Ill STAT. 982 PUBLIC LAW 105-34—AUG. 5, 1997 The Secretary may also require the furnishing of any other information which is similar or related in nature to that specified in the preceding sentence or which the Secretary determines to be appropriate to carry out the provisions of this title.". (b) DEFINITIONS.— (1) IN GENERAL.— Subsection (e) of section 6038 (relating to definitions) is amended— (A) by redesignating paragraphs (1) and (2) as paragraphs (2) and (4), respectively, (B) by inserting before paragraph (2) (as so redesignated) the following new paragraph: "(1) FOREIGN BUSINESS ENTITY.— The term 'foreign business entity* means a foreign corporation and a foreign partnership.", and (C) by inserting after paragraph (2) (as so redesignated) the following new paragraph: "(3) PARTNERSHIP-RELATED DEFINITIONS.— "(A) CONTROL. —^A person is in control of a partnership if such person owns directly or indirectly more than a 50 percent interest in such partnership. "(B) 50-PERCENT INTEREST. —For purposes of subparagraph (A), a 50-percent interest in a partnership is— "(i) an interest equal to 50 percent of the capital interest, or 50 percent of the profits interest, in such partnership, or "(ii) to the extent provided in regulations, an interest to which 50 percent of the deductions or losses of such partnership are allocated. For purposes of the preceding sentence, rules similar to the rules of section 267(c) (other thsin paragraph (3)) shall apply. "(C) 10-PERCENT INTEREST.— A 10-percent interest in a partnership is an interest which would be described in subparagraph (B) if '10 percent' were substituted for '50 percent' each place it appears.". (2) CLERICAL AMENDMENT.— The paragraph heading for Earagraph (2) of section 6038(e) (as so redesignated) is amended y inserting "OF CORPORATION" after "CONTROL". (c) MODIFICATION OF SANCTIONS ON PARTNERSHIPS AND COR- PORATIONS FOR FAILURE TO FURNISH INFORMATION.— (1) IN GENERAL. —Subsection (b) of section 6038 is amended— (A) by striking "$1,000" each place it appears and inserting "$10,000", and (B) by striking "$24,000" in paragraph (2) and inserting " $50,000 ". (d) REPORTING BY 10-PERCENT PARTNERS.— Subsection (a) of section 6038 is amended by adding at the end the following new paragraph: "(5) INFORMATION REQUIRED FROM IO-PERCENT PARTNER OF CONTROLLED FOREIGN PARTNERSHIP.—In the case of a foreign partnership which is controlled by United States persons holding at least 10-percent interests (but not by any one United States person), the Secretary may require each United States person who holds a 10-percent interest in such partnership to fiimish information relating to such partnership, including
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