Sec. 6045. Returns Of Brokers

I.R.C. § 6045(a) General Rule —

Every person doing business as a broker shall, when required by the Secretary, make a return, in accordance with such regulations as the Secretary may prescribe, showing the name and address of each customer, with such details regarding gross proceeds and such other information as the Secretary may by forms or regulations require with respect to such business.

I.R.C. § 6045(b) Statements To Be Furnished To Customers —

Every person required to make a return under subsection (a) shall furnish to each customer whose name is required to be set forth in such return a written statement showing—

I.R.C. § 6045(b)(1) —

the name, address, and phone number of the information contact of the person required to make such return, and

I.R.C. § 6045(b)(2) —

the information required to be shown on such return with respect to such customer.

The written statement required under the preceding sentence shall be furnished to the customer on or before February 15 of the year following the calendar year for which the return under subsection (a) was required to be made. In the case of a consolidated reporting statement (as defined in regulations) with respect to any customer, any statement which would otherwise be required to be furnished on or before January 31 of a calendar year with respect to any item reportable to the taxpayer shall instead be required to be furnished on or before February 15 of such calendar year if furnished with such consolidated reporting statement.

I.R.C. § 6045(c) Definitions —

For purposes of this section—

I.R.C. § 6045(c)(1) Broker —

Editor's Note: Sec. 6045(c)(1), below, before amendment by Pub. L. 117-58, Sec. 80603(a), is effective for returns required to be filed, and statements required to be furnished, before January 1, 2024.

The term “broker” includes—

I.R.C. § 6045(c)(1)(A) —

a dealer,

I.R.C. § 6045(c)(1)(B) —

a barter exchange, and

I.R.C. § 6045(c)(1)(C) —

any other person who (for a consideration) regularly acts as a middleman with respect to property or services.

A person shall not be treated as a broker with respect to activities consisting of managing a farm on behalf of another person.

I.R.C. § 6045(c)(1) Broker —

Editor's Note: Sec. 6045(c)(1), below, after amendment by Pub. L. 117-58, Sec. 80603(a), is effective for returns required to be filed, and statements required to be furnished, after December 31, 2023.

The term “broker” includes—

I.R.C. § 6045(c)(1)(A) —

a dealer,

I.R.C. § 6045(c)(1)(B) —

a barter exchange,

I.R.C. § 6045(c)(1)(C) —

any person who (for consideration) regularly acts as a middleman with respect to property or services, and

I.R.C. § 6045(c)(1)(D) —

any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.

A person shall not be treated as a broker with respect to activities consisting of managing a farm on behalf of another person.

I.R.C. § 6045(c)(2) Customer —

The term “customer” means any person for whom the broker has transacted any business.

I.R.C. § 6045(c)(3) Barter Exchange —

The term “barter exchange” means any organization of members providing property or services who jointly contract to trade or barter such property or services.

I.R.C. § 6045(c)(4) Person —

The term “person” includes any governmental unit and any agency or instrumentality thereof.

I.R.C. § 6045(d) Statements Required In Case Of Certain Substitute Payments —

If any broker—

I.R.C. § 6045(d)(1) —

transfers securities of a customer for use in a short sale or similar transaction, and

I.R.C. § 6045(d)(2) —

receives (on behalf of the customer) a payment in lieu of—

I.R.C. § 6045(d)(2)(A) —

a dividend,

I.R.C. § 6045(d)(2)(B) —

tax-exempt interest, or

I.R.C. § 6045(d)(2)(C) —

such other items as the Secretary may prescribe by regulations,

during the period such short sale or similar transaction is open, the broker shall furnish such customer a written statement (in the manner as the Secretary shall prescribe by regulations) identifying such payment as being in lieu of the dividend, tax-exempt interest, or such other item. The written statement required under the preceding sentence shall be furnished on or before February 15 of the year following the calendar year in which the payment was made. The Secretary may prescribe regulations which require the broker to make a return which includes the information contained in such written statement.

I.R.C. § 6045(e) Return Required In The Case Of Real Estate Transactions

I.R.C. § 6045(e)(1) In General —

In the case of a real estate transaction, the real estate reporting person shall file a return under subsection (a) and a statement under subsection (b) with respect to such transaction.

