100 STAT. 2746
PUBLIC LAW 99-514—OCT. 22, 1986
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and inserting in lieu thereof "the underpayment rate or overpayment rate (whichever is appropriate) established under I section 6621". 3 (18) Section 2411 of title 28, United States Code, is amended by striking out "an annual rate established under section 6621" and inserting in lieu thereof "the overpayment rate established under section 6621". (d) EFFECTIVE DATE.—The amendments made by this section shall apply for purposes of determining interest for periods after December 31, 1986. SEC. 1512. INTEREST ON ACCUMULATED EARNINGS TAX TO ACCRUE BEGINNING ON DATE RETURN IS DUE.
(a) IN GENERAL.—Subsection (b) of section 6601 (relating to last date prescribed for payment) is amended by redesignating paragraph (4) as paragraph (5) and by inserting after paragraph (3) the following new paragraph: "(4) ACCUMULATED EARNINGS TAX.—In the case of the tax imposed by section 531 for any taxable year, the last date prescribed for payment shall be deemed to be the due date (without regard to extensions) for the return of tax imposed by subtitle A for such taxable year." (b) EFFECTIVE DATE.—The amendments made by this section shall apply to returns the due date for which (determined without regard to extensions) is after December 31, 1985.
Subtitle C—Information Reporting Provisions SEC. 1521. REQUIREMENT OF REPORTING FOR REAL ESTATE TRANSACTIONS.
(a) GENERAL RULE.—Section 6045 (relating to returns of brokers) is amended by adding at the end thereof the following new subsection: "(e) RETURN REQUIRED IN THE CASE OF REAL ESTATE TRANSACTIONS.—
"(1) IN GENERAL.—In the case of a real estate transaction, the s: real estate broker shall file a return under subsection (a) and a lo statement under subsection (b) with respect to such transaction. "(2) REAL ESTATE BROKER.—For purposes of this subsection, the term 'real estate broker' means any of the following persons involved in a real estate transaction in the following order:
"(A) the person (including any attorney or title company) responsible for closing the transaction,
' (B) the mortgage lender, ... "(C) the seller's broker, K= r.;, • "(D) the buyer's broker, or "(E) such other person designated in regulations preT: scribed by the Secretary. {• Any person treated as a real estate broker under the preceding f sentence shall be treated as a broker for purposes of subsection (c)(1)." (b) BACKUP WITHHOLDING REQUIREMENTS.—Paragraph (5) of section 3406(h) (relating to other definitions and special rules) is amended by adding at the end thereof the following new subparagraph: e»
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"(D) R E A L ESTATE B R O K E R N O T T R E A T E D A S A B R O K E R. —
Except as provided by regulations, such term shall not
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