Rev. Rul. 56-176

Even though an organization qualifies for Federal income tax exemption as an organization referred to in section 401(a), 501(c), or 501(d) of the Internal Revenue Code of 1954, it is nevertheless required to report payments of income specified in section 6041(a) of the Code. Accordingly, such organizations are required to file annual information returns on Form 1096, U.S. Annual Information Return, accompanied by statements on Form 1099, U.S. Information Return for calendar year --, setting forth the name and address of each recipient and the amount of such payments made during a calendar year which total $600 or more. Such returns and statements are required by the regulations under section 147 of the Internal Revenue Code of 1939 which are made applicable to section 6041 of the 1954 Code by Treasury Decision 6091, C.B. 1954-2, 47.