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Title 26 — Internal Revenue CodeRelease 119-73

§6050K Returns relating to exchanges of certain partnership interests

Title 26 › Subtitle Subtitle F— - Procedure and Administration › Chapter CHAPTER 61— - INFORMATION AND RETURNS › Subchapter Subchapter A— - Returns and Records › Part PART III— - INFORMATION RETURNS › Subpart Subpart B— - Information Concerning Transactions With Other Persons › § 6050K

Last updated Apr 6, 2026|Official source

Summary

When a partnership interest covered by section 751(a) is exchanged during a calendar year, the partnership must file a return for that year. The return must give the name and address of the person who gave up the interest and the person who got it, and any other details the Secretary’s rules require. The partnership must also give each person named a written statement with the partnership’s contact name, address, and phone number and the information shown about that person on the return. The person who transferred the interest must promptly tell the partnership about the exchange. The partnership does not have to file the return until it gets that notice.

Full Legal Text

Title 26, §6050K

Internal Revenue Code — Source: USLM XML via OLRC

(a)Except as provided in regulations prescribed by the Secretary, if there is an exchange described in section 751(a) of any interest in a partnership during any calendar year, such partnership shall make a return for such calendar year stating—
(1)the name and address of the transferee and transferor in such exchange, and
(2)such other information as the Secretary may by regulations prescribe.
(b)Every partnership 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 partnership required to make such return, and
(2)the information required to be shown on the return with respect to such person.
(c)(1)In the case of any exchange described in subsection (a), the transferor of the partnership interest shall promptly notify the partnership of such exchange.
(2)A partnership shall not be required to make a return under this section with respect to any exchange until the partnership is notified of such exchange.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

1996—Subsec. (b)(1). Pub. L. 104–168 substituted “name, address, and phone number of the information contact” for “name and address”. 1986—Subsec. (b). Pub. L. 99–514, § 1501(c)(13), in amending subsec. (b) generally, substituted references to partnerships required to make a return for former references to partnerships making a return and references to persons whose name is required to be set forth for former references to persons whose name is set forth. Subsec. (c)(2). Pub. L. 99–514, § 1811(b)(2), substituted “this section” for “this subsection”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1996 AmendmentAmendment by Pub. L. 104–168 applicable to statements required to be furnished after Dec. 31, 1996 (determined without regard to any extension), see section 1201(b) of Pub. L. 104–168, set out as a note under section 6041 of this title.

Effective Date

of 1986 AmendmentAmendment by section 1501(c)(13) of Pub. L. 99–514 applicable to returns the due date for which (determined without regard to extensions) is after Dec. 31, 1986, see section 1501(e) of Pub. L. 99–514, set out as an

Effective Date

note under section 6721 of this title. Amendment by section 1811(b)(2) of Pub. L. 99–514 applicable to partnership taxable years beginning after Oct. 22, 1986, see section 1811(b)(1)(B) of Pub. L. 99–514, set out as a note under section 6031 of this title. Amendment by section 1811(b)(2) of Pub. L. 99–514 effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98–369, div. A, to which such amendment relates, see section 1881 of Pub. L. 99–514, set out as a note under section 48 of this title.

Effective Date

Pub. L. 98–369, div. A, title I, § 149(d), July 18, 1984, 98 Stat. 690, provided that: “The

Amendments

made by this section [enacting this section and amending section 6652 and 6678 of this title] shall apply with respect to exchanges after December 31, 1984.” Plan

Amendments

Not Required Until January 1, 1989For provisions directing that if any

Amendments

made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Pub. L. 99–514, as amended, set out as a note under section 401 of this title.

Reference

Citations & Metadata

Citation

26 U.S.C. § 6050K

Title 26 — Internal Revenue Code

Last Updated

Apr 6, 2026

Release point: 119-73