I.R.C. § 6038(a) Requirement
I.R.C. § 6038(a)(1) In General —
Every United States person shall furnish, with respect to any foreign business entity
which such person controls, such information as the Secretary may prescribe relating
to—
I.R.C. § 6038(a)(1)(A) —
the name, the principal place of business, and the nature of business of such entity,
and the country under whose laws such entity is incorporated (or organized in the
case of a partnership);
I.R.C. § 6038(a)(1)(B) —
in the case of a foreign corporation, its post-1986 undistributed earnings (as defined
in section 902(c));
I.R.C. § 6038(a)(1)(C) —
a balance sheet for such entity listing assets, liabilities, and capital;
I.R.C. § 6038(a)(1)(D) —
transactions between such entity and—
I.R.C. § 6038(a)(1)(D)(i) —
such person,
I.R.C. § 6038(a)(1)(D)(ii) —
any corporation or partnership which such person controls, and
I.R.C. § 6038(a)(1)(D)(iii) —
any United States person owning, at the time the transaction takes place—-
I.R.C. § 6038(a)(1)(D)(iii)(I) —
in the case of a foreign corporation, 10 percent or more of the value of any class
of stock outstanding of such corporation, and
I.R.C. § 6038(a)(1)(D)(iii)(II) —
in the case of a foreign partnership, at least a 10-percent interest in such partnership;
and
I.R.C. § 6038(a)(1)(E) —
(i) in the case of a foreign corporation, a description of the various classes of
stock outstanding, and a list showing the name and address of, and number of shares
held by, each United States person who is a shareholder of record owning at any time
during the annual accounting period 5 percent or more in value of any class of stock
outstanding of such foreign corporation, and
I.R.C. § 6038(a)(1)(E)(ii) —
information comparable to the information described in clause (i) in the case of
a foreign partnership.
The Secretary may also require the furnishing of any
other information which is similar or related in nature to that specified
in the preceding sentence or which the Secretary determines to be
appropriate to carry out the provisions of this title.
I.R.C. § 6038(a)(2) Period For Which Information Is To Be Furnished, Etc. —
The information required under paragraph (1) shall be furnished for the annual accounting
period of the foreign business entity ending with or within the United States person's
taxable year. The information so required shall be furnished at such time and in
such manner as the Secretary shall prescribe.
I.R.C. § 6038(a)(3) Limitation —
No information shall be required to be furnished under this subsection with respect
to any foreign business entity for any annual accounting period unless the Secretary
has prescribed the furnishing of such information on or before the first day of such
annual accounting period.
I.R.C. § 6038(a)(4) Information Required From Certain Shareholders In Certain Cases —
If any foreign corporation is treated as a controlled foreign corporation for any
purpose under subpart F of part III of subchapter N of chapter 1, the Secretary may
require any United States person treated as a United States shareholder of such corporation
for any purpose under subpart F to furnish the information required under paragraph
(1).
I.R.C. § 6038(a)(5) Information Required From 10-Percent Partner Of Controlled Foreign Partnership —
In the case of a foreign partnership which is controlled by United States persons
holding at least 10-percent interests (but not by any one United States person),
the Secretary may require each United States person who holds a 10-percent interest
in such partnership to furnish information relating to such partnership, including
information relating to such partner's ownership interests in the partnership and
allocations to such partner of partnership items.
I.R.C. § 6038(b) Dollar Penalty For Failure To Furnish Information
I.R.C. § 6038(b)(1) In General —
If any person fails to furnish, within the time prescribed under paragraph (2) of
subsection (a), any information with respect to any foreign business entity required
under paragraph (1) of subsection
(a), such person shall pay a penalty of $10,000 for each annual accounting period
with respect to which such failure exists.
