Form 1099-B Clause Samples
The Form 1099-B clause requires parties to report certain financial transactions, such as the sale of securities or other capital assets, to the Internal Revenue Service (IRS) using Form 1099-B. This clause typically applies to brokers or barter exchanges that facilitate these transactions, ensuring that both the IRS and the taxpayer receive accurate information about proceeds, dates of sale, and other relevant details. Its core function is to ensure compliance with tax reporting obligations, thereby reducing the risk of underreporting income and facilitating accurate tax filings.
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Form 1099-B. If applicable to the sale and purchase of the Owned Real Properties as contemplated herein, the Title Company is hereby authorized and instructed to file as the “Reporting Person” Internal Revenue Service Form 1099-B, Proceeds from Real Estate, Broker, and Barter Exchange Transactions, as required by § 6045(d) of the Internal Revenue Code of 1986, as amended.
Form 1099-B. Seller and Buyer agree to cause the Title ----------- Company to prepare and file with the Internal Revenue Service a completed Form ▇▇▇▇-▇, ▇▇▇▇▇▇▇▇▇ for Recipients of Proceeds from Real Estate, Broker, and Barter Exchange Transactions, together with the preparer's certification to the effect that: (i) such Form 1099-B to the best knowledge of its preparer is accurate and complete; (ii) such Form 1099-B will be timely filed by such preparer; and (iii) a copy of such Form 1099-B has been furnished to Seller and Buyer.
Form 1099-B. Such federal income tax reports respecting the sale of the Property as are required by the Internal Revenue Code of 1986.