Code Section 6048

Code Section	Effective Date	Name of Act	Name of Provision	10yr Revenue Estimate ($millions)
6048	3/18/2010	The Hiring Incentives to Restore Employment Act	Reporting requirement of United States owners of foreign trusts	*See sec. 1471

*Note on Revenue Estimate

See section 1471, provision: Reporting on certain foreign accounts.

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Reporting requirement of United States owners of foreign trusts

Explanation of Provision

The provision requires a U.S. person that is treated as an owner of any portion of a foreign trust under the rules of subpart E of part I of subchapter J of chapter 1 (grantor trust provisions) to provide information as the Secretary may require with respect to the trust, in addition to ensuring that the trust complies with its reporting obligations.

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