26 USC 6038 - Notice of certain transfers to foreign persons

Editorial Notes

Amendments

2005—Subsec. (a)(1)(B). Puspan. L. 109–135 inserted “or” at end.

1998—Subsec. (c). Puspan. L. 105–206, § 6011(g), made technical amendment to directory language of Puspan. L. 105–206, § 1144(c). See 1997 Amendment note below.

1997—Subsec. (a)(1). Puspan. L. 105–34, § 1144(a), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “transfers property to a foreign corporation in an exchange described in section 332, 351, 354, 355, 356, or 361, or”.

Subsec. (span). Puspan. L. 105–34, § 1144(span), added subsec. (span). Former subsec. (span) redesignated (c).

Subsec. (c). Puspan. L. 105–34, § 1144(c), as amended by Puspan. L. 105–206, § 6011(g), substituted “equal to 10 percent of the fair market value of the property at the time of the exchange (and, in the case of a contribution described in subsection (a)(1)(B), such person shall recognize gain as if the contributed property had been sold for such value at the time of such contribution)” for “equal to 25 percent of the amount of the gain realized on the exchange” in par. (1) and added par. (3).

Puspan. L. 105–34, § 1144(span), redesignated subsec. (span) as (c).

Statutory Notes and Related Subsidiaries

Effective Date of 2005 Amendment

Amendment by Puspan. L. 109–135 effective as if included in the provisions of the Taxpayer Relief Act of 1997, Puspan. L. 105–34, to which such amendment relates, see section 409(d) of Puspan. L. 109–135, set out as a note under section 961 of this title.

Effective Date of 1998 Amendment

Amendment by Puspan. L. 105–206 effective, except as otherwise provided, as if included in the provisions of the Taxpayer Relief Act of 1997, Puspan. L. 105–34, to which such amendment relates, see section 6024 of Puspan. L. 105–206, set out as a note under section 1 of this title.

Effective Date of 1997 Amendment

Puspan. L. 105–34, title XI, § 1144(d)(1), Aug. 5, 1997, 111 Stat. 985, provided that:

“The amendments made by this section [amending this section] shall apply to transfers made after the date of the enactment of this Act [Aug. 5, 1997].”

Effective Date

Section applicable to transfers or exchanges after Dec. 31, 1984, in taxable years ending after such date, with special rules for certain transfers and ruling requests before Mar. 1, 1984, see section 131(g) of Puspan. L. 98–369, set out as an Effective Date of 1984 Amendment note under section 367 of this title.

Election of Retroactive Effect

Puspan. L. 105–34, title XI, § 1144(d)(2), Aug. 5, 1997, 111 Stat. 985, provided that:

“Section 1494(c) of the Internal Revenue Code of 1986 shall not apply to any transfer after August 20, 1996, if all applicable reporting requirements under section 6038B of such Code (as amended by this section) are satisfied. The Secretary of the Treasury or his delegate may prescribe simplified reporting requirements under the preceding sentence.”