United States Code (Last Updated: May 24, 2014) |
Title 26. INTERNAL REVENUE CODE |
SubTitle F. Procedure and Administration |
Chapter 68. ADDITIONS TO THE TAX, ADDITIONAL AMOUNTS, AND ASSESSABLE PENALTIES |
SubChapter B. Assessable Penalties |
Part I. GENERAL PROVISIONS |
§ 6708. Failure to maintain lists of advisees with respect to reportable transactions
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(a) Imposition of penalty (1) In general If any person who is required to maintain a list under section 6112(a) fails to make such list available upon written request to the Secretary in accordance with section 6112(b) within 20 business days after the date of such request, such person shall pay a penalty of $10,000 for each day of such failure after such 20th day.
(2) Reasonable cause exception No penalty shall be imposed by paragraph (1) with respect to the failure on any day if such failure is due to reasonable cause.
(b) Penalty in addition to other penalties The penalty imposed by this section shall be in addition to any other penalty provided by law.
Codification
Another section 6708 was renumbered section 6709 of this title.
Amendments
2004—Pub. L. 108–357, § 815(b)(5)(A), substituted “advisees with respect to reportable transactions” for “investors in potentially abusive tax shelters” in section catchline.
Subsec. (a). Pub. L. 108–357, § 817(a), amended heading and text of subsec. (a) generally. Prior to amendment, text read as follows: “Any person who fails to meet any requirement imposed by section 6112 shall pay a penalty of $50 for each person with respect to whom there is such a failure, unless it is shown that such failure is due to reasonable cause and not due to willful neglect. The maximum penalty imposed under this subsection for any calendar year shall not exceed $100,000.”
1986—Subsec. (a). Pub. L. 99–514 substituted “$100,000” for “$50,000”.
Effective Date Of Amendment
Amendment by section 815(b)(5)(A) of Pub. L. 108–357 applicable to transactions with respect to which material aid, assistance, or advice referred to in section 6111(b)(1)(A)(i) of this title is provided after
Pub. L. 108–357, title VIII, § 817(b),
Pub. L. 99–514, title XV, § 1534(b),
Effective Date
Section applicable to any interest which is first sold to any investor after