§6045B Returns Relating to Actions Affecting Basis of Specified Securities

Summary

Issuers of certain securities must tell the IRS when they do something that changes the security's tax basis. They must use the forms or rules the Secretary gives. The report must explain what happened, say how the security’s basis changed in numbers, and include any other details the Secretary asks for. The report is due by the earlier of 45 days after the action or January 15 of the year after the action. The issuer must also give a written statement to the nominee or to the holder if there is no nominee. That statement must include a contact name, address, and phone number, the same information the report shows, and any other required details. The statement must be given by January 15 of the year after the action. "Specified security" means what section 6045(g)(3)(B) defines. The Secretary can allow public posting (including an email contact) instead of filing and sending statements if the same information is made public.