Internal Revenue Code:Sec. 6050R. Returns relating to certain purchases of fish

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. 6050R. Returns relating to certain purchases of fish
 
    (a) Requirement of reporting
      Every person -
        (1) who is engaged in the trade or business of purchasing fish
      for resale from any person engaged in the trade or business of
      catching fish; and
        (2) who makes payments in cash in the course of such trade or
      business to such a person of $600 or more during any calendar
      year for the purchase of fish,
    shall make a return (at such times as the Secretary may prescribe)
    described in subsection (b) with respect to each person to whom
    such a payment was made during such calendar year.
    (b) Return
      A return is described in this subsection if such return -
        (1) is in such form as the Secretary may prescribe, and
        (2) contains -
          (A) the name, address, and TIN of each person to whom a
        payment described in subsection (a)(2) was made during the
        calendar year,
          (B) the aggregate amount of such payments made to such person
        during such calendar year and the date and amount of each such
        payment, and
          (C) such other information as the Secretary may require.
    (c) Statement to be furnished with respect to whom information is
        required
      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 -
        (1) the name, address, and phone number of the information
      contact of the person required to make such a return, and
        (2) the aggregate amount of payments to the person required to
      be shown on the 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) is required to be made.
    (d) Definitions
      For purposes of this section:
      (1) Cash
        The term ''cash'' has the meaning given such term by section
      6050I(d).
      (2) Fish
        The term ''fish'' includes other forms of aquatic life.
 

Sources

    (Added Pub. L. 104-188, title I, Sec. 1116(b)(1), Aug. 20, 1996,
    110 Stat. 1763; amended Pub. L. 105-34, title XVI, Sec. 1601(a),
    Aug. 5, 1997, 111 Stat. 1086; Pub. L. 105-206, title VI, Sec.
    6023(21), July 22, 1998, 112 Stat. 826.)
 

Miscellaneous

                                 AMENDMENTS
      1998 - Subsec. (b)(2)(A). Pub. L. 105-206 substituted a comma for
    the semicolon at end.
      1997 - Pub. L. 105-34, Sec. 1601(a)(2), provided that amendment
    made by section 1116(b)(1) of Pub. L. 104-188, shall be applied as
    if reference to chapter 68 were a reference to chapter 61. Section
    1116(b)(1) of Pub. L. 104-188 directed amendment of subpart B of
    part III of subchapter A of chapter 68 by adding this section.
      Subsec. (c)(1). Pub. L. 105-34, Sec. 1601(a)(1), substituted
    ''name, address, and phone number of the information contact'' for
    ''name and address''.
                      EFFECTIVE DATE OF 1997 AMENDMENT
      Amendment by Pub. L. 105-34 effective as if included in the
    provisions of the Small Business Job Protection Act of 1996, Pub.
    L. 104-188, to which it relates, see section 1601(j) of Pub. L.
    105-34, set out as a note under section 23 of this title.
                               EFFECTIVE DATE
      Section 1116(b)(3) of Pub. L. 104-188 provided that: ''The
    amendments made by this subsection (enacting this section and
    amending section 6724 of this title) shall apply to payments made
    after December 31, 1997.''
 

References

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