15-30-301. (Temporary) Information agents' duties. (1) Every information agent shall make a return to the department of complete information concerning the following distributions made for any individual during the tax year upon which no withholding tax has been deducted:
     (a) sums in excess of $10 distributed as dividends, interest as defined in section 6049 of the Internal Revenue Code of 1965 or as that section may be amended, royalties, and payments made under a retirement plan covering an owner-employee as defined in section 401(c)(3) of the Internal Revenue Code of 1965 or as that section may be amended;
     (b) all interest income in excess of $10 from obligations of another state and a county, municipality, district, or other political subdivision of that state;
     (c) interest, other than that specified in subsections (1)(a) and (1)(b), rents, salaries, wages, prizes, awards, annuities, pensions, and other fixed or determinable gains, profits, and income in excess of $600, except interest coupons payable to the bearer;
     (d) proceeds from real estate transactions that under rules or regulations of the internal revenue service are required to be reported.
     (2) The return should be made under the regulations and in the form and manner prescribed by the department. For ease of reporting, the form should be identical to the comparable federal form or the department may allow submission of a copy of the federal form or submission by magnetic media or in electronic format.
     (3) Notwithstanding the provisions of 15-30-321, an information agent who fails to file a return under the provisions of subsection (1)(d) is subject only to a penalty of $50 a return. (Effective January 1, 2005)
     15-30-301. (Effective January 1, 2005) 15-30-301. Information agents' duties. (1) Every information agent shall make a return to the department of complete information concerning the following distributions made for any individual during the taxable year upon which no withholding tax has been deducted:
     (a) sums in excess of $10 distributed as dividends, interest as defined in section 6049 of the Internal Revenue Code of 1965 or as that section may be amended, royalties, and payments made under a retirement plan covering an owner-employee as defined in section 401(c)(3) of the Internal Revenue Code of 1965 or as that section may be amended;
     (b) all interest income in excess of $10 from obligations of another state and a county, municipality, district, or other political subdivision of that state;
     (c) interest, other than that specified in subsections (1)(a) and (1)(b), rents, salaries, wages, prizes, awards, annuities, pensions, and other fixed or determinable gains, profits, and income in excess of $600, except interest coupons payable to the bearer.
     (2) The return should be made under the regulations and in the form and manner prescribed by the department; provided, however, that for ease of reporting, the form shall be as nearly identical to the comparable federal form as possible.

     History: En. Sec. 13, Ch. 181, L. 1933; re-en. Sec. 2295.13, R.C.M. 1935; amd. Sec. 7, Ch. 260, L. 1955; amd. Sec. 1, Ch. 205, L. 1967; amd. Sec. 170, Ch. 516, L. 1973; R.C.M. 1947, 84-4913; amd. Sec. 5, Ch. 289, L. 1989; amd. Sec. 1, Ch. 89, L. 1991; amd. Sec. 1, Ch. 461, L. 2001.