26 USC 6708: Failure to maintain lists of investors in potentially abusive tax shelters

26 USC 6708: Failure to maintain lists of investors in potentially abusive tax shelters Text contains those laws in effect on January 4, 1995

From Title 26-INTERNAL REVENUE CODESubtitle F-Procedure and AdministrationCHAPTER 68-ADDITIONS TO THE TAX, ADDITIONAL AMOUNTS, AND ASSESSABLE PENALTIESSubchapter B-Assessable PenaltiesPART I-GENERAL PROVISIONS

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§6708. Failure to maintain lists of investors in potentially abusive tax shelters

(a) In general

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.

(b) Penalty in addition to other penalties

The penalty imposed by this section shall be in addition to any other penalty provided by law.

(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 .)

Codification

Another section 6708 was renumbered section 6709 of this title.

Amendments

1986-Subsec. (a). Pub. L. 99–514 substituted "$100,000" for "$50,000".

Effective Date of 1986 Amendment

Section 1534(b) of Pub. L. 99–514 provided that: "The amendments made by this section [amending this section] shall apply to failures occurring or continuing after the date of the enactment of this Act [Oct. 22, 1986]."

Effective Date

Section applicable to any interest which is first sold to any investor after Aug. 31, 1984, see section 142(d) of Pub. L. 98–369, set out as a note under section 6112 of this title.