Internal Revenue Code:Sec. 6046A. Returns as to interests in foreign partnerships

From TaxAlmanac

Location in Internal Revenue Code

     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
        

Statute

    Sec. 6046A. Returns as to interests in foreign partnerships
 
    (a) Requirement of return
      Any United States person, except to the extent otherwise provided
    by regulations -
        (1) who acquires any interest in a foreign partnership,
        (2) who disposes of any portion of his interest in a foreign
      partnership, or
        (3) whose proportional interest in a foreign partnership
      changes substantially,
    shall file a return.  Paragraphs (1) and (2) shall apply to any
    acquisition or disposition only if the United States person
    directly or indirectly holds at least a 10-percent interest in such
    partnership either before or after such acquisition or disposition,
    and paragraph (3) shall apply to any change only if the change is
    equivalent to at least a 10-percent interest in such partnership.
    (b) Form and contents of return
      Any return required by subsection (a) shall be in such form and
    set forth such information as the Secretary shall by regulations
    prescribe.
    (c) Time for filing return
      Any return required by subsection (a) shall be filed on or before
    the 90th day (or on or before such later day as the Secretary may
    by regulations prescribe) after the day on which the United States
    person becomes liable to file such return.
    (d) 10-percent interest
      For purposes of subsection (a), a 10-percent interest in a
    partnership is an interest described in section 6038(e)(3)(C).
    (e) Cross reference
          For provisions relating to penalties for violations of this
        section, see sections 6679 and 7203.
 

Sources

    (Added Pub. L. 97-248, title IV, Sec. 405(a), Sept. 3, 1982, 96
    Stat. 669; amended Pub. L. 105-34, title XI, Sec. 1143(a), Aug. 5,
    1997, 111 Stat. 983.)
 

Miscellaneous

                                 AMENDMENTS
      1997 - Subsec. (a). Pub. L. 105-34, Sec. 1143(a)(1), inserted at
    end ''Paragraphs (1) and (2) shall apply to any acquisition or
    disposition only if the United States person directly or indirectly
    holds at least a 10-percent interest in such partnership either
    before or after such acquisition or disposition, and paragraph (3)
    shall apply to any change only if the change is equivalent to at
    least a 10-percent interest in such partnership.''
      Subsecs. (d), (e). Pub. L. 105-34, Sec. 1143(a)(2), added subsec.
    (d) and redesignated former subsec. (d) as (e).
                      EFFECTIVE DATE OF 1997 AMENDMENT
      Section 1143(c) of Pub. L. 105-34 provided that: ''The amendments
    made by this section (amending this section and section 6679 of
    this title) shall apply to transfers and changes after the date of
    the enactment of this Act (Aug. 5, 1997).''
                               EFFECTIVE DATE
      Section 407(b) of Pub. L. 97-248 provided that: ''The amendments
    made by section 405 (enacting this section and amending section
    6679 of this title) shall apply with respect to acquisitions or
    dispositions of, or substantial changes in, interests in foreign
    partnerships occurring after the date of the enactment of this Act
    (Sept. 3, 1982).''
       SPECIAL RULE FOR CERTAIN INTERNATIONAL SATELLITE PARTNERSHIPS
      For provision that this section is not applicable to certain
    international satellite partnerships, see section 406 of Pub. L.
    97-248, set out as a note under section 6231 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 6038B, 6501, 6679 of this
    title.