118 STAT. 1576 PUBLIC LAW 108–357—OCT. 22, 2004 Secretary determines as having a potential for tax avoidance or evasion. ‘‘(2) LISTED TRANSACTION.—The term ‘listed transaction’ means a reportable transaction which is the same as, or substantially similar to, a transaction specifically identified by the Secretary as a tax avoidance transaction for purposes of section 6011. ‘‘(d) AUTHORITY TO RESCIND PENALTY.— ‘‘(1) IN GENERAL.—The Commissioner of Internal Revenue may rescind all or any portion of any penalty imposed by this section with respect to any violation if— ‘‘(A) the violation is with respect to a reportable trans action other than a listed transaction, and ‘‘(B) rescinding the penalty would promote compliance with the requirements of this title and effective tax administration. ‘‘(2) NO JUDICIAL APPEAL.—Notwithstanding any other provision of law, any determination under this subsection may not be reviewed in any judicial proceeding. ‘‘(3) RECORDS.—If a penalty is rescinded under paragraph (1), the Commissioner shall place in the file in the Office of the Commissioner the opinion of the Commissioner with respect to the determination, including— ‘‘(A) a statement of the facts and circumstances relating to the violation, ‘‘(B) the reasons for the rescission, and ‘‘(C) the amount of the penalty rescinded. ‘‘(e) PENALTY REPORTED TO SEC.—In the case of a person— ‘‘(1) which is required to file periodic reports under section 13 or 15(d) of the Securities Exchange Act of 1934 or is required to be consolidated with another person for purposes of such reports, and ‘‘(2) which— ‘‘(A) is required to pay a penalty under this section with respect to a listed transaction, ‘‘(B) is required to pay a penalty under section 6662A with respect to any reportable transaction at a rate pre scribed under section 6662A(c), or ‘‘(C) is required to pay a penalty under section 6662(h) with respect to any reportable transaction and would (but for section 6662A(e)(2)(C)) have been subject to penalty under section 6662A at a rate prescribed under section 6662A(c), the requirement to pay such penalty shall be disclosed in such reports filed by such person for such periods as the Secretary shall specify. Failure to make a disclosure in accordance with the preceding sentence shall be treated as a failure to which the penalty under subsection (b)(2) applies. ‘‘(f) COORDINATION WITH OTHER PENALTIES.—The penalty imposed by this section shall be in addition to any other penalty imposed by this title.’’.
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