Page:United States Statutes at Large Volume 96 Part 1.djvu/642

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PUBLIC LAW 97-000—MMMM. DD, 1982

96 STAT. 600

31 USC 752.

15 USC 77a.

PUBLIC LAW 97-248—SEPT. 3, 1982 (2) LONG-TERM U.S. OBLIGATIONS.—The amendment made by subsection (a) shall apply to obligations issued after the date of the enactment of this Act under the first section of the Second Liberty Bond Act. (3) EXCEPTION FOR CERTAIN WARRANTS, ETC.—The amendments made by subsection (b) shall not apply to any obligations issued after December 31, 1982, on the exercise of a warrant or the conversion of a convertible obligation if such warrant or obligation was offered or sold outside the United States without registration under the Securities Act of 1933 and was issued before August 10, 1982. A rule similar to the rule of the preceding sentence shall also apply in the case of any regulations issued under section 163(f)(2)(C) of the Internal Revenue Code of 1954 (as added by this section) except that the date on which such regulations take effect shall be substituted for "August 10, 1982". SEC. 311. RETURNS OF BROKERS. (a) GENERAL RULE.—

26 USC 6045.

(1) RETURNS.—Section 6045 (relating to returns of brokers) is amended to read as follows: "SEC. 6045. RETURNS OF BROKERS.

26 USC 6678.

"(a) GENERAL RULE.—Every person doing business as a broker shall, when required by the Secretary, make a return, in accordance with such regulations as the Secretary may prescribe, showing the name and address of each customer, with such details regarding gross proceeds and such other information as the Secretary may by forms or regulations require with respect to such business. "(b) STATEMENTS TO BE FURNISHED TO CUSTOMERS.—Every person making a return under subsection (a) shall furnish to each customer whose name is set forth in such return a written statement showing— "(1) the name and address of the person making such return, and "(2) the information shown on such return with respect to such customer. The written statement required under the preceding sentence shall be furnished to the customer on or before January 31 of the year following the calendar year for which the return under subsection (a) was made. "(c) DEFINITIONS.—For purposes of this section— "(1) BROKER.—The term 'broker' includes— "(A) a dealer, "(B) a barter exchange, and "(C) any other person who (for a consideration) regularly acts as a middleman with respect to property or services. "(2) CUSTOMER.—The term 'customer' means any person for whom the broker has transacted any business. "(3) BARTER EXCHANGE.—The term 'barter exchange' means any organization of members providing property or services who jointly contract to trade or barter such property or services." (2) PENALTY.—Paragraph (1) of section 6678 (relating to penalty for failure to furnish certain statements) is amended— (A) by inserting "6045(b)," after "6044(e),", and (B) by inserting "6045(a)," after "6044(a)(1),".