26 U.S.C. § 6050J: Returns relating to foreclosures and abandonments of security

in full or partial satisfaction of any indebtedness, acquires an interest in any property which is security for such indebtedness, or has reason to know that the property in which such person has a security interest has been abandoned, 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. shall be in such form as the Secretary may prescribe, the name and address of each person who is a borrower with respect to the indebtedness which is secured, a general description of the nature of such property and such indebtedness, the amount of such indebtedness at the time of such acquisition, and the amount of indebtedness satisfied in such acquisition, in the case of a return required under subsection (a)(2), the amount of such indebtedness at the time of such abandonment, and such other information as the Secretary may prescribe. The term “person” includes any governmental unit (and any agency or instrumentality thereof). subsection (a) shall be applied without regard to the trade or business requirement contained therein, and any return under this section shall be made by the officer or employee appropriately designated for the purpose of making such return. 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.