PUBLIC LAW 104-188—AUG. 20, 1996 110 STAT. 1817 (2) EXCESS DISTRIBUTIONS. —The amendment made by subsection (b) shall apply to years beginning after December 31, 1996. SEC. 1453. TAX ON PROHIBITED TRANSACTIONS. (a) IN GENERAL.—Section 4975(a) is amended by striking "5 percent" and inserting "10 percent". (b) EFFECTIVE DATE.—The amendment made by this section 26 USC 4975 shall apply to prohibited transactions occurring after the date of note. the enactment of this Act. SEC. 1454. TREATMENT OF LEASED EMPLOYEES. (a) GENERAL RULE.— Subparagraph (C) of section 414(n)(2) (defining leased employee) is amended to read as follows: "(C) such services are performed under primary direction or control by the recipient.". (b) EFFECTIVE DATE. —The amendment made by subsection (a) 26 USC 414 note. shall apply to years beginning after December 31, 1996, but shall not apply to any relationship determined under an Internal Revenue Service ruling issued before the date of the enactment of this Act pursuant to section 414(n)(2)(C) of the Internal Revenue Code of 1986 (as in effect on the day before such date) not to involve a leased employee. SEC. 1455. UNIFORM PENALTY PROVISIONS TO APPLY TO CERTAIN PENSION REPORTING REQUIREMENTS. (a) PENALTIES.— (1) STATEMENTS.— Paragraph (1) of section 6724(d) is amended by striking "and" at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting ", and", and by inserting after subparagraph (B) the following new subparagraph: "(C) any statement of the amount of pa5mfients to another person required to be made to the Secretary under— "(i) section 408(i) (relating to reports with respect to individual retirement accounts or annuities), or "(ii) section 6047(d) (relating to reports by employ- ers, plan administrators, etc.).". (2) REPORTS. — Paragraph (2) of section 6724(d) is amended by striking "or" at the end of subparagraph (U), by striking the period at the end of subparagraph (V) and inserting a comma, and by inserting after subparagraph (V) the following new subparagraphs: "(W) section 408(i) (relating to reports with respect to individual retirement plans) to any person other than the Secretary with respect to the amount of payments made to such person, or "(X) section 6047(d) (relating to reports by plan administrators) to any person other than the Secretary with respect to the amount of payments made to such person.". (b) MODIFICATION OF REPORTABLE DESIGNATED DISTRIBU- TIONS.— (1) SECTION 408. —Subsection (i) of section 408 (relating to individual retirement account reports) is amended by inserting "aggregating $10 or more in any calendar year" after "distributions".
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