§ 6050K. Returns relating to exchanges of certain partnership interests

• (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.