26 U.S.C. § 6037

Return of S corporation

Read at: OLRCuscode.house.gov CornellLII GovInfogovinfo.gov JustiaTitle 26 CasesGoogle Scholar

(a) In general

Every S corporation shall make a return for each taxable year, stating specifically the items of its gross income and the deductions allowable by subtitle A, the names and addresses of all persons owning stock in the corporation at any time during the taxable year, the number of shares of stock owned by each shareholder at all times during the taxable year, the amount of money and other property distributed by the corporation during the taxable year to each shareholder, the date of each such distribution, each shareholder’s pro rata share of each item of the corporation for the taxable year, and such other information, for the purpose of carrying out the provisions of subchapter S of chapter 1, as the Secretary may by forms and regulations prescribe. Any return filed pursuant to this section shall, for purposes of chapter 66 (relating to limitations), be treated as a return filed by the corporation under section 6012.

(b) Copies to shareholders

Each S corporation required to file a return under subsection (a) for any taxable year shall (on or before the day on which the return for such taxable year was filed) furnish to each person who is a shareholder at any time during such taxable year a copy of such information shown on such return as may be required by regulations.

A shareholder of an S corporation shall, on such shareholder’s return, treat a subchapter S item in a manner which is consistent with the treatment of such item on the corporate return.

(2) Notification of inconsistent treatment(A) In generalIn the case of any subchapter S item, if—(i)(I) the corporation has filed a return but the shareholder’s treatment on his return is (or may be) inconsistent with the treatment of the item on the corporate return, or(II) the corporation has not filed a return, and(ii) the shareholder files with the Secretary a statement identifying the inconsistency,paragraph (1) shall not apply to such item.(B) Shareholder receiving incorrect informationA shareholder shall be treated as having complied with clause (ii) of subparagraph (A) with respect to a subchapter S item if the shareholder—(i) demonstrates to the satisfaction of the Secretary that the treatment of the subchapter S item on the shareholder’s return is consistent with the treatment of the item on the schedule furnished to the shareholder by the corporation, and(ii) elects to have this paragraph apply with respect to that item.(3) Effect of failure to notifyIn any case—(A) described in subparagraph (A)(i)(I) of paragraph (2), and(B) in which the shareholder does not comply with subparagraph (A)(ii) of paragraph (2),any adjustment required to make the treatment of the items by such shareholder consistent with the treatment of the items on the corporate 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.(4) Subchapter S item

For purposes of this subsection, the term “subchapter S item” means any item of an S corporation to the extent that regulations prescribed by the Secretary provide that, for purposes of this subtitle, such item is more appropriately determined at the corporation level than at the shareholder level.

(5) Addition to tax for failure to comply with section

For addition to tax in the case of a shareholder’s negligence in connection with, or disregard of, the requirements of this section, see part II of subchapter A of chapter 68.

(Added Pub. L. 85–866, title I, § 64(c), Sept. 2, 1958, 72 Stat. 1656; amended Pub. L. 94–455, title XIX, § 1906(a)(3), (b)(13)(A), Oct. 4, 1976, 90 Stat. 1824, 1834; Pub. L. 97–354, § 5(a)(39)(A), Oct. 19, 1982, 96 Stat. 1696; Pub. L. 98–369, div. A, title VII, § 714(q)(2), July 18, 1984, 98 Stat. 965; Pub. L. 104–188, title I, § 1307(c)(2), Aug. 20, 1996, 110 Stat. 1781.)Editorial NotesPrior Provisions

A prior section 6037 was renumbered section 6040 of this title.

Amendments

1996—Subsec. (c). Pub. L. 104–188 added subsec. (c).

1984—Pub. L. 98–369 designated existing provisions as subsec. (a) and added subsec. (a) heading and subsec. (b).

1982—Pub. L. 97–354 substituted “S corporation” for “electing small business corporation” in section catchline, substituted “Every S corporation” for “Every electing small business corporation (as defined in section 1371(b))”, and substituted “each shareholder’s pro rata share of each item of the corporation for the taxable year, and such other information” for “and such other information”.

1976—Pub. L. 94–455 substituted “section 1371(b)” for “section 1371(a)(2)” and struck out “or his delegate” after “Secretary”.

Statutory Notes and Related SubsidiariesEffective Date of 1996 Amendment

Amendment by Pub. L. 104–188 applicable to taxable years beginning after Dec. 31, 1996, see section 1317(a) of Pub. L. 104–188, set out as a note under section 641 of this title.

Effective Date of 1984 Amendment

Amendment by Pub. L. 98–369 applicable to taxable years beginning after Dec. 31, 1984, see section 714(q)(5) of Pub. L. 98–369, set out as an Effective Date note under section 6034A of this title.

