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Internal Revenue Code

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USC Title 26 enacted through 2008

§ 6050J. Returns relating to foreclosures and abandonments of security

In general
Any person who, in connection with a trade or business conducted by such person, lends money secured by property and who -
in full or partial satisfaction of any indebtedness, acquires an interest in any property which is security for such indebtedness, or
has reason to know that the property in which such person has a security interest has been abandoned,
shall make a return described in subsection (c) with respect to each of such acquisitions or abandonments, at such time as the Secretary may by regulations prescribe.
Subsection (a) shall not apply to any loan to an individual secured by an interest in tangible personal property which is not held for investment and which is not used in a trade or business.
Form and manner of return
The return required under subsection (a) with respect to any acquisition or abandonment of property -
shall be in such form as the Secretary may prescribe,
shall contain -
the name and address of each person who is a borrower with respect to the indebtedness which is secured,
a general description of the nature of such property and such indebtedness,
in the case of a return required under subsection (a)(1) -
the amount of such indebtedness at the time of such acquisition, and
the amount of indebtedness satisfied in such acquisition,
in the case of a return required under subsection (a)(2), the amount of such indebtedness at the time of such abandonment, and
such other information as the Secretary may prescribe.
Applications to governmental units
For purposes of this section -
Treated as persons
The term "person" includes any governmental unit (and any agency or instrumentality thereof).
Special rules
In the case of a governmental unit or any agency or instrumentality thereof -
subsection (a) shall be applied without regard to the trade or business requirement contained therein, and
any return under this section shall be made by the officer or employee appropriately designated for the purpose of making such return.
Statements to be furnished to persons with respect to whom information is required to be furnished
Every person 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 the name, address, and phone number of the information contact of the person required to make such return. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was made.
Treatment of other dispositions
To the extent provided by regulations prescribed by the Secretary, any transfer of the property which secures the indebtedness to a person other than the lender shall be treated as an abandonment of such property.

Tax Code (Internal Revenue Code) Section Index

U.S. GAAP by Codification Topic
105 GAAP Hierarchy
105 GAAP History

205 Presentation of Financial Statements
205-20 Discontinued Operations
210 Balance Sheet
210-20 Offsetting
220 Comprehensive Income
225 Income Statement
225-20 Extraordinary and Unusual Items
230 Statement of Cash Flows
250 Accounting Changes and Error Corrections
260 Earnings per Share
270 Interim Reporting

310 Impairment of a Loan
320 Investment Securities
320 Other-Than-Temporary Impairments, FSP FAS 115-2
320-10-05 Overview of Investments in Other Entities
320-10-35 Reclassification of Investments in Securities
323-10 Equity Method Investments
323-30 Investments in Partnerships and Joint Ventures
325-20 Cost Method Investments
330 Inventory

340-20 Capitalized Advertising Costs
350-20 Goodwill
350-30 Intangibles Other than Goodwill
350-40 Internal-Use Software
350-50 Website Development Costs
360 Property, Plant and Equipment
360-20 Real Estate Sales

410 Asset Retirement and Environmental Obligations
420 Exit or Disposal Cost Obligations
450 Contingencies
450-20 Loss Contingencies
450-30 Gain Contingencies
480 Redeemable Financial Instruments

505-20 Stock Dividends, Stock Splits
505-30 Treasury Stock

605 SEC Staff Accounting Bulletin, Topic 13
605-25 Revenue Recognition - Multiple Element Arrangements

715-30 Defined Benefit Plans - Pension
718 Share-Based Payment
730 Research and Development
730-20 Research and Development Arrangements

805 Business Combinations
810 Consolidation
810 Noncontrolling Interests
810 Consolidation of Variable Interest Entities, SFAS 167

815 Derivatives and Hedging Overview

820 Fair Value Measurements
820 Fair value when the markets are not active, FSP FAS 157-4
825 Fair Value Option

830 Foreign Currency Matters
830-20 Foreign Currency Transactions
830-30 Translation of Financial Statements
835 Interest
835-20 Capitalization of Interest
835-30 Imputation of Interest

840 Leases
840-20 Operating Leases
840-30 Capital Leases
840-40 Sale-Leaseback Transactions
845 Nonmonetary Transactions

855 Subsequent Events
860-20 Sale of Financial Assets, SFAS 166
860-50 Servicing Assets and Liabilities, SFAS 156

985-20 Costs of software to be sold

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Tax Code (Internal Revenue Code) Section Index

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