I.R.C. § 6045(e)(2) Real Estate Reporting Person —

For purposes of this subsection, the term “real estate reporting person” means any of the following persons involved in a real estate transaction in the following order:

I.R.C. § 6045(e)(2)(A) —

the person (including any attorney or title company) responsible for closing the transaction,

I.R.C. § 6045(e)(2)(B) —

the mortgage lender,

I.R.C. § 6045(e)(2)(C) —

the seller's broker,

I.R.C. § 6045(e)(2)(D) —

the buyer's broker, or

I.R.C. § 6045(e)(2)(E) —

such other person designated in regulations prescribed by the Secretary.

Any person treated as a real estate reporting person under the preceding sentence shall be treated as a broker for purposes of subsection (c)(1).

I.R.C. § 6045(e)(3) Prohibition Of Separate Charge For Filing Return —

It shall be unlawful for any real estate reporting person to separately charge any customer for complying with any requirement of paragraph (1). Nothing in this paragraph shall be construed to prohibit the real estate reporting person from taking into account its cost of complying with such requirement in establishing its charge (other than a separate charge for complying with such requirement) to any customer for performing services in the case of a real estate transaction.

I.R.C. § 6045(e)(4) Additional Information Required. —

In the case of a real estate transaction involving a residence, the real estate reporting person shall include the following information on the return under subsection (a) and on the statement under subsection (b):

I.R.C. § 6045(e)(4)(A) —

The portion of any real property tax which is treated as a tax imposed on the purchaser by reason of section 164(d)(1)(B).

I.R.C. § 6045(e)(4)(B) —

Whether or not the financing (if any) of the seller was federally-subsidized indebtedness (as defined in section 143(m)(3)).

I.R.C. § 6045(e)(5) Exception For Sales Or Exchanges Of Certain Principal Residences

I.R.C. § 6045(e)(5)(A) In General —

Paragraph (1) shall not apply to any sale or exchange of a residence for $250,000 or less if the person referred to in paragraph (2) receives written assurance in a form acceptable to the Secretary from the seller that—-

I.R.C. § 6045(e)(5)(A)(i) —

such residence is the principal residence (within the meaning of section 121) of the seller,

I.R.C. § 6045(e)(5)(A)(ii) —

if the Secretary requires the inclusion on the return under subsection (a) of information as to whether there is federally subsidized mortgage financing assistance with respect to the mortgage on residences, that there is no such assistance with respect to the mortgage on such residence, and

I.R.C. § 6045(e)(5)(A)(iii) —

the full amount of the gain on such sale or exchange is excludable from gross income under section 121.

If such assurance includes an assurance that the seller is married, the preceding sentence shall be applied by substituting “$500,000” for “$250,000”. The Secretary may by regulation increase the dollar amounts under this subparagraph if the Secretary determines that such an increase will not materially reduce revenues to the Treasury.

I.R.C. § 6045(e)(5)(B) Seller —

For purposes of this paragraph, the term “seller” includes the person relinquishing the residence in an exchange.

I.R.C. § 6045(f) Return Required In The Case Of Payments To Attorneys

I.R.C. § 6045(f)(1) In General —

Any person engaged in a trade or business and making a payment (in the course of such trade or business) to which this subsection applies shall file a return under subsection (a) and a statement under subsection (b) with respect to such payment.

I.R.C. § 6045(f)(2) Application Of Subsection

I.R.C. § 6045(f)(2)(A) In General —

This subsection shall apply to any payment to an attorney in connection

with legal services (whether or not such services are performed for the payor).

I.R.C. § 6045(f)(2)(B) Exception —

This subsection shall not apply to the portion of any payment which is required to be reported under section 6041(a) (or would be so required but for the dollar limitation contained therein) or section 6051.

I.R.C. § 6045(g) Additional Information Required In The Case Of Securities Transactions, Etc.

I.R.C. § 6045(g)(1) In General —

If a broker is otherwise required to make a return under subsection (a) with respect to the gross proceeds of the sale of a covered security, the broker shall include in such return the information described in paragraph (2).

I.R.C. § 6045(g)(2) Additional Information Required

I.R.C. § 6045(g)(2)(A) In General —

The information required under paragraph (1) to be shown on a return with respect to a covered security of a customer shall include the customer's adjusted basis in such security and whether any gain or loss with respect to such security is long-term or short-term (within the meaning of section 1222).