Effective Date of 1982 Amendment

Amendment by Pub. L. 97–354 applicable to taxable years beginning after Dec. 31, 1982, see section 6(a) of Pub. L. 97–354, set out as an Effective Date note under section 1361 of this title.

Effective Date

Section applicable only with respect to taxable years beginning after Dec. 31, 1957, see section 64(e) of Pub. L. 85–866, set out as an Effective Date of 1958 Amendment note under section 172 of this title.

Notes of Decisions

Cited in 19 cases, 1976–2020 · leading case: United States v. Albert J. Pirro, Jr., Anthony G. Pirro, 212 F.3d 86 (2d Cir. 2000).

Sort: Relevance Newest Treatment

United States v. Albert J. Pirro, Jr., Anthony G. Pirro, 212 F.3d 86 (2d Cir. 2000). · cites it 6× “[and] the number of shares of stock owned by each shareholder_” 26 U.S.C. § 6037 (a) (Supp. Y 1987). Other than shareholder, no other ownership interests of any kind are required to be listed on the Schedule K-l, and Pirro did not purport to list any other interests.”

Thomas Rubin v. United States, 904 F.3d 1081 (9th Cir. 2018). · cites it 6× “At issue was whether taxpayer provided a “statement identifying the inconsistency” between the corporate and shareholder returns, as required by 26 U.S.C. § 6037 (c)(2)(A)(ii). When he filed his personal tax return, taxpayer included a statement that described how his income…”

Valentino v. Franchise Tax Bd., 2001 Cal. Daily Op. Serv. 2403 (Cal. Ct. App. 2001). “§ 1.1363-1 (1993).) “Rather, the S corporation files only an informational return reporting for the taxable year its gross income (or loss) and deductions, its shareholders, and the shareholders’ pro rata shares of each item.”

Natale v. Espy Corp., 2 F. Supp. 3d 93 (D. Mass. 2014). · cites it 2× “26 U.S.C. § 6037 (b). No facts in the complaint suggest that Defendants, by mailing the K-1s, were doing anything more or less than complying with their obligations under federal law.”

United States v. The Adams Bldg. Co., Inc., 531 F.2d 342 (6th Cir. 1976). “26 U.S.C. § 6037 . If a Subchapter S election is determined to be defective, the information return is treated as a corporate return for purposes of the statute of limitations.”

Sheldon B. Bufferd Phyllis Bufferd v. Comm'r of Internal Revenue, 952 F.2d 675 (2d Cir. 1992). “Bufferd points to 26 U.S.C. § 6037 , which states in pertinent part that a return filed by an S corporation “shall, for purposes of chapter 66 (relating to limitations) [and containing section 6501(a) ], be treated as a return filed by the corporation under section 6012.”

Charles D. Beard, Jr. Mary Sue Beard v. United States of Am., John G. Beard Louise H. Beard v. United States, 992 F.2d 1516 (11th Cir. 1993). “No similar legislative or regulatory history reveals a practice of effectively exempting shareholders in small S corporations from the unified reporting requirements of 26 U.S.C. § 6037 (a). Nothing in the legislative history of the SSRA indicates that Congress intended that…”

Heller v. Franchise Tax Bd., 94 Cal. Daily Op. Serv. 598 (Cal. Ct. App. 1994). “) Rather, the S corporation files only an informational return reporting for the taxable year its gross income (or loss) and deductions, its shareholders, and the shareholders’ pro rata shares of each item.”

Mathes v. Mathes, 91 So. 3d 207 (Fla. 2d DCA 2012). “See also 26 U.S.C. § 6037 (2007). . To avoid any confusion, we emphasize that the reversal of this final judgment does not affect the partial final judgment dissolving the parties' marriage.”

Siben v. Comm'r, 930 F.2d 1034 (2d Cir. 1991). “To determine the effect of the tax return filed by the S corporation on the statute of limitations, the Ninth Circuit analyzed 26 U.S.C. § 6037 , which requires an S corporation to file returns and provides that “[a]ny return filed pursuant to this section shall, for purposes of…”

In re 800Ideas.com, Inc., 527 B.R. 701 (Bankr. S.D. Cal. 2015). · cites it 3× “See 26 U.S.C. § 6037 (a). Generally, an S corporation does not pay federal income taxes; its shareholders, however, are taxed on their respective shares of the S corporation’s income.”

United States v. Pirro, 96 F. Supp. 2d 279 (S.D.N.Y. 1999). “26 U.S.C. § 6037 . As the defense points out, “shareholder” is the only ownership status referred to in this section.”

Show all 19 citing cases →

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.