INFORMATION REPORTING FOR COMMODITY CREDIT CORPORATION TRANSACTIONS.

SEC. 15353. INFORMATION REPORTING FOR COMMODITY CREDIT CORPORATION TRANSACTIONS.(a) In General.—Subpart A of part III of subchapter A of chapter 61 (relating to information concerning persons subject to special provisions) is amended by inserting after section 6039I the following new section:“SEC. 6039J. INFORMATION REPORTING WITH RESPECT TO COMMODITY CREDIT CORPORATION TRANSACTIONS.“(a) Requirement of Reporting.—The Commodity Credit Corporation, through the Secretary of Agriculture, shall make a return, 122 STAT. 2289 according to the forms and regulations prescribed by the Secretary of the Treasury, setting forth any market gain realized by a taxpayer during the taxable year in relation to the repayment of a loan issued by the Commodity Credit Corporation, without regard to the manner in which such loan was repaid.“(b) Statements to Be Furnished to Persons With Respect to Whom Information Is Required.—The Secretary of Agriculture shall furnish to each person whose name is required to be set forth in a return required under subsection (a) a written statement showing the amount of market gain reported in such return.” .(b) Clerical Amendment.—The table of sections for subpart A of part III of subchapter A of chapter 61 is amended by inserting after the item relating to section 6039I the following new item: “Sec. 6039J. Information reporting with respect to Commodity Credit Corporation transactions.”. (c) Effective Date.—The amendments made by this section shall apply to loans repaid on or after January 1, 2007.