§ 6044. Returns regarding payments of patronage dividends
(a)
Requirement of reporting
(1)
In general
Except as otherwise provided in this section, every cooperative to which part I of subchapter T of chapter 1 applies, which makes payments of amounts described in subsection (b) aggregating $10 or more to any person during any calendar year, shall make a return according to the forms of regulations prescribed by the Secretary, setting forth the aggregate amount of such payments and the name and address of the person to whom paid.
(2)
Returns required by the Secretary
Every such cooperative which makes payments of amounts described in subsection (b) aggregating less than $10 to any person during any calendar year shall, when required by the Secretary, make a return setting forth the aggregate amount of such payments and the name and address of the person to whom paid.
(b)
Amounts subject to reporting
(1)
General rule
Except as otherwise provided in this section, the amounts subject to reporting under subsection (a) are—
(A)
the amount of any patronage dividend (as defined in section
1388
(a)) which is paid in money, qualified written notices of allocation (as defined in section
1388
(c)), or other property (except nonqualified written notices of allocation as defined in section
1388
(d)),
(B)
any amount described in section
1382
(c)(2)(A) (relating to certain nonpatronage distributions) which is paid in money, qualified written notices of allocation, or other property (except nonqualified written notices of allocation) by an organization exempt from tax under section
521 (relating to exemption of farmers’ cooperatives from tax),
(C)
any amount described in section
1382
(b)(2) (relating to redemption of nonqualified written notices of allocation) and, in the case of an organization described in section
1381
(a)(1), any amount described in section
1382
(c)(2)(B) (relating to redemption of nonqualified written notices of allocation paid with respect to earnings derived from sources other than patronage), and
(c)
Exemption for certain consumer cooperatives
A cooperative which the Secretary determines is primarily engaged in selling at retail goods or services of a type that are generally for personal, living, or family use shall, upon application to the Secretary, be granted exemption from the reporting requirements imposed by subsection (a). Application for exemption under this subsection shall be made in accordance with regulations prescribed by the Secretary.
(d)
Determination of amount paid
For purposes of this section, in determining the amount of any payment—
(e)
Statements to be furnished to persons with respect to whom information is required
Every cooperative required to make a return under subsection (a) shall furnish to each person whose name is required to be set forth in such return a written statement showing—
(1)
the name, address, and phone number of the information contact of the cooperative required to make such return, and
The written statement required under the preceding sentence shall be furnished (either in person or in a statement mailing by first-class mail which includes adequate notice that the statement is enclosed) to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made and shall be in such form as the Secretary may prescribe by regulations.