Page:United States Statutes at Large Volume 98 Part 1.djvu/741

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PUBLIC LAW 98-000—MMMM. DD, 1984

PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 693

(1) IN GENERAL.—Subpart B of part III of subchapter A of chapter 61 (relating to information and returns) is amended by adding at the end thereof the following new section: "SEC. 6050L. RETURNS RELATING TO CERTAIN DISPOSITIONS OF DONATED PROPERTY.

26 USC 6050L.

"(a) GENERAL RULE.—If the donee of any charitable deduction property sells, exchanges, or otherwise disposes of such property within 2 years after its receipt, the donee shall make a return (in accordance with forms and regulations prescribed by the Secretary) showing— "(1) the name, address, and TIN of the donor, "(2) a description of the property, "(3) the date of the contribution, "(4) the amount received on the disposition, and "(5) the date of such disposition. "(b) CHARITABLE DEDUCTION PROPERTY.—For purposes of this section, the term 'charitable deduction property' means any property (other than publicly traded securities) contributed in a contribution for which a deduction was claimed under section 170 if the claimed value of such property (plus the claimed value of all similar items of property donated by the donor to 1 or more donees) exceeds $5,000, "(c) STATEMENT TO B E FURNISHED TO DONORS.—Every person making a return under subsection (a) shall furnish a copy of such return to the donor at such time and in such manner as the Secretary may by regulations prescribe. "(d) DEFINITION OF PUBLICLY TRADED SECURITIES.—The term 'publicly traded securities' means securities for which (as of the date of the contribution) market quotations are readily available on an established securities market."

A;

(2) PENALTIES.—

(A) Subparagraph (B) of section 6652(a)(1) (relating to 26 USC 6652. failure to file certain information returns, etc.) is amended— (i) by striking out "or" at the end of clause (vii), (ii) by adding "or" at the end of clause (viii), and (iii) by inserting after clause (viii) the following new -qe clause: 1 "(ix) section 6050L (relating to returns relating to Supra. certain dispositions of donated property),". .«!«.-•' (B) Paragraph (1) of section 6678(a) (relating to failure to 26 USC 6678. furnish certain statements) is amended— (i) by striking out "or 6050K(b)" and inserting in lieu iy ,., thereof "6050K(b), or 6050L(c)", and (ii) by striking out "or 6050K(a)" and inserting in lieu thereof "6050K(a), or 6050L(a)". (3) CLERICAL AMENDMENT.—The table of sections of subpart B ^w of part III of subchapter A of chapter 61 is amended by adding at the end thereof the following new item: "Sec. 6050L. Returns relating to certain dispositions of donated property." (c) MODIFICATIONS OF INCORRECT VALUATION PENALTY.— (1) MODIFICATIONS OF SECTION 6659.— (A) EUMINATION OF REQUIREMENT THAT PROPERTY BE AC-

QUIRED WITHIN THE LAST 5 YEARS.—Subsection (c) of section 6659 is amended to read as follows:

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26 USC 6659.