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289A.12 FILING REQUIREMENTS FOR INFORMATION RETURNS AND REPORTS.
    Subdivision 1.[Repealed, 1992 c 511 art 7 s 26]
    Subd. 2. Returns required of banks; common trust funds. The commissioner may by
notice and demand require a bank maintaining a common trust fund to file with the commissioner
a return for a taxable year, stating specifically with respect to the fund, the items of gross income
and deductions provided by section 290.281, subdivision 1. The return must include the names
and addresses of the participants entitled to share the net income if distributed and the amount of
the proportionate share of each participant.
    Subd. 3. Returns or reports by partnerships, fiduciaries, and S corporations. (a)
Partnerships must file a return with the commissioner for each taxable year. The return must
conform to the requirements of section 290.311, and must include the names and addresses of the
partners entitled to a distributive share in their taxable net income, gain, loss, or credit, and the
amount of the distributive share to which each is entitled. A partnership required to file a return
for a partnership taxable year must furnish a copy of the information required to be shown on the
return to a person who is a partner at any time during the taxable year, on or before the day on
which the return for the taxable year was filed.
(b) The fiduciary of an estate or trust making the return required to be filed under section
289A.08, subdivision 2, for a taxable year must give a beneficiary who receives a distribution
from the estate or trust with respect to the taxable year or to whom any item with respect to the
taxable year is allocated, a statement containing the information required to be shown on the
return, on or before the date on which the return was filed.
(c) An S corporation must file a return with the commissioner for a taxable year during which
an election under section 290.9725 is in effect, stating specifically the names and addresses of the
persons owning stock in the corporation at any time during the taxable year, the number of shares
of stock owned by a shareholder at all times during the taxable year, the shareholder's pro rata
share of each item of the corporation for the taxable year, and other information the commissioner
requires. An S corporation required to file a return under this paragraph for any taxable year must
furnish a copy of the information shown on the return to the person who is a shareholder at any
time during the taxable year, on or before the day on which the return for the taxable year was filed.
(d) The partnership or S corporation return must be signed by someone designated by the
partnership or S corporation.
    Subd. 4. Returns by persons, corporations, cooperatives, governmental entities, or
school districts. The commissioner may by notice and demand require to the extent required by
section 6041 of the Internal Revenue Code, a person, corporation, or cooperative, the state of
Minnesota and its political subdivisions, and a city, county, and school district in Minnesota,
making payments in the regular course of a trade or business during the taxable year to any person
or corporation of $600 or more on account of rents or royalties, or of $10 or more on account
of interest, or $10 or more on account of dividends or patronage dividends, or $600 or more on
account of either wages, salaries, commissions, fees, prizes, awards, pensions, annuities, or any
other fixed or determinable gains, profits or income, not otherwise reportable under section
289A.09, subdivision 2, or on account of earnings of $10 or more distributed to its members by
savings associations or credit unions chartered under the laws of this state or the United States,
(1) to file with the commissioner a return (except in cases where a valid agreement to participate
in the combined federal and state information reporting system has been entered into, and the
return is filed only with the commissioner of internal revenue under the applicable filing and
informational reporting requirements of the Internal Revenue Code) with respect to the payments
in excess of the amounts named, giving the names and addresses of the persons to whom the
payments were made, the amounts paid to each, and (2) to make a return with respect to the total
number of payments and total amount of payments, for each category of income named, which
were in excess of the amounts named. This subdivision does not apply to the payment of interest
or dividends to a person who was a nonresident of Minnesota for the entire year.
A person, corporation, or cooperative required to file returns under this subdivision must
file the returns on magnetic media if magnetic media was used to satisfy the federal reporting
requirement under section 6011(e) of the Internal Revenue Code, unless the person establishes to
the satisfaction of the commissioner that compliance with this requirement would be an undue
hardship.
    Subd. 5. Returns by brokers. The commissioner may, within 30 days after notice and
demand, require a person doing business as a broker to give the commissioner the names and
addresses of customers for whom they have transacted business, and the details regarding gross
proceeds and other information concerning the transactions as will enable the commissioner to
determine whether the income tax due on profits or gains of those customers has been paid. The
provisions of section 6045 of the Internal Revenue Code which define terms and require that a
statement be furnished to the customer apply.
    Subd. 6. Returns by agents. The commissioner may, within 30 days after notice and
demand, require a person acting as agent for another to make a return furnishing the information
reasonably necessary to properly assess and collect the tax imposed by chapter 290 upon the
person for whom the agent acts.
