74
Ante, p. 69.
PUBLIC LAW 88-272-FEB. 26, 1964
[78 STAT.
" (B) acquired by the transferor pursuant to his exercise ^f ^ restricted stock option described in section 124(c)(1) (relating to options under which option price is between 85 percent and 95 percent of value of stock), shall, for such calendar year, make a return at such time and in such manner, and setting forth such information, as the Secretary or his delegate may by regulations prescribe. For purposes of the preceding sentence, any option which a corporation treats as a qualified stock option, a restricted stock option, or an option granted under an employee stock purchase plan, shall be deemed to be such an option. A return is required by reason of a transfer described in paragraph (2) of a share only with respect to the first transfer of such share by the person who exercised the option. "(b)
STATEMENTS TO B E FURNISHED TO PERSONS W I T H EESPEGT TO
W H O M INFORMATION I S FURNISHED.—F>ery corporation making a
return under subsection (a) shall furnish to each person whose name is set forth in such return a written statement setting forth such information as the Secretary or his delegate may by regulations prescribe. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was made. "(c) iDENTiFif'ATiON OF STOCK.—Any Corporation M'hich transfers any share of stock pursuant to the exercise of an option described in subsection (a)(2) shall identify such stock in a manner adequate to carry out the purposes of this section. "(d)
CROSS KEFERENCES.—
"For definition of— "(1) The term 'qualified stock option', see section 422(b). "(2) The term 'employee stock purchase plan', see section 423(b). "C3) The term 'restricted stock option', see section 424(b)." (2) 76 Stat. 1057. 26 USC 6652.
PENAL'TIES FOR FAILURE TO F I L E INFORMATION RETURNS.—•
Section 6652(a) (relating to failure to file certain information returns) is amended to read as follows: " (a) RETURNS RELATING TO PAYMENTS OF DIVIDENDS, E T C., AND CERTAIN TRANSFERS OF STOCK,—In the case of each failure—
26 USC 6042. 26 USC 6044. 26 USC 6049.
Ante, p. 73.
Ante, p. 37.
"(1) to file a statement of the aggregate amount of payments to another person required by section 6042(a)(1) (relating to payments of dividends aggregating $10 or more), section 6044 (a)(1) (relating to payments of patronage dividends aggregating $10 or more), or section 6049(a)(1) (relating to payments of interest aggregating $10 or more), u^2) to make a return required by section 6039(a) (relating to reporting information in connection with certain options) with resj^ect to a transfer of stock or a transfer of legal title to stock, or u^g^ |-Q n^^ke a retum required by section 6052(a) (relating to reporting payment of wages in the form of group-term life insurance) with respect to group-term life insurance on the life of an employee, on the date prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause and not to willful neglect, there shall be paid (upon notice and demand by the Secretary or his delegate and in the same manner as tax), by the person failing to file a statement referred to in paragraph (1) or failing to make a return referred to in paragraph (2) or (3), $10 for each such failure, but the total amount imposed on the delinquent person for all such failures during any calendar year shall not exceed $25,000."
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