I.R.C. § 6038(b)(2) Increase In Penalty Where Failure Continues After Notification —
If any failure described in paragraph (1) continues for more than 90 days after
the day on which the Secretary mails notice of such failure to the United States
person, such person shall pay a penalty (in addition to the amount required under
paragraph
(1)) of $10,000 for each 30-day period (or fraction thereof) during which such failure
continues with respect to any annual accounting period after the expiration of such
90-day period. The increase in any penalty under this paragraph shall not exceed
$50,000.
I.R.C. § 6038(c) Penalty Of Reducing Foreign Tax Credit
I.R.C. § 6038(c)(1) In General —
If a United States person fails to furnish, within the time prescribed under paragraph
(2) of subsection
(a), any information with respect to any foreign business entity required under
paragraph (1) of subsection (a), then—-
I.R.C. § 6038(c)(1)(A) —
in applying section 901 (relating to taxes of foreign countries and possessions of the United States)
to such United States person for the taxable year, the amount of taxes (other than
taxes reduced under subparagraph (B)) paid or deemed paid (other than those deemed
paid under section 904(c)) to any foreign country or possession of the United States for the taxable year
shall be reduced by 10 percent, and
I.R.C. § 6038(c)(1)(B) —
in the case of a foreign business entity which is a foreign corporation, in applying
section 960 to any such United States person which is a corporation (or to any person who acquires
from any other person any portion of the interest of such other person in any such
foreign corporation, but only to the extent of such portion) for any taxable year,
the amount of taxes paid or deemed paid by each foreign corporation with respect
to which such person is required to furnish information during the annual accounting
period or periods with respect to which such information is required under paragraph
(2) of subsection (a) shall be reduced by 10 percent.
If such failure continues 90 days or more after notice
of such failure by the Secretary to the United States person, then the amount of
the reduction under this paragraph shall be 10 percent plus an additional 5 percent
for each 3-month period, or fraction thereof, during which such failure to furnish
information continues after the expiration of such 90-day period.
I.R.C. § 6038(c)(2) Limitation —
The amount of the reduction under paragraph (1) for each failure to furnish information
with respect to a foreign business entity required under subsection (a)(1) shall
not exceed whichever of the following amounts is the greater:
I.R.C. § 6038(c)(2)(A) —
$10,000, or
I.R.C. § 6038(c)(2)(B) —
the income of the foreign business entity for its annual accounting period with respect
to which the failure occurs.
I.R.C. § 6038(c)(3) Coordination With Subsection (b) —
The amount of the reduction which (but for this paragraph)
would be made under paragraph (1) with respect to any annual accounting period shall
be reduced by the amount of the penalty imposed by subsection
(b) with respect to such period.
I.R.C. § 6038(c)(4) Special Rules
I.R.C. § 6038(c)(4)(A) —
No taxes shall be reduced under this subsection more than once for the same failure.
I.R.C. § 6038(c)(4)(B) —
For purposes of this subsection and subsection (b), the time prescribed under paragraph
(2) of subsection
(a) to furnish information (and the beginning of the 90-day period after notice by
the Secretary) shall be treated as being not earlier than the last day on which
(as shown to the satisfaction of the Secretary)
reasonable cause existed for failure to furnish such information.
I.R.C. § 6038(c)(4)(C) —
[ Repealed. Pub. L. 115-97, Sec. 14301(c)(37), Dec. 22, 2017, 131 Stat. 2054.]
I.R.C. § 6038(d) Two Or More Persons Required To Furnish Information With Respect To Same Foreign
Business Entity —
Where, but for this subsection, two or more United States persons would be required
to furnish information under subsection
(a) with respect to the same foreign business entity for the same period, the Secretary
may by regulations provide that such information shall be required only from one
person. To the extent practicable, the determination of which person shall furnish
the information shall be made on the basis of actual ownership of stock.
I.R.C. § 6038(e) Definitions —
For purposes of this section—
I.R.C. § 6038(e)(1) Foreign Business Entity —
The term “foreign business entity” means a foreign corporation and a foreign partnership.
