26 U.S.C. § 6708 — Failure to maintain lists of advisees with respect to reportable transactions
submitted 42 years ago by Pub. L. 98-369 to r/title-26-INTERNAL-REVENUE-CODE · 117 words · no verdicts yet
This section imposes a daily penalty when a person required to keep a reportable-transaction list does not provide it after a written request. It provides an exception for reasonable cause and preserves other penalties.
(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* under section 6112(b) within 20 business days after the date of such request, such person must pay a penalty of $10,000 for each day of such failure after such 20th day. (2) Reasonable cause exception No penalty must be imposed by paragraph (1) about 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 must be in addition to any other penalty provided by law.
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.
No penalty shall be imposed by paragraph (1) with respect to the failure on any day if such failure is due to reasonable cause.
The penalty imposed by this section shall be in addition to any other penalty provided by law.
Source credit: (Added Pub. L. 98–369, div. A, title I, § 142(b), July 18, 1984, 98 Stat. 682; amended Pub. L. 99–514, title XV, § 1534(a), Oct. 22, 1986, 100 Stat. 2750; Pub. L. 108–357, title VIII, §§ 815(b)(5)(A), 817(a), Oct. 22, 2004, 118 Stat. 1583, 1584.)
- 1984Enacted · Pub. L. 98-369 · 98 Stat. 682
- 1986Amended · Pub. L. 99-514 · 100 Stat. 2750
- 2004Amended · Pub. L. 108-357 · 118 Stat. 1583, 1584
A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-369 on 1984-07-18.
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