§ 6050L Returns relating to certain donated property
(a) Dispositions of donated property
(1) In general
If the donee of any charitable deduction property sells, exchanges, or otherwise disposes of such property within 3 years after its receipt, the donee shall make a return (in accordance with forms and regulations prescribed by the Secretary) showing—
(A) the name, address, and TIN of the donor,
(B) a description of the property,
(C) the date of the contribution,
(D) the amount received on the disposition,
(E) the date of such disposition,
(F) a description of the donee’s use of the property, and
(G) a statement indicating whether the use of the property was related to the purpose or function constituting the basis for the donee’s exemption under section .
In any case in which the donee indicates that the use of applicable property (as defined in section ) was related to the purpose or function constituting the basis for the exemption of the donee under section under subparagraph (G), the donee shall include with the return the certification described in section if such certification is made under section .
(2) Definitions
For purposes of this subsection:
(A) Charitable deduction property
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 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.
(B) 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.
(b) Qualified intellectual property contributions
(1) In general
Each donee with respect to a qualified intellectual property contribution shall make a return (at such time and in such form and manner as the Secretary may by regulations prescribe) with respect to each specified taxable year of the donee showing—
(A) the name, address, and TIN of the donor,
(B) a description of the qualified intellectual property contributed,
(C) the date of the contribution, and
(D) the amount of net income of the donee for the taxable year which is properly allocable to the qualified intellectual property (determined without regard to paragraph (10)(B) of section and with the modifications described in paragraphs (5) and (6) of such section).
(2) Definitions
For purposes of this subsection:
(A) In general
Terms used in this subsection which are also used in section have the respective meanings given such terms in such section.
(B) Specified taxable year
The term “specified taxable year” means, with respect to any qualified intellectual property contribution, any taxable year of the donee any portion of which is part of the 10-year period beginning on the date of such contribution.
(c) Statement to be furnished to donors
Every person making a return under subsection (a) or (b) shall furnish a copy of such return to the donor at such time and in such manner as the Secretary may by regulations prescribe.
(Added Pub. L. 98–369, div. A, title I, § 155(b)(1), July 18, 1984, 98 Stat. 692; amended Pub. L. 108–357, title VIII, § 882(c)(1), Oct. 22, 2004, 118 Stat. 1629; Pub. L. 109–280, title XII, § 1215(b), Aug. 17, 2006, 120 Stat. 1078.)
Operative text only. Editorial notes, amendment history, and effective dates: official OLRC text of § 6050L