I.R.C. § 6038(e)(2) Control Of Corporation —
A person is in control of a corporation if such person owns stock possessing more
than 50 percent of the total combined voting power of all classes of stock entitled
to vote, or more than 50 percent of the total value of shares of all classes of stock,
of a corporation. If a person is in control (within the meaning of the preceding
sentence) of a corporation which in turn owns more than 50 percent of the total combined
voting power of all classes of stock entitled to vote of another corporation, or
owns more than 50 percent of the total value of the shares of all classes of stock
of another corporation, then such person shall be treated as in control of such other
corporation. For purposes of this paragraph, the rules prescribed by section 318(a) for determining ownership of stock shall apply; except that—
I.R.C. § 6038(e)(2)(A) —
subparagraphs (A), (B), and (C)
of section 318(a)(3)
shall not be applied so as to consider a United States person as owning
stock which is owned by a person who is not a United States person, and
I.R.C. § 6038(e)(2)(B) —
in applying subparagraph (C) of section 318(a)(2), the phrase “10 percent” shall be substituted for the phrase “50 percent” used
in subparagraph (C).
I.R.C. § 6038(e)(3) Partnership-Related Definitions
I.R.C. § 6038(e)(3)(A) Control —
A person is in control of a partnership if such person owns directly or indirectly
more than a 50 percent interest in such
partnership.
I.R.C. § 6038(e)(3)(B) 50-Percent Interest —
For purposes of subparagraph (A), a 50-percent interest in a partnership is–-
I.R.C. § 6038(e)(3)(B)(i) —
an interest equal to 50 percent of the capital interest, or 50 percent of the profits
interest, in such partnership, or
I.R.C. § 6038(e)(3)(B)(ii) —
to the extent provided in regulations, an interest to which 50 percent of the deductions
or losses of such partnership are allocated.
For purposes of the preceding sentence, rules similar to the rules of section 267(c) (other than paragraph (3)) shall apply.
I.R.C. § 6038(e)(3)(C) 10-Percent Interest —
A 10-percent interest in a partnership is an interest which would be described in
subparagraph (B) if “10 percent”
were substituted for “50 percent” each place it appears.
I.R.C. § 6038(e)(4) Annual Accounting Period —
The annual accounting period of a foreign business entity is the annual period on
the basis of which such foreign business entity regularly computes its income in
keeping its books. In the case of a specified foreign business entity (as defined
in section 898), the taxable year of such
foreign business entity shall be treated as its annual accounting period.
I.R.C. § 6038(f) Cross References
I.R.C. § 6038(f)(1) —
For provisions relating to penalties for violations of this section, see section
7203.
I.R.C. § 6038(f)(2) —
For definition of the term “United States person”, see section 7701(a)(30).
(Added Pub. L. 86-780, Sec. 6(a), Sept. 14, 1960, 74 Stat. 1014, and amended Pub. L. 87-834, Sec. 20(a), Oct. 16, 1962, 76 Stat. 1059; Pub. L. 88-554, Sec. 4(b)(6), Aug. 31, 1964, 78 Stat. 764; Pub. L. 94-455, title X, Sec. 1031(b)(5), title XIX, Sec. 1906(b)(13)(A), Oct. 4, 1976, 90 Stat.
1623, 1834; Pub. L. 97-248, title III, Sec. 338(a)-(c), Sept. 3, 1982, 96 Stat. 631; Pub. L. 99-514, title XII, Sec. 1202(c), 1245(b)(5), Oct. 22, 1986, 100 Stat. 2530, 2581; Pub. L. 101-239, title VII, Sec. 7712(a), Dec. 19, 1989, 103 Stat. 2393; Pub. L. 101-508, title XI, Sec. 11701(f), Nov. 5, 1990, 104 Stat. 1388-508; Pub. L. 104-188, Sec. 1704, Aug. 20, 1996, 110 Stat. 1755; Pub. L. 105-34, title XI, Sec. 1142, 1144, Aug. 5, 1997, 111 Stat 788; Pub. L. 105-206, title VI, Sec. 60011(f), July 22, 1998, 112 Stat 685; Pub. L. 115-97, title I, Sec. 14301(c)(36),
(37), Dec. 22, 2017, 131 Stat. 2054.)