I.R.C. § 6045(g)(2)(B) Determination Of Adjusted Basis —

For purposes of subparagraph (A)—

I.R.C. § 6045(g)(2)(B)(i) In General —

The customer's adjusted basis shall be determined—

I.R.C. § 6045(g)(2)(B)(i)(I) —

in the case of any security (other than any stock for which an average basis method is permissible under section 1012), in accordance with the first-in first-out method unless the customer notifies the broker by means of making an adequate identification of the stock sold or transferred, and

I.R.C. § 6045(g)(2)(B)(i)(II) —

in the case of any stock for which an average basis method is permissible under section 1012, in accordance with the broker's default method unless the customer notifies the broker that he elects another acceptable method under section 1012with respect to the account in which such stock is held.

I.R.C. § 6045(g)(2)(B)(ii) Exception For Wash Sales —

Except as otherwise provided by the Secretary, the customer's adjusted basis shall be determined without regard to section 1091 (relating to loss from wash sales of stock or securities) unless the transactions occur in the same account with respect to identical securities.

I.R.C. § 6045(g)(2)(B)(iii) Treatment Of Uncorrected De Minimis Errors —

Except as otherwise provided by the Secretary, the customer's adjusted basis shall be determined by treating any incorrect dollar amount which is not required to be corrected by reason of section 6721(c)(3) or section 6722(c)(3) as the correct amount.

I.R.C. § 6045(g)(3) Covered Security —

Editor's Note: Sec. 6045(g)(3), below, before amendment by Pub. L. 117-58, Sec. 80603(b), is effective for returns required to be filed, and statements required to be furnished, before January 1, 2024.

For purposes of this subsection—

I.R.C. § 6045(g)(3)(A) In General —

The term “covered security” means any specified security acquired on or after the applicable date if such security—

I.R.C. § 6045(g)(3)(A)(i) —

was acquired through a transaction in the account in which such security is held, or

I.R.C. § 6045(g)(3)(A)(ii) —

was transferred to such account from an account in which such security was a covered security, but only if the broker received a statement under section 6045A with respect to the transfer.

I.R.C. § 6045(g)(3)(B) Specified Security —

The term “specified security” means—

I.R.C. § 6045(g)(3)(B)(i) —

any share of stock in a corporation,

I.R.C. § 6045(g)(3)(B)(ii) —

any note, bond, debenture, or other evidence of indebtedness,

I.R.C. § 6045(g)(3)(B)(iii) —

any commodity, or contract or derivative with respect to such commodity, if the Secretary determines that adjusted basis reporting is appropriate for purposes of this subsection, and

I.R.C. § 6045(g)(3)(B)(iv) —

any other financial instrument with respect to which the Secretary determines that adjusted basis reporting is appropriate for purposes of this subsection.

I.R.C. § 6045(g)(3)(C) Applicable Date —

The term “applicable date” means—

I.R.C. § 6045(g)(3)(C)(i) —

January 1, 2011, in the case of any specified security which is stock in a corporation (other than any stock described in clause (ii)),

I.R.C. § 6045(g)(3)(C)(ii) —

January 1, 2012, in the case of any stock for which an average basis method is permissible under section 1012, and

I.R.C. § 6045(g)(3)(C)(iii) —

January 1, 2013, or such later date determined by the Secretary in the case of any other specified security.

I.R.C. § 6045(g)(3) Covered Security —

Editor's Note: Sec. 6045(g)(3), below, after amendment by Pub. L. 117-58, Sec. 80603(b), is effective for returns required to be filed, and statements required to be furnished, after December 31, 2023.

For purposes of this subsection—

I.R.C. § 6045(g)(3)(A) In General —

The term “covered security” means any specified security acquired on or after the applicable date if such security—

I.R.C. § 6045(g)(3)(A)(i) —

was acquired through a transaction in the account in which such security is held, or

I.R.C. § 6045(g)(3)(A)(ii) —

was transferred to such account from an account in which such security was a covered security, but only if the broker received a statement under section 6045A with respect to the transfer.

