118 STAT. 1573 PUBLIC LAW 108–357—OCT. 22, 2004 ‘‘(2) the mailing address of such individual’s principal for eign residence, ‘‘(3) the foreign country in which such individual is residing, ‘‘(4) the foreign country of which such individual is a citizen, ‘‘(5) information detailing the income, assets, and liabilities of such individual, ‘‘(6) the number of days during any portion of which that the individual was physically present in the United States during the taxable year, and ‘‘(7) such other information as the Secretary may pre scribe.’’. (3) INCREASE IN PENALTY.—Subsection (d) of section 6039G is amended to read as follows: ‘‘(d) PENALTY.—If— ‘‘(1) an individual is required to file a statement under subsection (a) for any taxable year, and ‘‘(2) fails to file such a statement with the Secretary on or before the date such statement is required to be filed or fails to include all the information required to be shown on the statement or includes incorrect information, such individual shall pay a penalty of $10,000 unless it is shown that such failure is due to reasonable cause and not to willful neglect.’’. (4) CONFORMING AMENDMENT.—Section 6039G is amended by striking subsections (c), (f), and (g) and by redesignating subsections (d) and (e) as subsection (c) and (d), respectively. (f) EFFECTIVE DATE.—The amendments made by this section shall apply to individuals who expatriate after June 3, 2004. SEC. 805. REPORTING OF TAXABLE MERGERS AND ACQUISITIONS. (a) IN GENERAL.—Subpart B of part III of subchapter A of chapter 61 is amended by inserting after section 6043 the following new section: ‘‘SEC. 6043A. RETURNS RELATING TO TAXABLE MERGERS AND ACQUISI TIONS. ‘‘(a) IN GENERAL.—According to the forms or regulations pre scribed by the Secretary, the acquiring corporation in any taxable acquisition shall make a return setting forth— ‘‘(1) a description of the acquisition, ‘‘(2) the name and address of each shareholder of the acquired corporation who is required to recognize gain (if any) as a result of the acquisition, ‘‘(3) the amount of money and the fair market value of other property transferred to each such shareholder as part of such acquisition, and ‘‘(4) such other information as the Secretary may prescribe. To the extent provided by the Secretary, the requirements of this section applicable to the acquiring corporation shall be applicable to the acquired corporation and not to the acquiring corporation. ‘‘(b) NOMINEES.—According to the forms or regulations pre scribed by the Secretary: ‘‘(1) REPORTING.—Any person who holds stock as a nominee for another person shall furnish in the manner prescribed by the Secretary to such other person the information provided by the corporation under subsection (d). ‘‘(2) REPORTING TO NOMINEES.—In the case of stock held by any person as a nominee, references in this section (other 26 USC 877 note.
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