§6050L. Returns relating to certain dispositions of donated property

(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 be 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.

(Added Pub. L. 98–369, div. A, title I, §155(b)(1), July 18, 1984, 98 Stat. 692 .)

Effective Date

Section 155(d)(1) of Pub. L. 98–369 provided that: "The amendments made by subsections (a) and (b) [enacting this section, amending sections 6652 and 6678 of this title, and enacting provisions set out as a note under section 170 of this title] shall apply to contributions made after December 31, 1984, in taxable years ending after such date."

Section Referred to in Other Sections

This section is referred to in sections 6721, 6722, 6724 of this title.