I.R.C. § 6045(g)(3)(B) Specified Security —

The term “specified security” means—

I.R.C. § 6045(g)(3)(B)(i) —

any share of stock in a corporation,

I.R.C. § 6045(g)(3)(B)(ii) —

any note, bond, debenture, or other evidence of indebtedness,

I.R.C. § 6045(g)(3)(B)(iii) —

any commodity, or contract or derivative with respect to such commodity, if the Secretary determines that adjusted basis reporting is appropriate for purposes of this subsection,

I.R.C. § 6045(g)(3)(B)(iv) —

any digital asset, and

I.R.C. § 6045(g)(3)(B)(v) —

any other financial instrument with respect to which the Secretary determines that adjusted basis reporting is appropriate for purposes of this subsection.

I.R.C. § 6045(g)(3)(C) Applicable Date —

The term “applicable date” means—

I.R.C. § 6045(g)(3)(C)(i) —

January 1, 2011, in the case of any specified security which is stock in a corporation (other than any stock described in clause (ii)),

I.R.C. § 6045(g)(3)(C)(ii) —

January 1, 2012, in the case of any stock for which an average basis method is permissible under section 1012,

I.R.C. § 6045(g)(3)(C)(iii) —

January 1, 2023, in the case of any specified security which is a digital asset, and

I.R.C. § 6045(g)(3)(C)(iv) —

January 1, 2013, or such later date determined by the Secretary in the case of any other specified security.

I.R.C. § 6045(g)(3)(D) Digital Asset —

Except as otherwise provided by the Secretary, the term “digital asset” means any digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology as specified by the Secretary.

I.R.C. § 6045(g)(4) Treatment Of S Corporations —

In the case of the sale of a covered security acquired by an S corporation (other than a financial institution) after December 31, 2011, such S corporation shall be treated in the same manner as a partnership for purposes of this section.

I.R.C. § 6045(g)(5) Special Rules For Short Sales —

In the case of a short sale, reporting under this section shall be made for the year in which such sale is closed.

I.R.C. § 6045(g)(6) Special Rule For Certain Stock Held In Connection With Dividend Reinvestment Plan —

For purposes of this subsection, stock acquired before January 1, 2012, in connection with a dividend reinvestment plan shall be treated as stock described in clause (ii) of paragraph (3)(C) (unless the broker with respect to such stock elects not to have this paragraph apply with respect to such stock).

I.R.C. § 6045(h) Application To Options On Securities

I.R.C. § 6045(h)(1) Exercise Of Option —

For purposes of this section, if a covered security is acquired or disposed of pursuant to the exercise of an option that was granted or acquired in the same account as the covered security, the amount received with respect to the grant or paid with respect to the acquisition of such option shall be treated as an adjustment to gross proceeds or as an adjustment to basis, as the case may be.

I.R.C. § 6045(h)(2) Lapse Or Closing Transaction —

In the case of the lapse (or closing transaction (as defined in section 1234(b)(2)(A))) of an option on a specified security or the exercise of a cash-settled option on a specified security, reporting under subsections (a) and (g) with respect to such option shall be made for the calendar year which includes the date of such lapse, closing transaction, or exercise.

I.R.C. § 6045(h)(3) Prospective Application —

Paragraphs (1) and (2) shall not apply to any option which is granted or acquired before January 1, 2013.

I.R.C. § 6045(h)(4) Definitions —

For purposes of this subsection, the terms “covered security” and “specified security” shall have the meanings given such terms in subsection (g)(3).

(Aug. 16, 1954, ch. 736, 68A Stat. 747; Oct. 4, 1976, Pub. L. 94-455, title XIX, Sec. 1906(b)(13)(A), 90 Stat. 1834; Sept. 3, 1982, Pub. L. 97-248, title III, Sec. 311(a)(1), 96 Stat. 600; July 18, 1984, Pub. L. 98-369, div. A, title I, Sec. 150(a), title VII, Sec. 714(e)(1), 98 Stat. 690, 961; Oct. 22, 1986, Pub. L. 99-514, title XV, Sec. 1501(c)(4), 1521(a), 100 Stat. 2737, 2746; Nov. 10, 1988, Pub. L. 100-647, title I, Sec. 1015(e)(1)(A), (2)(A), (3), title IV, Sec. 4005(g)(3), 102 Stat. 3569, 3570, 3650; Dec. 19, 1989, Pub. L. 101-239, title VII, Sec. 7814(c)(1), 103 Stat. 2413; Nov. 5, 1990, Pub. L. 101-508, title XI, Sec. 11704(a)(25), 104 Stat. 1388-519; Oct. 24, 1992, Pub. L. 102-486, Sec. 1939(a); Aug. 20, 1996, Pub. L. 104-188, 1704, 110 Stat. 1755; Pub. L. 105-34, title III, IX, Sec. 312(c), 1021(a), Aug. 5, 1997, 111 Stat 788; Pub. L. 109-135, title IV, Sec. 412(xx), Dec. 21, 2005, 119 Stat. 2577; Pub. L. 110-343, div. B, title IV, Sec. 403(a)(3), Oct. 3, 2008, 122 Stat. 3765; Pub. L. 113-295, Div. A, title II, Sec. 210(f)(4), Dec. 19, 2014, 128 Stat. 4010; Pub. L. 114-113, Div. Q, title II, Sec. 202(c), Dec. 18, 2015; Pub. L. 117-58, Div. H, title VI, Sec. 80603(a), (b), Nov. 15, 2021, 135 Stat. 429.)

