{"identifier":"/us/usc/t26/s6034A","title":26,"num":"\u00a7\u202f6034A.","heading":"Information to beneficiaries of estates and trusts","text":"\u00a7\u202f6034A.\nInformation to beneficiaries of estates and trusts\n(a)\nGeneral rule\nThe fiduciary of any estate or trust required to file a return under section 6012(a) for any taxable year shall, on or before the date on which such return was required to be filed, furnish to each beneficiary (or nominee thereof)\u2014\n(1) who receives a distribution from such estate or trust with respect to such taxable year, or\n(2) to whom any item with respect to such taxable year is allocated,\na statement containing such information required to be shown on such return as the Secretary may prescribe.\n(b)\nNominee reporting\nAny person who holds an interest in an estate or trust as a nominee for another person\u2014\n(1) shall furnish to the estate or trust, in the manner prescribed by the Secretary, the name and address of such other person, and any other information for the taxable year as the Secretary may by form and regulations prescribe, and\n(2) shall furnish in the manner prescribed by the Secretary to such other person the information provided by the estate or trust under subsection (a).\n(c)\nBeneficiary\u2019s return must be consistent with estate or trust return or Secretary notified of inconsistency\n(1)\nIn general\nA beneficiary of any estate or trust to which subsection (a) applies shall, on such beneficiary\u2019s return, treat any reported item in a manner which is consistent with the treatment of such item on the applicable entity\u2019s return.\n(2)\nNotification of inconsistent treatment\n(A)\nIn general\nIn the case of any reported item, if\u2014\n(i)\n(I) the applicable entity has filed a return but the beneficiary\u2019s treatment on such beneficiary\u2019s return is (or may be) inconsistent with the treatment of the item on the applicable entity\u2019s return, or\n(II) the applicable entity has not filed a return, and\n(ii) the beneficiary files with the Secretary a statement identifying the inconsistency,\nparagraph (1) shall not apply to such item.\n(B)\nBeneficiary receiving incorrect information\nA beneficiary shall be treated as having complied with clause (ii) of subparagraph (A) with respect to a reported item if the beneficiary\u2014\n(i) demonstrates to the satisfaction of the Secretary that the treatment of the reported item on the beneficiary\u2019s return is consistent with the treatment of the item on the statement furnished under subsection (a) to the beneficiary by the applicable entity, and\n(ii) elects to have this paragraph apply with respect to that item.\n(3)\nEffect of failure to notify\nIn any case\u2014\n(A) described in subparagraph (A)(i)(I) of paragraph (2), and\n(B) in which the beneficiary does not comply with subparagraph (A)(ii) of paragraph (2),\nany adjustment required to make the treatment of the items by such beneficiary consistent with the treatment of the items on the applicable entity\u2019s return shall be treated as arising out of mathematical or clerical errors and assessed according to section 6213(b)(1). Paragraph (2) of section 6213(b) shall not apply to any assessment referred to in the preceding sentence.\n(4)\nDefinitions\nFor purposes of this subsection\u2014\n(A)\nReported item\nThe term \u201creported item\u201d means any item for which information is required to be furnished under subsection (a).\n(B)\nApplicable entity\nThe term \u201capplicable entity\u201d means the estate or trust of which the taxpayer is the beneficiary.\n(5)\nAddition to tax for failure to comply with section\nFor addition to tax in the case of a beneficiary\u2019s negligence in connection with, or disregard of, the requirements of this section, see part II of subchapter A of chapter 68.","url":"https://projectusc.org/usc/t26/s6034A.html","content":[{"t":"sec","id":"/us/usc/t26/s6034A","children":[{"t":"num","text":"\u00a7\u202f6034A."},{"t":"heading","text":"Information to beneficiaries of estates and trusts"},{"t":"subsec","id":"/us/usc/t26/s6034A/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"General rule"},{"t":"chapeau","text":"The fiduciary of any estate or trust required to file a return under section 6012(a) for any taxable year shall, on or before the date on which such return was required to be filed, furnish to each beneficiary (or nominee thereof)\u2014"},{"t":"para","id":"/us/usc/t26/s6034A/a/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" who receives a distribution from such estate or trust with respect to such taxable year, or","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s6034A/a/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" to whom any item with respect to such taxable year is allocated,","tail":"\n"}],"tail":"\n\n"},{"t":"continuation","text":"a statement containing such information required to be shown on such return as the Secretary may prescribe.","tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t26/s6034A/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Nominee reporting"},{"t":"chapeau","text":"Any person who holds an interest in an estate or trust as a nominee for another person\u2014"},{"t":"para","id":"/us/usc/t26/s6034A/b/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" shall furnish to the estate or trust, in the manner prescribed by the Secretary, the name and address of such other person, and any other information for the taxable year as the Secretary may by form and regulations prescribe, and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s6034A/b/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" shall furnish in the manner prescribed by the Secretary to such other person the information provided by the estate or trust under subsection (a).