
A shareholder of an S corporation shall, on such shareholder's return, treat a subchapter
S item in a manner which is consistent with the treatment of such item on the corporate
I.R.C. § 6037(c)(2) Notification Of Inconsistent Treatment
I.R.C. § 6037(c)(2)(A) In General
In the case of any subchapter S item, if—
paragraph (1) shall not apply to such item.
I.R.C. § 6037(c)(2)(B) Shareholder Receiving Incorrect Information
A shareholder shall be treated as having complied with clause (ii) of subparagraph
(A) with respect to a subchapter S item if the shareholder—
I.R.C. § 6037(c)(2)(B)(i)
demonstrates to the satisfaction of the Secretary that the treatment of the subchapter
S item on the shareholder's return is consistent with the treatment of the item on
the schedule furnished to the shareholder by the corporation, and
I.R.C. § 6037(c)(3) Effect Of Failure To Notify
In any case—
I.R.C. § 6037(c)(3)(B)
in which the shareholder does not comply with subparagraph (A) (ii) of paragraph
any adjustment required to make the
treatment of the items by such shareholder consistent with the treatment
of the items on the corporate return shall be treated as arising out of mathematical
or clerical errors and assessed according to section 6213(b)(1)
. Paragraph (2) of section 6213(b)
shall not apply to any assessment referred to in the preceding sentence.
I.R.C. § 6037(c)(4) Subchapter S Item
For purposes of this subsection, the term “subchapter S item” means any
item of an S corporation to the extent that regulations prescribed by the Secretary
provide that, for purposes of this subtitle, such item is more appropriately determined
at the corporation level than at the shareholder level.
I.R.C. § 6037(c)(5) Addition To Tax For Failure To Comply With Section
For addition to tax in the case of a shareholder's negligence in connection with,
or disregard of, the requirements of this section, see part II of subchapter A of
(Added Pub. L. 85-866, title I, 64(c), Sept. 2, 1958, 72 Stat. 1656, and amended Pub. L. 94-455, title XIX, 1906(a)(3),
(b)(13)(A), Oct. 4, 1976, 90 Stat. 1824, 1834; Pub. L. 97-354, 5(a)(39)(A), Oct. 19, 1982, 96 Stat. 1696; Pub. L. 98-369, div. A, title VII, 714(q)(2), July 18, 1984, 98 Stat. 965; Pub. L. 104-188, title I, Sec. 1307(c)(2), Aug. 20, 1996, 110 Stat. 1755.)
1996--Pub. L. 104-188, sec. 1307(c)(2) added new subsec. (c).
1984--Pub. L. 98-369 designated existing provisions as subsec. (a) and added subsec. (a) heading and subsec.
1982--Pub. L. 97-354 substituted “S corporation” for “electing small business corporation”
in section catchline, substituted “Every S corporation”
for “Every electing small business corporation (as defined in section 1371(b))”,
and substituted “each shareholder's pro rata share of each item of the corporation
for the taxable year, and such other information” for “and such other
1976--Pub. L. 94-455 substituted “section 1371(b)” for “section 1371(a)(2)” and
struck out “or his delegate” after “Secretary”.
EFFECTIVE DATE OF 1996 AMENDMENT
Amendment by Pub. L.104-188, Sec. 1307 applicable to taxable years beginning after Dec. 31, 1996.
EFFECTIVE DATE OF 1984 AMENDMENT
Amendment by Pub. L. 98-369 applicable to taxable years beginning after Dec. 31, 1984, see section 714(q)(5)
of Pub. L. 98-369, set out as an Effective Date note under section 6034A of this title.
EFFECTIVE DATE OF 1982 AMENDMENT
Amendment by Pub. L. 97-354 applicable to taxable years beginning after Dec. 31, 1982, see section 6(a) of Pub. L. 97-354, set out as an Effective Date note under section 1361 of this title.
Section applicable only with respect to taxable years beginning after Dec. 31, 1957,
see section 64(e) of Pub. L. 85-866, set out as an Effective Date of 1958 Amendment note under section 172 of this title.
A prior section 6037 was renumbered section 6040.