96 S T A T. 594
P U B L I C L A W 9 7 - 2 4 8 — S E P T. 3, 1982 "(3)
N o STATEMENT REQUIRED WHERE INTEREST IS LESS THAN
$10.—No statement with respect to payments of interest to any person shall be required to be furnished to any person under this subsection if the aggregate a m o u n t of payments to such person shown on the r e t u r n m a d e with respect to paragraph (1) or (2), as the case may be, of subsection (a) is less than $10, "(d)
DEFINITIONS
AND SPECIAL
RULES.—For
purposes
of
this
section— "(1) P E R S O N. — The term 'person' includes any government a l unit and any agency or i n s t r u m e n t a l i t y thereof and any international organization and any agency or i n s t r u m e n t a l i t y thereof. "(2) OBLIGATION.—The term 'obligation' includes bonds, debentures, notes, certificates, and other evidences of indebtedness. "(3) P A Y M E N T S BY GOVERNMENTAL U N I T S. — I n the case of pay-
m e n t s made by any government a l unit or any agency or instrumentality thereof, the officer or employee having control of the payment of interest (or the person appropriately designated for purposes of this section) shall m a k e the r e t u r n s and statement s required by this section. "(4) F I N A N C I A L INSTITUTIONS, BROKERS, ETC., COLLECTING INTEREST MAY BE SUBSTITUTED FOR PAYOR.—To the e x t e n t and in the
m a n n e r provided by regulations, in the case of any obligation— "(A) a financial institution, broker, or other person specified in such regulations which collects interest on such obligation for the payee (or otherwise acts as a middleman between the payor and the payee) shall comply with the requirements of subsections (a) and (c), and "(B) no other person shall be required to comply with the requirements of subsections (a) and (c) with respect to any interest on such obligation for which reporting is required pursuant to subparagraph (A). "(5) INTEREST ON CERTAIN OBLIGATIONS MAY BE TREATED ON A TRANSACTIONAL BASIS.—
"(A) IN GENERAL.—To the extent and in the m a n n e r provided in regulations, this section shall apply with respect to— "(i) any person described in paragraph (4)(A), and "(ii) in the case of any United States savings bonds, any Federal agency making payments thereon, on any transactional basis r a the r than on a n annual aggregation basis. "(B) SEPARATE RETURNS AND STATEMENTS.—If
subpara-
g r a p h (A) applies to interest on any obligation, the r e t u r n under subsection (a) and the statement furnished under subsection (c) with respect to such transaction may be made separately, b u t any such statement shall be furnished to the payee a t such time as the Secretary may prescribe by regulations b u t not later than January 31 of the next calendar year. "(C) STATEMENT TO PAYEE REQUIRED IN CASE OF TRANSACTIONS INVOLVING $10 OR MORE.—In the case of any t r a n s a c -
tion to which this paragraph applies which involves the payment of $10 or more of interest, a statement of the transaction may be provided to the payee of such interest in lieu of the statement required under subsection (c). Such
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