Page:United States Statutes at Large Volume 100 Part 3.djvu/925

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PUBLIC LAW 99-000—MMMM. DD, 1986

PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2733

"(A) in the case of a return other than a return required under section 6045(a), 6041A(b), 6050H, 6050J, 6050K, or 6050L, 10 percent of the aggregate amount of the items required to be reported, or "(B) in the case of a return required to be filed by section 6045(a), 6050K, or 6050L, 5 percent of the aggregate amount of the items required to be reported, and "(2) in the case of any penalty determined under paragraph (D"(A) the $100,000 limitation under subsection (a) shall not apply, and "(B) such penalty shall not be taken into account in applying the $100,000 limitation to penalties not determined under paragraph (1). "SEC. 6722. FAILURE TO FURNISH CERTAIN PAYEE STATEMENTS.

"(a) GENERAL RULE.—In the case of each failure to furnish a payee statement on the date prescribed therefor to the person to whom such statement is required to be furnished, the person failing to so furnish such statement shall pay $50 for each such failure, but the total amount imposed on such person for all such failures during any calendar year shall not exceed $100,000. "(b) FAILURE TO NOTIFY PARTNERSHIP OF EXCHANGE OF PARTNERSHIP INTEREST.—In the case of any person who fails to furnish the

notice required by section 6050K(c)(l) on the date prescribed therefor, such person shall pay a penalty of $50 for each such failure. "SEC. 6723. FAILURE TO INCLUDE CORRECT INFORMATION. "(a) GENERAL RULE.—If^

"(1) any person files an information return or furnishes a payee statement, and "(2) such person does not include all of the information required to be shown on such return or statement or includes incorrect information, such person shall pay $5 for each return or statement with respect to which such failure occurs, but the total amount imposed on such person for all such failures during any calendar year shall not exceed $20,000. "(b) PENALTY IN CASE OF INTENTIONAL DISREGARD.—If 1 or more failures to which subsection (a) applies are due to intentional disregard of the correct information reporting requirement, then, with respect to each such failure— "(1) the penalty imposed under subsection (a) shall be $100, or, if greater— "(A) in the case of a return other than a return required under section 6045(a), 6041A(b), 6050H, 6050J, 6050K, or 6050L, 10 percent of the aggregate amount of the items required to be reported correctly, or "(B) in the case of a return required to be filed by section 6045(a), 6050K, or 6050L, 5 percent of the aggregate amount of the items required to be reported correctly, and "(2) in the case of any penalty determined under paragraph (D"(A) the $20,000 limitation under subsection (a) shall not apply, and