Internal Revenue Code:Sec. 6050A. Reporting requirements of certain fishing boat operators

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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. 6050A. Reporting requirements of certain fishing boat
        operators
 
    (a) Reports
      The operator of a boat on which one or more individuals, during a
    calendar year, perform services described in section 3121(b)(20)
    shall submit to the Secretary (at such time, and in such manner and
    form, as the Secretary shall by regulations prescribe) information
    respecting -
        (1) the identity of each individual performing such services;
        (2) the percentage of each such individual's share of the
      catches of fish or other forms of aquatic animal life, and the
      percentage of the operator's share of such catches;
        (3) if such individual receives his share in kind, the type and
      weight of such share, together with such other information as the
      Secretary may prescribe by regulations reasonably necessary to
      determine the value of such share;
        (4) if such individual receives a share of the proceeds of such
      catches, the amount so received; and
        (5) any cash remuneration described in section 3121(b)(20)(A).
    (b) Written statement
      Every person 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 the information relating to
    such person required to be contained in such return.  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.
 

Sources

    (Added Pub. L. 94-455, title XII, Sec. 1207(e)(3)(A), Oct. 4, 1976,
    90 Stat. 1707; amended Pub. L. 99-514, title XV, Sec. 1501(c)(6),
    Oct. 22, 1986, 100 Stat. 2737; Pub. L. 104-188, title I, Sec.
    1116(a)(1)(C), Aug. 20, 1996, 110 Stat. 1762.)
 

Miscellaneous

                                 AMENDMENTS
      1996 - Subsec. (a)(5). Pub. L. 104-188 added par. (5).
      1986 - Subsec. (b). Pub. L. 99-514 amended subsec. (b)
    generally.  Prior to amendment, subsec. (b) read as follows:
    ''Every person making a return under subsection (a) shall furnish
    to each person whose name is set forth in such return a written
    statement showing the information relating to such person contained
    in such return.  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 made.''
                      EFFECTIVE DATE OF 1996 AMENDMENT
      Amendments by Pub. L. 104-188 applicable to remuneration paid
    after Dec. 31, 1996, see section 1116(a)(3)(B) of Pub. L. 104-188,
    set out as a note under section 3121 of this title.
                      EFFECTIVE DATE OF 1986 AMENDMENT
      Amendment by 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.
                               EFFECTIVE DATE
      Section effective for calendar years beginning after Oct. 4,
    1976, see section 1207(f)(4)(A) of Pub. L. 94-455, set out as a
    note under section 3121 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 3406, 6724 of this title.