Final rules 2
(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—
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(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) Statements to be furnished to transferor and transferee Every partnership 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—
Amended 1986
- 1986 Pub. L. 99-514 Pub. L. 99–514, § 1501(c)(13), in amending subsec. (b) generally, substituted references to partnerships required to make a return for former references to partnerships making a return and references to persons whose name is required to be set forth for former references to persons whose name is set forth.
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(1) the name, address, and phone number of the information contact of the partnership required to make such return, and
Amended 1996
- 1996 Pub. L. 104-168 Pub. L. 104–168 substituted “name, address, and phone number of the information contact” for “name and address”.
(2) the information required to be shown on the return with respect to such person.
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 required to be 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.
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(2) Partnership not required to make return until notice A partnership shall not be required to make a return under this section with respect to any exchange until the partnership is notified of such exchange.
Amended 1986
- 1986 Pub. L. 99-514 Pub. L. 99–514, § 1811(b)(2), substituted “this section” for “this subsection”.