[Code of Federal Regulations]
[Title 26, Volume 13]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR]

[Page 332]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
Procedure and Administration--Table of Contents
 
Sec.  1.6050A-1  Reporting requirements of certain fishing boat operators.

    (a) Requirement of reporting. The operator of a boat on which one or 
more individuals during a calendar year performed services described in 
Sec.  31.3121(b)(20)-1(a) shall make an information return on Form 1099-
MISC for that calendar year. The return shall include the following 
information:
    (1) The name and taxpayer identification number of each individual 
performing the services;
    (2) The percentage of each individual's share of the catch of fish 
or other forms of aquatic life (hereinafter ``fish'');
    (3) The percentage of the operator's share of the catch of fish;
    (4) If the individual receives all or part of his share of the catch 
in kind, the type and weight of the share and, if it can be ascertained, 
the fair market value of his share;
    (5) If the individual receives a share of the proceeds of the catch, 
the dollar amount received; and
    (6) Any other information that is required by the form.

For purposes of this section, the term, ``boat operator'' means an 
employer (as defined in Sec.  31.3121(d)-2) of an employee whose 
services are excepted from employment by section 3121(b)(20) and Sec.  
31.3121(b)(20)-1. The boat operator may make separate returns on Form 
1099-MISC for each crew member for each voyage, or he may aggregate the 
information required by this paragraph for an individual for all or any 
part of a return period in which the type of catch (if required) and the 
percentage due the crew member remain the same.
    (b) Time and place for filing. Returns required to be made under 
this section on Form 1099-MISC shall be filed with the Internal Revenue 
Service Center, designated in the instructions for Form 1099-MISC, on or 
before February 28 (March 31 if filed electronically) of the year 
following the calendar year in which the relevant services were 
performed.
    (c) Requirement of and time for furnishing statement--(1) 
requirement of furnishing statement. Every person filing a Form 1099-
MISC under this section shall furnish to the individual whose 
identifying number is (or should be) shown on the form a written 
statement showing the information required by paragraph (a) of this 
section. The requirement of the preceding sentence may be met by 
furnishing to the individual copy B of Form 1099-MISC or a reasonable 
facsimile of Form 1099-MISC that was filed pursuant to this section.
    (2) Time for furnishing statement. Each statement required by this 
paragraph to be furnished to any individual for a calendar year shall be 
furnished on or before January 31 of the year following the calendar 
year for which the return was made.
    (d) Cross-reference to penalties. For provisions relating to the 
penalty provided for failure to file timely a correct information return 
required under section 6050A(a) and Sec.  1.6050A-1(a), see Sec.  
301.6721-1 of this chapter (Procedure and Administration Regulations). 
For provisions relating to the penalty provided for failure to furnish 
timely a correct payee statement required under section 6050A(b) and 
Sec.  1.6050A-1(c), see Sec.  301.6722-1 of this chapter. See Sec.  
301.6724-1 of this chapter for the waiver of a penalty if the failure is 
due to reasonable cause and is not due to willful neglect.

[T.D. 7716, 45 FR 57123, Aug. 27, 1980, as amended by T.D. 8734, 62 FR 
53492, Oct. 14, 1997; T.D. 8895, 65 FR 50407, Aug. 18, 2000]

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