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Internal Revenue Code · 26 U.S.C.

§ 6050P. Returns relating to the cancellation of indebtedness by certain entities

In force Text current through Public Law 119-121 (October 9, 2026) release point 119-121

Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).

Cite as 26 U.S.C. § 6050P

At a glance

Read from the text, the source credit and the official notes. Not part of the law.

Status
In force
Added
August 10, 1993 by Pub. L. 103–66
Last amended
December 17, 1999 by Pub. L. 106–170
Amendments
2 dated changes in the source credit
Length
5 subsections · 528 words · about 2 min to read
Defines
2 terms
Cross-references
cites 2; cited by 1 Code section and 4 other regulations
Regulations
3 issued under this section
(a) In general Any applicable entity which discharges (in whole or in part) the indebtedness of any person during any calendar year shall make a return (at such time and in such form as the Secretary may by regulations prescribe) setting forth—
(1) the name, address, and TIN of each person whose indebtedness was discharged during such calendar year,
(2) the date of the discharge and the amount of the indebtedness discharged, and
(3) such other information as the Secretary may prescribe.
(b) Exception

Subsection (a) shall not apply to any discharge of less than $600.

(c) Definitions and special rules For purposes of this section—
(1) Applicable entity The term “applicable entity” means—
(A) an executive, judicial, or legislative agency (as defined in section 3701(a)(4) of title 31, United States Code), and
(B) an applicable financial entity.
(2) Applicable financial entity The term “applicable financial entity” means—
(A) any financial institution described in section 581 or 591(a) and any credit union,
(B) the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, the National Credit Union Administration, and any other Federal executive agency (as defined in section 6050M), and any successor or subunit of any of the foregoing,
(C) any other corporation which is a direct or indirect subsidiary of an entity referred to in subparagraph (A) but only if, by virtue of being affiliated with such entity, such other corporation is subject to supervision and examination by a Federal or State agency which regulates entities referred to in subparagraph (A), and
(D) any organization a significant trade or business of which is the lending of money.
(3) Governmental units

In the case of an entity described in paragraph (1)(A) or (2)(B), any return under this section shall be made by the officer or employee appropriately designated for the purpose of making such return.

(d) Statements to be furnished to persons with respect to whom information is required to be furnished Every applicable entity 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 and address of the entity required to make such return, and
(2) the information required to be shown on the return with respect to such person.
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.
(e) Alternative procedure

In lieu of making a return required under subsection (a), an agency described in subsection (c)(1)(A) may submit to the Secretary (at such time and in such form as the Secretary may by regulations prescribe) information sufficient for the Secretary to complete such a return on behalf of such agency. Upon receipt of such information, the Secretary shall complete such return and provide a copy of such return to such agency.

(Added Pub. L. 103–66, title XIII, § 13252(a), Aug. 10, 1993, 107 Stat. 531; amended Pub. L. 104–134, title III, § 31001(m)(2)(A)–(D)(ii), Apr. 26, 1996, 110 Stat. 1321–368, 1321–369; Pub. L. 106–170, title V, § 533(a), Dec. 17, 1999, 113 Stat. 1931.)

Terms defined here

Where the text says “the term … means”. Select a term to jump to its definition.

Regulations under this section

Treasury regulations (26 CFR) issued under § 6050P

Cross-references

Computed from the citations in the text of Title 26 and 26 CFR.

This section cites 2 other sections

Cited by 1 Code section

Cited in 4 regulations not issued under it

Amendment history

From the source credit and the official notes, newest first.

  1. Amended by Pub. L. 106–170Parts changed in 1999: (c)(2)(D)
  2. Amended by Pub. L. 104–134Parts changed in 1996: (a) (c) (d) (e)
  3. Added by Pub. L. 103–66

Where it sits in the Code

  1. Subtitle F Procedure and Administration
  2. Chapter 61 INFORMATION AND RETURNS
  3. Subchapter A Returns and Records
  4. Part III INFORMATION RETURNS
  5. Subpart B Information Concerning Transactions With Other Persons

Nearby sections

Official notes

Show the Law Revision Counsel's notes (amendments, effective dates)

Editorial Notes

Amendments

1999—Subsec. (c)(2)(D). Pub. L. 106–170 added subpar. (D).

1996—Pub. L. 104–134, § 31001(m)(2)(D)(ii), amended section catchline generally, striking out “financial” before “entities”.

Subsec. (a). Pub. L. 104–134, § 31001(m)(2)(A), struck out “financial” before “entity” in introductory provisions.

Subsec. (c). Pub. L. 104–134, § 31001(m)(2)(B), added par. (1), redesignated former par. (1) as (2), and redesignated former par. (2) as (3) and substituted “(1)(A) or (2)(B)” for “(1)(B)”.

Subsec. (d). Pub. L. 104–134, § 31001(m)(2)(D)(i), struck out “financial” before “entity” in introductory provisions.

Subsec. (e). Pub. L. 104–134, § 31001(m)(2)(C), added subsec. (e).

Statutory Notes and Related Subsidiaries

Effective Date of 1999 Amendment

Pub. L. 106–170, title V, § 533(b), Dec. 17, 1999, 113 Stat. 1931, provided that: “The amendment made by subsection (a) [amending this section] shall apply to discharges of indebtedness after December 31, 1999.”

Effective Date

Pub. L. 103–66, title XIII, § 13252(d), Aug. 10, 1993, 107 Stat. 532, provided that:

“(1) In general.— Except as provided in paragraph (2), the amendments made by this section [enacting this section and amending section 6724 of this title] shall apply to discharges of indebtedness after December 31, 1993.
“(2) Governmental entities.— In the case of an entity referred to in section 6050P(c)(1)(B) of the Internal Revenue Code of 1986 (as added by this section), the amendments made by this section shall apply to discharges of indebtedness after the date of the enactment of this Act [Aug. 10, 1993].”