United States Code (Last Updated: May 24, 2014) |
Title 26. INTERNAL REVENUE CODE |
SubTitle F. Procedure and Administration |
Chapter 61. INFORMATION AND RETURNS |
SubChapter A. Returns and Records |
Part III. INFORMATION RETURNS |
SubPart B. Information Concerning Transactions With Other Persons |
§ 6050L. Returns relating to certain donated property
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(a) Dispositions of donated property (1) In general If the donee of any charitable deduction property sells, exchanges, or otherwise disposes of such property within 3 years after its receipt, the donee shall make a return (in accordance with forms and regulations prescribed by the Secretary) showing— (A) the name, address, and TIN of the donor, (B) a description of the property, (C) the date of the contribution, (D) the amount received on the disposition, (E) the date of such disposition, (F) a description of the donee’s use of the property, and (G) a statement indicating whether the use of the property was related to the purpose or function constituting the basis for the donee’s exemption under section 501. In any case in which the donee indicates that the use of applicable property (as defined in section 170(e)(7)(C)) was related to the purpose or function constituting the basis for the exemption of the donee under section 501 under subparagraph (G), the donee shall include with the return the certification described in section 170(e)(7)(D) if such certification is made under section 170(e)(7). (2) Definitions For purposes of this subsection: (A) Charitable deduction property The term “charitable deduction property” means any property (other than publicly traded securities) contributed in a contribution for which a deduction was claimed under section 170 if the claimed value of such property (plus the claimed value of all similar items of property donated by the donor to 1 or more donees) exceeds $5,000.
(B) Publicly traded securities The term “publicly traded securities” means securities for which (as of the date of the contribution) market quotations are readily available on an established securities market.
(b) Qualified intellectual property contributions (1) In general Each donee with respect to a qualified intellectual property contribution shall make a return (at such time and in such form and manner as the Secretary may by regulations prescribe) with respect to each specified taxable year of the donee showing— (A) the name, address, and TIN of the donor, (B) a description of the qualified intellectual property contributed, (C) the date of the contribution, and (D) the amount of net income of the donee for the taxable year which is properly allocable to the qualified intellectual property (determined without regard to paragraph (10)(B) of section 170(m) and with the modifications described in paragraphs (5) and (6) of such section). (2) Definitions For purposes of this subsection: (A) In general Terms used in this subsection which are also used in section 170(m) have the respective meanings given such terms in such section.
(B) Specified taxable year The term “specified taxable year” means, with respect to any qualified intellectual property contribution, any taxable year of the donee any portion of which is part of the 10-year period beginning on the date of such contribution.
(c) Statement to be furnished to donors Every person making a return under subsection (a) or (b) shall furnish a copy of such return to the donor at such time and in such manner as the Secretary may by regulations prescribe.
Amendments
2006—Subsec. (a)(1). Pub. L. 109–280, which directed the amendment of section 6050L by adding subpars. (F) and (G) and concluding provisions and substituting “3 years” for “2 years” in introductory provisions without specifying the act to be amended, was executed to this section, which is section 6050L of the Internal Revenue Code of 1986, to reflect the probable intent of Congress.
2004—Pub. L. 108–357 amended section catchline and text generally, substituting provisions consisting of subsecs. (a) to (c) for provisions which, in subsec. (a) required return to be made by donee and set forth contents requirements, in subsec. (b) defined “charitable deduction property” for purposes of this section, in subsec. (c) required copy of return to be furnished to donor by donee, and in subsec. (d) defined “publicly traded securities”.
Effective Date Of Amendment
Pub. L. 109–280, title XII, § 1215(d)(2),
Amendment by Pub. L. 108–357 applicable to contributions made after
Effective Date
Pub. L. 98–369, div. A, title I, § 155(d)(1),