BACKGROUND NOTES

AMENDMENTS

2021 - Subsec. (c)(1). Pub. L. 117-58, Sec. 80603(a), amended par. (1) by striking “and” at the end of subpar. (B), by substituting “any person who (for consideration)” for “any other person who (for a consideration)”in subpar. (C), by substituting “, and” for the period at the end of subpar. (C), and by adding subpar. (D).

Subsec. (g)(3)(B). Pub. L. 117-58, Sec. 80603(b)(1)(A), amended subpar. (B) by striking “and” at the end of clause (iii), by redesignating clause (iv) and clause (v), and by adding a new clause (iv).

Subsec. (g)(3)(C). Pub. L. 117-58, Sec. 80603(b)(1)(C), amended subpar. (C) by striking “and” at the end of clause (ii), by redesignating clause (iii) as clause (iv), and by inserting a new clause (iii).

Subsec. (g)(3)(D). Pub. L. 117-58, Sec. 80603(b)(1)(B), amended par. (3) by adding subpar. (D).

2015 - Subsec. (g)(2)(B)(iii). Pub. L. 114-113, Div. Q, Sec. 202(c), added clause (iii).

2014 - Subsec. (g)(6). Pub. L. 113-295, Div. A, Sec. 210(f)(4), added par. (6).

2008 - Subsec. (b). Pub. L. 110-343, Div. B, Sec. 403(a)(3)(A), (C), amended subsec. (b) by substituting “February 15” for “January 31” and by adding the sentence at the end.

Subsec. (d). Pub. L. 110-343, Div. B, Sec. 403(a)(3)(B), amended subsec. (d) by striking “at such time and” in the parenthetical text in the flush language and by adding the sentence following “other item.” in the flush language.

Subsec. (g). Pub. L. 110-343, Div. B, Sec. 403(a)(1), added subsec. (g).

Subsec. (h). Pub. L. 110-343, Div. B, Sec. 403(a)(2), added subsec. (h).

2005 - Subsec. (e)(5)(A). Pub. L. 109-135, 412(x), amended the “$250,000”. The Secretary may by regulation increase the dollar amounts under this subparagraph if the Secretary determines that such an increase will not materially reduce revenues to the Treasury.” for “$250,000”.

The Secretary may by regulation increase the dollar amounts under this subparagraph if the Secretary determines that such an increase will not materially reduce revenues to the Treasury.”

1997 - Subsec. (e)(5). Pub. L. 105-34, 312(c), added par. (5).

Subsec. (f). Pub. L. 105-34, 1021(a), added subsec. (f).

1996 - Subsec. (e)(3). Pub. L. 104-188, 1704(o)(1), added the last sentence to par. (3).

Subsec. (b)(1). Pub. L. 104-168, 1201(a), substituted “name, address, and phone number of the information contact” for “name and address”.

1992 - Subsec. (e)(4). Pub. L. 102-486, Sec. 1939(a), amended par. (4). Before amendment, it read as follows:

“(4) Whether Seller's Financing Was Federally-Subsidized.—In the case of a real estate transaction involving a residence, the real estate reporting person shall specify on the return under subsection(a) and the statement under subsection (b) whether or not the financing (if any) of the seller was federally-subsidized indebtedness (as defined in section 143(m)(3)).”

1990 - Subsec. (e)(4). Pub. L. 101-508 substituted “reporting person” for “broker”.