    Subd. 7. Returns for real property holdings of aliens. The commissioner may by notice
and demand require a person or corporation required to make a return under section 6039C
(relating to information return on a foreign person holding a United States real property interest)
of the Internal Revenue Code to make a similar return for the commissioner for foreign persons
holding a Minnesota real property interest.
    Subd. 8. Returns for unemployment benefits. The commissioner may by notice and
demand require a person who makes payments of unemployment benefits totaling $10 or more to
any individual during a calendar year and who is required to make and file a return under section
6050B of the Internal Revenue Code to file a copy of the return with the commissioner.
    Subd. 9. Returns for payments of remuneration for services and direct sales. The
commissioner may by notice and demand require a person who is required to make a return
under section 6041A (relating to information returns regarding payments of remuneration for
services and direct sales) of the Internal Revenue Code to file a copy of the return containing the
information required under that section with the commissioner. The provisions of that section
govern the requirements of a statement that must be given to persons with respect to whom
information is required to be given.
    Subd. 10. Returns relating to Social Security benefits. The commissioner may by notice
and demand require the appropriate federal official who is required to make a return under section
6050F (relating to Social Security benefits) of the Internal Revenue Code to file a copy of the
return containing the information required under that section with the commissioner.
    Subd. 11. Returns by trustees. The commissioner may by notice and demand require
the trustee of an individual retirement account and the issuer of an endowment contract or an
individual retirement annuity who is required to make a report under section 408(i) of the Internal
Revenue Code to file with the commissioner a copy of that report containing the information
required under that subsection. The provisions of that subsection govern when the reports are
to be filed and the requirements of a statement that must be given to persons with respect to
whom information must be given.
    Subd. 12. Statements to payees. A person who can be required to file a return with the
commissioner under subdivisions 4 to 10 must furnish to a person whose name is set forth in the
return a written statement showing the name and address of the person making the return, and the
aggregate amount of payments to the person shown on the return.
This written statement must be given to the person on or before January 31 of the year
following the calendar year for which the return was made.
    Subd. 13. Supplying of Social Security number. An individual with respect to whom a
return, statement, or other document is required under this section to be made by another person
must furnish to that person the individual's Social Security account number. A person required
under this section to make a return, statement, or other document with respect to another person
who is an individual must request from that individual and must include in the return, statement,
or other document the individual's Social Security account number. A return of an estate or
trust with respect to its liability for tax, and any statement or other document in its support, is
considered a return, statement, or other document with respect to the individual beneficiary of the
estate or trust; otherwise, a return of an individual with respect to the individual's liability for
tax, or any statement or other document in its support, is not considered a return, statement, or
other document with respect to another person.
    Subd. 14. Regulated investment companies; reporting exempt-interest dividends.
(a) A regulated investment company paying $10 or more in exempt-interest dividends to an
individual who is a resident of Minnesota must make a return indicating the amount of the
exempt-interest dividends, the name, address, and Social Security number of the recipient, and
any other information that the commissioner specifies. The return must be provided to the
shareholder no later than 30 days after the close of the taxable year. The return provided to the
shareholder must include a clear statement, in the form prescribed by the commissioner, that the
exempt-interest dividends must be included in the computation of Minnesota taxable income.
The commissioner may by notice and demand require the regulated investment company to file
a copy of the return with the commissioner.
(b) This subdivision applies to regulated investment companies required to register under
chapter 80A.
(c) For purposes of this subdivision, the following definitions apply.
(1) "Exempt-interest dividends" mean exempt-interest dividends as defined in section
852(b)(5) of the Internal Revenue Code, but does not include the portion of exempt-interest
dividends that are not required to be added to federal taxable income under section 290.01,
subdivision 19a
, clause (1)(ii).
(2) "Regulated investment company" means regulated investment company as defined in
section 851(a) of the Internal Revenue Code or a fund of the regulated investment company as
defined in section 851(g) of the Internal Revenue Code.
History: 1990 c 480 art 1 s 7; 1991 c 291 art 6 s 7,46; 1992 c 511 art 6 s 19; 1993 c 375 art
2 s 9-18; art 8 s 14; 1994 c 488 s 8; 1994 c 587 art 1 s 24; 1995 c 202 art 1 s 25; 1998 c 389 art 7
s 12; 1999 c 107 s 66; 2000 c 343 s 4; 1Sp2001 c 5 art 7 s 32