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t26/s6034A/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Beneficiary\u2019s return must be consistent with estate or trust return or Secretary notified of inconsistency"},{"t":"para","id":"/us/usc/t26/s6034A/c/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"A beneficiary of any estate or trust to which subsection (a) applies shall, on such beneficiary\u2019s return, treat any reported item in a manner which is consistent with the treatment of such item on the applicable entity\u2019s return.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s6034A/c/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Notification of inconsistent treatment"},{"t":"subpara","id":"/us/usc/t26/s6034A/c/2/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"In the case of any reported item, if\u2014"},{"t":"clause","id":"/us/usc/t26/s6034A/c/2/A/i","children":[{"t":"num","text":"(i)"},{"t":"subclause","id":"/us/usc/t26/s6034A/c/2/A/i/I","children":[{"t":"num","text":"(I)"},{"t":"content","text":" the applicable entity has filed a return but the beneficiary\u2019s treatment on such beneficiary\u2019s return is (or may be) inconsistent with the treatment of the item on the applicable entity\u2019s return, or","tail":"\n"}],"tail":"\n"},{"t":"subclause","id":"/us/usc/t26/s6034A/c/2/A/i/II","children":[{"t":"num","text":"(II)"},{"t":"content","text":" the applicable entity has not filed a return, and","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t26/s6034A/c/2/A/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" the beneficiary files with the Secretary a statement identifying the inconsistency,","tail":"\n"}],"tail":"\n\n"},{"t":"continuation","text":"paragraph (1) shall not apply to such item.","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t26/s6034A/c/2/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Beneficiary receiving incorrect information"},{"t":"chapeau","text":"A beneficiary shall be treated as having complied with clause (ii) of subparagraph (A) with respect to a reported item if the beneficiary\u2014"},{"t":"clause","id":"/us/usc/t26/s6034A/c/2/B/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" demonstrates to the satisfaction of the Secretary that the treatment of the reported item on the beneficiary\u2019s return is consistent with the treatment of the item on the statement furnished under subsection (a) to the beneficiary by the applicable entity, and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t26/s6034A/c/2/B/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" elects to have this paragraph apply with respect to that item.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s6034A/c/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Effect of failure to notify"},{"t":"chapeau","text":"In any case\u2014"},{"t":"subpara","id":"/us/usc/t26/s6034A/c/3/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" described in subparagraph (A)(i)(I) of paragraph (2), and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t26/s6034A/c/3/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" in which the beneficiary does not comply with subparagraph (A)(ii) of paragraph (2),","tail":"\n"}],"tail":"\n\n"},{"t":"continuation","text":"any adjustment required to make the treatment of the items by such beneficiary consistent with the treatment of the items on the applicable entity\u2019s return shall be treated as arising out of mathematical or clerical errors and assessed according to section 6213(b)(1). Paragraph (2) of section 6213(b) shall not apply to any assessment referred to in the preceding sentence.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s6034A/c/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Definitions"},{"t":"chapeau","text":"For purposes of this subsection\u2014"},{"t":"subpara","id":"/us/usc/t26/s6034A/c/4/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"Reported item"},{"t":"content","children":[{"t":"p","text":"The term \u201creported item\u201d means any item for which information is required to be furnished under subsection (a).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t26/s6034A/c/4/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Applicable entity"},{"t":"content","children":[{"t":"p","text":"The term \u201capplicable entity\u201d means the estate or trust of which the taxpayer is the beneficiary.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s6034A/c/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Addition to tax for failure to comply with section"},{"t":"content","children":[{"t":"p","text":"For addition to tax in the case of a beneficiary\u2019s negligence in connection with, or disregard of, the requirements of this section, see part II of subchapter A of chapter 68.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}