BACKGROUND NOTES
AMENDMENTS
2017 - Subsec. (c)(1)(B). Pub. L. 115-97, Sec. 14301(c)(36), amended subpar. (B) by substituting “section 960” for ‘‘sections 902 (relating to
foreign tax credit for corporate stockholder in foreign corporation) and 960 (relating
to special rules for foreign tax credit)’’.
Subsec. (c)(4)(C). Pub. L. 115-97, Sec. 14301(c)(37), amended par. (4) by striking subpar. (C). Before being struck, it read as follows:
“(C) In applying subsections (a) and (b)
of section 902, and in applying subsection (a) of section 960, the reduction provided
by this subsection shall not apply for purposes of determining the amount of post-1986
undistributed earnings.”
1998 - Subsec. (a)(2). Pub. L. 105-206, Sec. 6011(f)(1), amended par. (2) by striking “by regulation” before “prescribe”.
Subsec. (a)(3). Pub. L. 105-206, Sec. 6011(f)(2), amended par. (3) by substituting “the Secretary has prescribed the furnishing of
such information on or before the first day of such annual accounting period.” for
“such information was required to be furnished under regulations in effect on the
first day of such annual accounting period.”
Subsec. (e)(4). Pub. L. 105-206, Sec. 6011(f)(3), amended par. (4) by substituting “foreign business entity” for “corporation” each
place it appeared. Note that by making the second substitution, the word “foreign”
is repeated.
1997 - Sec. 6038. Pub. L. 105-34, Sec. 1142(a) amended the heading of Sec. 1142 by substituting “Information reporting with respect
to certain foreign corporations and partnerships”
for “Information with respect to certain foreign corporations”.
Subsec. (a). Pub. L. 105-34, Sec. 1142(a) amended subsec. (a)(1). Prior to amendment it read as follows:
“(a) Requirement
“(1) In general
Every United States person shall furnish, with respect to any foreign business entity
which such person controls
(within the meaning of subsection (e)(1)), such information as the Secretary may prescribe
by regulations relating to--
“(A) the name, the principal place of business, and the nature of business of such
foreign corporation, and the country under whose laws incorporated;
“(B) the post-1986 undistributed earnings (as defined in section 902(c)) of such foreign
corporation,
“(C) a balance sheet for such foreign corporation listing assets, liabilities, and
capital;
“(D) transactions between such foreign corporation and--
“(i) such person,
“(ii) any other corporation which such person controls, and
“(iii) any United States person owning, at the time the transaction takes place, 10
percent or more of the value of any class of stock outstanding of such foreign corporation;
“(E) a description of the various classes of stock outstanding, and a list showing
the name and address of, and number of shares held by, each United States person who
is a shareholder of record owning at any time during the annual accounting period
5 percent or more in value of any class of stock outstanding of such foreign corporation.
The Secretary may also require the furnishing of any other information which is similar
or related in nature to that specified in the preceding sentence or which the Secretary
determines to be appropriate to carry out the provisions of this title.”
Subsec. (a)(2). Pub. L. 105-34, Sec. 1142(e)(1)(A), substituted “foreign business entity” for “foreign corporation” each place it appeared.
Subsec. (a)(3). Pub. L. 105-34, Sec. 1142(e)(1)(A), substituted “foreign business entity” for “foreign corporation” each place it appeared.
Subsec. (a)(5). Pub. L. 105-34, Sec. 1142(d), added par. (5).
