Common use of Requirement of reporting Clause in Contracts

Requirement of reporting. Except as provided in paragraph (f) of this sec- tion, every person that is an acquirer in a reportable policy sale during any calendar year must file a separate in- formation return with the Internal Revenue Service (IRS) in the form and manner as required by the IRS for each reportable policy sale payment recipi- ent, including any seller that is a re- portable policy sale payment recipient. Each return must include the following information with respect to the seller or other reportable policy sale pay- ment recipient to which the return re- lates: (1) The name, address, and taxpayer identification number (TIN) of the acquirer; (2) The name, address, and TIN of the seller or other reportable policy sale payment recipient to which the return relates; (3) The date of the reportable policy sale; (4) The name of the 6050Y(a) issuer of the life insurance contract acquired and the policy number of the life insur- ance contract; (5) The aggregate amount of report- able policy sale payments made, or to be made, to the seller or other report- able policy sale payment recipient to which the return relates with respect to the reportable policy sale; and (6) Any other information that is re- quired by the form or its instructions.