1989 - Subsec. (e)(3), (4). Pub. L. 101-239 redesignated par. (3), relating to whether seller's financing was federally-subsidized indebtedness, as (4).

1988 - Subsec. (c)(1). Pub. L. 100-647, Sec. 1015(e)(1)(A), inserted at end “A person shall not be treated as a broker with respect to activities consisting of managing a farm on behalf of another person.”

Subsec. (e)(1). Pub. L. 100-647, Sec. 1015(e)(3)(A), substituted “real estate reporting person” for “real estate broker”.

Subsec. (e)(2). Pub. L. 100-647, Sec. 1015(e)(3), substituted “estate reporting person” for “estate broker” in par. (2) heading and two places in text.

Subsec. (e)(3). Pub. L. 100-647, Sec. 4005(g)(3), added par. (3) relating to whether seller's financing was federally-subsidized indebtedness.

Pub. L. 100-647, Sec. 1015(e)(2)(A), added par. (3) relating to prohibition of separate charge for filing return.

1986 - Subsec. (b). Pub. L. 99-514, Sec. 1501(c)(4), in amending subsec. (c) generally, substituted references to persons required to make a return for former references to persons making a return.

Subsec. (e). Pub. L. 99-514, Sec. 1521(a), added subsec. (e).

1984 - Subsec. (c)(4). Pub. L. 98-369, Sec. 714(e)(1), added par. (4).

Subsec. (d). Pub. L. 98-369, Sec. 150(a), added subsec. (d).

1982 - Pub. L. 97-248 designated existing provisions as subsec. (a), substituted “the name and address of each customer, with such details regarding gross proceeds” for “the names of customers for whom such person has transacted any business, with such details regarding the profits and losses” after “may prescribe, showing” and “such business” for “each customer as will enable the Secretary to determine the amount of such profits and losses” after “with respect to”, and added subsecs. (b) and (c).

1976 - Pub. L. 94-455 struck out “or his delegate” after “Secretary” wherever appearing.

EFFECTIVE DATE OF 2021 AMENDMENTS

Amendments by Sec. 80603 of Pub. L. 117-58 effective for returns required to be filed, and statements required to be furnished, after December 31, 2023.

Sec. 80603(d) of Pub. L. 117-58 provided the following rule of construction:

“(d) RULE OF CONSTRUCTION.—Nothing in this section or the amendments made by this section shall be construed to create any inference, for any period prior to the effective date of such amendments, with respect to—

“(1) whether any person is a broker under section 6045(c)(1) of the Internal Revenue Code of 1986, or

“(2) whether any digital asset is property which 1 is a specified security under section 6045(g)(3)(B) of such Code.”

EFFECTIVE DATE OF 2015 AMENDMENT

Amendment by Sec. 202 of Pub. L. 114-113, Div. Q, as amended by Pub. L. 115-141, Div. U, Sec. 101(f)(3), effective for returns required to be filed, and payee statements required to be furnished, after December 31, 2016.

EFFECTIVE DATE OF 2014 AMENDMENT

Amendment by Pub. L. 113-295, Div. A, Sec. 210(f)(4), effective as if included in the provision of the Energy Improvement and Extension Act of 2008 [Pub. L. 110-343, Div. B, Sec. 403] to which it relates.

EFFECTIVE DATE OF 2008 AMENDMENTS

Amendments by section 403(a)(1), (2) of Pub. L. 110-343, Div. B, effective January 1, 2011.

Amendments by section 403(a)(3) of Pub. L. 110-343, Div. B, effective for statements required to be furnished after December 31, 2008.

EFFECTIVE DATE OF 2005 AMENDMENT

Amendment by section 412(xx) of Pub. L. 109-135 applicable on the date of the enactment of this Act [Enacted: Dec. 21, 2005].

EFFECTIVE DATE OF 1997 AMENDMENT

Amendment by section 312(c) of Pub. L. 105-34 applicable to sales and exchanges after May 6, 1997. Section 312(d)[e] of Pub. L. 105-34 provided special rules which are set out in section 121 of this title.

Amendment by section 1021(c) of Pub. L. 105-34 applicable to payments made after December 31, 1997.

EFFECTIVE DATE OF 1996 AMENDMENT

Amendment by section 1704(o)(1) of Pub. L. 104-188 effective as if included in section 1015(e)(2)(A) of the Technical and Miscellaneous Revenue Act of 1988.