Subsec. (b). Pub. L. 105-34, Sec. 1142(c)(1), amended subsec. (b) by substituting “$10,000”
for “$1,000” each place it appeared; and substituted “$50,000”
for “$24,000” in par. (2).
Subsec. (b). Pub. L. 105-34, Sec. 1142(e)(1)(B), substituted “foreign business entity” for “foreign corporation” each place it appeared.
Subsec. (c). Pub. L. 105-34, Sec. 1142(e)(1)(B), substituted “foreign business entity” for “foreign corporation” each place it appeared,
except for in par. (1)(B).
Subsec. (c)(1)(B). Pub. L. 105-34, Sec. 1142(e)(2), amended subpar. (B) by inserting “in the case of a foreign business entity which
is a foreign corporation” after “(B)”.
Subsec. (d). Pub. L. 105-34, Sec. 1142(e)(1)(D), substituted “foreign business entity” for “foreign corporation” each place it appeared.
Subsec. (e). Pub. L. 105-34, Sec. 1142(b)(1), amended subsec. (e) by redesignating pars. (1) and (2) as pars. (2) and (4), respectively,
and added new pars. (1) and (3).
Subsec. (e)(2). Pub. L. 105-34, Sec. 1142(b)(2), amended par. (2) [as redesignated]
by inserting “of corporation” after “Control”.
Subsec. (e)(4). Pub. L. 105-34, Sec. 1142(e)(1)(E), amended par. (4) by substituting “foreign business entity”
for “foreign corporation”.
1996 - Subsec. (a)(1). Pub. L. 104-188, Sec. 1704(f)(5)(A) substituted a period for “, and” at the end of subpar. (E), and struck subpar. (F),
which prior to being stricken read as follows: “(F)
such information as the Secretary may require for purposes of carrying out the provisions
of section 453C.” Subsec. (e) and (f). Pub. L. 104-188, Sec. 1704(t)(40) redesignated the second subsection (e), relating to cross references, as subsec.
(f).
1990 - Subsec. (e)(2). Pub. L. 101-508, Sec. 11701(f), inserted at the end “In the case of a specified foreign corporation
(as defined in section 898), the taxable year of such corporation shall be treated
as its annual accounting period.”
1989 - Subsec. (a)(1). Pub. L. 101-239, Sec. 7712(a)(2), inserted before period at end “or which the Secretary determines to be appropriate
to carry out the provisions of this title.”
Subsec. (a)(4). Pub. L. 101-239, Sec. 7712(a)(1), added par. (4).
1986 - Subsec. (a)(1)(B). Pub. L. 99-514, Sec. 1202(c)(1), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows:
“the accumulated profits (as defined in section 902(c)) of such foreign corporation,
including the items of income
(whether or not included in gross income under chapter 1), deductions
(whether or not allowed in computing taxable income under chapter 1), and any other
items taken into account in computing such accumulated profits;”.
Subsec. (a)(1)(F). Pub. L. 99-514, Sec. 1245(b)(5), added subpar. (F).
Subsec. (c)(4)(C). Pub. L. 99-514, Sec. 1202(c)(2), substituted “post-1986 undistributed earnings” for “accumulated profits in excess
of income, war profits, and excess profits taxes”.
1982 - Subsec. (a)(1). Pub. L. 97-248, Sec. 338(c)(2), substituted “subsection (e)(1)” for “subsection
(d)(1)”.
Subsec. (b). Pub. L. 97-248, Sec. 338(a), added subsec. (b).
Former subsec. (b) redesignated (c).
Subsec. (c). Pub. L. 97-248, Sec. 338(a), (b), (c)(1), (3), redesignated former subsec. (b) as (c), substituted “Penalty of
reducing foreign tax credit” for “Effect of failure to furnish information”
in heading, inserted “of such failure” after “90 days or more after notice” in par.
(1), added par. (3), redesignated former par. (3) as (4), and in par. (4) inserted
reference to subsection
(b) in subpar. (B). Former subsec. (c) redesignated (d).
