Returns regarding payments of interest

Every person— For purposes of subsection (a), the term “interest” means— interest on any obligation— For purposes of subsection (a), the term “interest” does not include— except to the extent otherwise provided in regulations— except to the extent otherwise provided in regulations, any amount not described in subparagraph (B) of this paragraph which is income from sources outside the United States or which is paid by— If, within the United States, a United States person— A person is described in this paragraph if such person is— any trust which— An amount is described in this paragraph if such amount— would be subject to withholding under subchapter A of chapter 3 by the person paying such amount but for the fact that— Every person 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— The written statement under paragraph (1)— For purposes of this section— The term “person” includes any governmental unit and any agency or instrumentality thereof and any international organization and any agency or instrumentality thereof. The term “obligation” includes bonds, debentures, notes, certificates, and other evidences of indebtedness. In the case of payments made by any governmental 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 make the returns and statements required by this section. To the extent and in the manner provided by regulations, in the case of any obligation— To the extent and in the manner provided in regulations, this section shall apply with respect to— If subparagraph (A) applies to interest on any obligation, the return under subsection (a) and the statement furnished under subsection (c) with respect to such transaction may be made separately, but any such statement shall be furnished to the payee at such time as the Secretary may prescribe by regulations but not later than January 31 of the next calendar year. In the case of any transaction 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 statement shall be provided during January of the year following the year in which such payment is made. Original issue discount on any obligation shall be reported— For purposes of this paragraph, the term “original issue discount” has the meaning given to such term by section 1273(a). For purposes of subsection (a), the term “interest” includes amounts includible in gross income with respect to regular interests in REMIC’s (and such amounts shall be treated as paid when includible in gross income under section 860B(b)). Except as otherwise provided in regulations, in the case of any interest described in subparagraph (A) of this paragraph and any other debt instrument to which section 1272(a)(6) applies, subsection (b)(4) of this section shall be applied without regard to subparagraphs (A), (H), (I), (J), (K), and (L)(i). Except as otherwise provided in regulations, any return or statement required to be filed or furnished under this section with respect to interest income described in subparagraph (A) and interest on any other debt instrument to which section 1272(a)(6) applies shall also provide information setting forth the adjusted issue price of the interest to which the return or statement relates at the beginning of each accrual period with respect to which interest income is required to be reported on such return or statement and information necessary to compute accrual of market discount. The Secretary may prescribe such regulations as are necessary or appropriate to carry out the purposes of this paragraph, including regulations which require more frequent or more detailed reporting. For purposes of subsection (a), the term “interest” includes amounts includible in gross income under section 54(g) 11 See References in Text note below. and such amounts shall be treated as paid on the credit allowance date (as defined in section 54(b)(4)).1 Except as otherwise provided in regulations, in the case of any interest described in subparagraph (A), subsection (b)(4) shall be applied without regard to subparagraphs (A), (H), (I), (J), (K), and (L)(i) of such subsection. The Secretary may prescribe such regulations as are necessary or appropriate to carry out the purposes of this paragraph, including regulations which require more frequent or more detailed reporting. For purposes of subsection (a), the term “interest” includes amounts includible in gross income under section 54A 1 and such amounts shall be treated as paid on the credit allowance date (as defined in section 54A(e)(1)).1 Except as otherwise provided in regulations, in the case of any interest described in subparagraph (A) of this paragraph, subsection (b)(4) of this section shall be applied without regard to subparagraphs (A), (H), (I), (J), (K), and (L)(i). The Secretary may prescribe such regulations as are necessary or appropriate to carry out the purposes of this paragraph, including regulations which require more frequent or more detailed reporting.