Amendment by section 1201(a) of Pub. L. 104-168 applicable to statements required to be furnished after Dec. 31, 1996 (determined without regard to any extension).

EFFECTIVE DATE OF 1992 AMENDMENT

Amendment by section 1939(a) of Pub. L. 102-482 effective for transactions after December 31, 1992.

EFFECTIVE DATE OF 1989 AMENDMENT

Amendment by Pub. L. 101-239 effective, except as otherwise provided, as if included in the provision of the Technical and Miscellaneous Revenue Act of 1988, Pub. L. 100-647, to which such amendment relates, see section 7817 of Pub. L. 101-239, set out as a note under section 1 of this title.

EFFECTIVE DATE OF 1988 AMENDMENT

Section 1015(e)(1)(B) of Pub. L. 100-647 provided that: “The amendment made by subparagraph (A) (amending this section) shall take effect as if included in the amendments made by section 311(a)(1) of the Tax Equity and Fiscal Responsibility Act of 1982 [Pub. L. 97-248].”

Section 1015(e)(2)(B) of Pub. L. 100-647 provided that: “The amendment made by subparagraph (A) (amending this section) shall take effect on the date of the enactment of this Act (Nov. 10, 1988).”

Amendment by section 1015(e)(3) of Pub. L. 100-647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99-514, to which such amendment relates, see section 1019(a) of Pub. L. 100-647, set out as a note under section 1 of this title.

Amendment by section 4005(g)(3) of Pub. L. 100-647 applicable to financing provided, and mortgage credit certificates issued, after Dec. 31, 1990, with certain exceptions, see section 4005(h)(3) of Pub. L. 100-647, set out as a note under section 143 of this title.

EFFECTIVE DATE OF 1986 AMENDMENT

Amendment by section 1501(c)(4) of Pub. L. 99-514 applicable to returns the due date for which (determined without regard to extensions) is after Dec. 31, 1986, see section 1501(e) of Pub. L. 99-514, set out as an Effective Date note under section 6721 of this title.

Section 1521(c) of Pub. L. 99-514 provided that: “The amendments made by this section (amending this section and section 3406 of this title) shall apply to real estate transactions closing after December 31, 1986.”

EFFECTIVE DATE OF 1984 AMENDMENT

Section 150(b) of Pub. L. 98-369 provided that: “The amendment made by this section (amending this section) shall apply to payments received after December 31, 1984.”

Amendment by section 714(e)(1) of Pub. L. 98-369 effective as if included in the provision of the Tax Equity and Fiscal Responsibility Act of 1982, Pub. L. 97-248, to which such amendment relates, see section 715 of Pub. L. 98-369, set out as a note under section 31 of this title.

EFFECTIVE DATE OF 1982 AMENDMENT

Section 311(c)(1) of Pub. L. 97-248, as amended by Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095, provided that: “The amendments made by subsection (a) (amending this section and section 6678 of this title) shall take effect on the date of the enactment of this Act (Sept. 3, 1982), except that -

“(A) regulations relating to reporting by commodities and securities brokers shall be issued under section 6045 of the Internal Revenue Code of 1986 (formerly I.R.C. 1954) (as amended by this Act) within 6 months after the date of the enactment of this Act (Sept. 3, 1982), and

“(B) such regulations shall not apply to transactions occurring before January 1, 1983.”

ALLOWANCE OF ELECTRONIC 1099S

Sec. 401 of Pub. L. 107-147 provided that:

“Any person required to furnish a statement under any section of subpart B of part III of subchapter A of chapter61 of the Internal Revenue Code of 1986 for any taxable year ending after the date of the enactment of this Act, may electronically furnish such statement (without regard to any first class mailing requirement) to any recipient who has consented to the electronic provision of the statement in a manner similar to the one permitted under regulations issued under section 6051 of such Code or in such other manner as provided by the Secretary.”

NO PENALTY FOR PAYMENTS BEFORE JANUARY 1, 1985

Section 714(e)(2) of Pub. L. 98-369, as amended by Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095, provided that: “No penalty shall be imposed under the Internal Revenue Code of 1986 (formerly I.R.C. 1954) with respect to any person required (by reason of the amendment made by paragraph (1) (amending this section)) to file a return under section 6045 of such Code with respect to any payment before January 1, 1985.”

Sec. 6045. Returns Of Brokers

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