|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.
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.