Transcription of Notice 97-34, 1997-1 CB 422, 6/02/1997, IRC Sec(s). 6048
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Notice 97-34, 1997-1 CB 422, 6/02/1997, IRC Sec(s). 6048
Notice 97-34, 1997-1 CB 422, 6/02/1997, IRC Sec(s). 6048 Returns of foreign trusts foreign gift reporting requirements tax This Notice provides guidance regarding the new foreign trust and foreign gift reporting provisions contained in the Small Business Job Protection Act of 1996 (the Act ). The Act expands information reporting requirements under section 6048 of the Internal Revenue Code (the Code ) for persons who make transfers to foreign trusts and for owners of foreign trusts. In addition, the Act adds new reporting requirements for beneficiaries of foreign trusts, extensively revises the civil penalties for failure to file information with respect to foreign trusts, and adds civil penalties for failure to report certain transfers to foreign entities.
Notice 97-34, 1997-1 CB 422, 6/02/1997, IRC Sec(s). 6048 Returns of foreign trusts—foreign gift reporting requirements—tax This notice provides guidance regarding the new foreign trust and foreign gift reporting
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