Subsecs. (d), (e). Pub. L. 97-248, Sec. 338(a), redesignated former subsec. (c)
as (d). Former subsec. (d), relating to definitions, redesignated
(e).
1976 - Subsecs. (a), (b). Pub. L. 94-455, Sec. 1906(b)(13)(A), struck out “or his delegate” after “Secretary”
wherever appearing.
Subsec. (b)(1). Pub. L. 94-455, Sec. 1031(b)(5), substituted in subpar. (A) “section 904(c)” for “section 904(d)”.
Subsec. (c). Pub. L. 94-455, Sec. 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
1964 - Subsec. (d)(1). Pub. L. 88-554 substituted “subparagraphs
(A), (B), and (C) of section 318(a)(3)” for “the second sentence of subparagraphs
(A) and (B), and clause (ii) of subparagraph
(C), of section 318(a)(2)” in subpar. (A), and deleted “clause
(i) of” after “in applying” in subpar. (B).
1962 - Subsec. (a)(1). Pub. L. 87-834, among other changes, substituted in introductory provisions “Every United States
person shall furnish” for “A domestic corporation shall furnish”, in subpar. (D)(i)
“such person” for “any foreign corporation controlled by the domestic corporation”,
in subpar.
(D)(ii) “any other corporation which such person controls”
for “any foreign subsidiary of a foreign corporation controlled by the domestic corporation”,
in subpar. (D)(iii) “any United States person owning, at the time the transaction
takes place, 10 percent or more of the value of any class of stock outstanding of
such foreign corporation” for “the domestic corporation or any shareholder of the
domestic corporation owning at the time the transaction takes place 10 percent or
more of the value of any class of stock outstanding of the domestic corporation”,
and in subpar. (E) “each United States person who is a shareholder”
for “each citizen or resident of the United States and each domestic corporation who
is a shareholder”, and struck out provisions throughout the subsection which related
to foreign subsidiaries.
Subsec. (a)(2). Pub. L. 87-834 substituted provisions requiring the information to be furnished for the annual accounting
period ending with or within the United States person's taxable year for provisions
which required such information to be furnished for the annual accounting period ending
with or within the domestic corporation's taxable year, and struck out provisions
which related to the furnishing of information in the case of foreign subsidiaries.
Subsec. (a)(3). Pub. L. 87-834 struck out provisions which related to foreign subsidiaries.
Subsec. (b). Pub. L. 87-834, among other changes, substituted “If a United States person fails to furnish” for
“If a domestic corporation fails to furnish” in the opening provisions, inserted provisions
relating to reduction of taxes in applying sections 901 and 960 of this title, to
the maximum amount of reduction under par. (1) for each failure to furnish information
with respect to a foreign corporation required under subsec. (a)(1), and making the
reduction provided by subsec.
(b) inapplicable, in applying subsecs. (a) and (b) of section 902 and subsec. (a)
of section 960, for purposes of determining the amount of accumulated profits in excess
of income, war profits, and excess profits taxes, and eliminated provisions which
related to the furnishing of information with respect to foreign subsidiaries.
Subsec. (c). Pub. L. 87-834 substituted provisions empowering the Secretary to provide for the furnishing of
information by only one person where two or more persons would be required to furnish
information under subsec. (a) with respect to the same foreign corporation for the
same period for provisions which required a domestic corporation if at any time during
its taxable year owned more than 50 percent of the voting stock of a foreign corporation
to be deemed to be in control of such foreign corporation, and in the case of a foreign
corporation if at any time during its annual accounting period owned more than 50
percent of the voting stock of another foreign corporation, that such other corporation
shall be considered a foreign subsidiary of the corporation owning such stock. The
provisions relating to control are now contained in subsec. (d)
of this section.
Subsec. (d). Pub. L. 87-834 added par. (1) which was formerly covered in part by subsec. (c) of this section,
designated existing provisions as par. (2), and eliminated from par. (2) provisions
which related to the annual accounting period of a foreign subsidiary.
