Returns relating to foreclosures and abandonments of security

Any person who, in connection with a trade or business conducted by such person, lends money secured by property and who— Subsection (a) shall not apply to any loan to an individual secured by an interest in tangible personal property which is not held for investment and which is not used in a trade or business. The return required under subsection (a) with respect to any acquisition or abandonment of property— shall contain— in the case of a return required under subsection (a)(1)— For purposes of this section— The term “person” includes any governmental unit (and any agency or instrumentality thereof). In the case of a governmental unit or any agency or instrumentality thereof— 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 name, address, and phone number of the information contact of the person required to make such return. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was made. To the extent provided by regulations prescribed by the Secretary, any transfer of the property which secures the indebtedness to a person other than the lender shall be treated as an abandonment of such property.