SEC. 4. DEFINITIONS

.01 The term ‘‘form recipient’’ means the person to whom you are required by law to furnish a copy of the official form or information statement: i.e., for Form 1098, the recipient is the ‘‘payer/ borrower’’; Form 1099–A, the ‘‘borrower’’; Form 1099–C, the ‘‘debtor’’; Form 1099–LTC, ‘‘the policyholder and insured’’; Form 1099–S, the ‘‘transferor’’; other Forms 1099, the payment recipient; Forms 5498 and 5498–MSA, the ‘‘participant’’; and Form W–2G, the ‘‘winner.’’

.02 The term ‘‘filer’’ means the person or organization required by law to file a form listed in Part A, Section 1.01 with the IRS. Thus, a filer may be a payer, a creditor, a recipient of mortgage interest payments, a broker, a barter exchange, a person reporting real estate transactions, a trustee or issuer of an individual retirement arrangement (including an IRA, SEP, or SIMPLE), a trustee of a medical savings account, or a lender who acquires an interest in secured property or who has reason to know that the property has been abandoned.

.03 The term ‘‘substitute form’’ means a paper substitute of Copy A of an official form listed in Part A, Section 1.01 that totally conforms to the provisions in this revenue procedure.

.04 The term ‘‘substitute form recipient statement’’ means a paper statement of the information reported on a form listed in PART A, Section 1.01 that must be furnished to a person (form recipient), as so defined under the applicable provisions of the Internal Revenue Code and the applicable regulations.

.05 A composite substitute statement is one in which two or more required statements (e.g., Forms 1099–INT and 1099–DIV) are furnished to the recipient on one document. However, each statement must be separately designated and must contain all the requisite Form 1099 information except as provided in Part A, Section 7. A composite statement MAY NOT be filed with the IRS. See Part A, Section 7.02 and 7.04 for more information on composite statements.