Subsec. (e). Pub. L. 87-834 designated existing provisions as par. (1) and added par. (2).
EFFECTIVE DATE OF 2017 AMENDMENTS
Amendments by Sec. 14301(c) of Pub. L. 115-97 effective for taxable years of foreign corporations beginning after December 31,
2017, and for taxable years of United States shareholders in which or with which such
taxable years of foreign corporations end.
EFFECTIVE DATE OF 1998 AMENDMENTS
Amendments by Sec. 6011(f)
of Pub. L. 105-206 applicable as if included in the provisions of the Taxpayer Relief Act of 1997 to
which they relate [Effective Date of Pub. L. 105-34, Sec. 1142: annual accounting periods beginning after Aug. 5, 1997].
EFFECTIVE DATE OF 1997 AMENDMENTS
Amendments by Sec. 1142 of Pub. L. 105-34 applicable to annual accounting periods beginning after the date of the enactment
of this Act [enacted: Aug. 5, 1997].
EFFECTIVE DATE OF 1990 AMENDMENT
Amendment by Pub. L. 101-508 effective, except as otherwise provided, as if included in the provision of the Revenue
Reconciliation Act of 1989, Pub. L. 101-239, title VII, to which such amendment relates, see section 11701(n) of Pub. L. 101-508, set out as a note under section 42 of this title.
EFFECTIVE DATE OF 1989 AMENDMENT
Section 7712(b) of Pub. L. 101-239 provided that: “The amendments made by subsection (a) (amending this section) shall
apply to returns and statements the due date for which (determined without regard
to extensions)
is after December 31, 1989.”
EFFECTIVE DATE OF 1986 AMENDMENT
Amendment by section 1202(c) of Pub. L. 99-514 applicable to distributions by foreign corporations out of, and to inclusions under
section 951(a)
of this title attributable to, earnings and profits for taxable years beginning after
Dec. 31, 1986, see section 1202(e) of Pub. L. 99-514, set out as a note under section 902 of this title.
Amendment by section 1245(b)(5) of Pub. L. 99-514 applicable to taxable years beginning after Dec. 31, 1986, see section 1245(c) of
Pub. L. 99-514, set out as a note under section 6038A of this title.
EFFECTIVE DATE OF 1982 AMENDMENT
Section 338(d) of Pub. L. 97-248 provided that: “The amendments made by this section (amending this section) shall
apply with respect to information for annual accounting periods ending after the date
of the enactment of this Act (Sept. 3, 1982).”
EFFECTIVE DATE OF 1964 AMENDMENT
Amendment by Pub. L. 88-554 effective Aug. 31, 1964, except that for purposes of sections 302 and 304 of this
title, such amendments shall not apply to distributions in payment for stock acquisitions
or redemptions, if such acquisitions or redemptions occurred before Aug. 31, 1964,
see section 4(c) of Pub. L. 88-554, set out as a note under section 318 of this title.
EFFECTIVE DATE OF 1962 AMENDMENT
Section 20(e)(1) of Pub. L. 87-834 provided that: “The amendments made by subsection
(a) (amending this section) shall apply with respect to annual accounting periods
of foreign corporations beginning after December 31, 1962.”
EFFECTIVE DATE
Section 6(c) of Pub. L. 86-780, as amended by Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095, provided that: “The amendments made by subsection
(a) (enacting this section and amending section 902 of this title) shall apply to
taxable years of domestic corporations beginning after December 31, 1960, with respect
to information relating to a foreign corporation or a foreign subsidiary described
in section 6038(a) of the Internal Revenue Code of 1986 (formerly I.R.C. 1954) (as added by subsection
(a)) for its annual accounting periods beginning after December 31, 1960.”
PRIOR PROVISIONS
A prior section 6038 was renumbered section 6040.
