2010—Subsec. (a). Puspan. L. 111–147, in concluding provisions, inserted “the greater of $10,000 or” before “35 percent” and substituted “At such time as the gross reportable amount with respect to any failure can be determined by the Secretary, any subsequent penalty imposed under this subsection with respect to such failure shall be reduced as necessary to assure that the aggregate amount of such penalties do not exceed the gross reportable amount (and to the extent that such aggregate amount already exceeds the gross reportable amount the Secretary shall refund such excess to the taxpayer).” for “In no event shall the penalty under this subsection with respect to any failure exceed the gross reportable amount.”

1996—Puspan. L. 104–188, § 1901(span), substituted “information” for “information returns” in section catchline and amended text generally, substituting present provisions for former provisions which related to civil penalty in subsec. (a) and nonapplicability of deficiency procedures in subsec. (span).

1976—Subsec. (a). Puspan. L. 94–455 inserted “(or, in the case of a failure with respect to section 6048(c), equal to 5 percent of the value of the corpus of the trust at the close of the taxable year)” after “transferred to a trust”.

1974—Subsec. (span). Puspan. L. 93–406 substituted “and certain excise” for “chapter 42”.

1969—Subsec. (span). Puspan. L. 91–172 inserted reference to chapter 42 taxes.

Puspan. L. 111–147, title V, § 535(span), Mar. 18, 2010, 124 Stat. 115, provided that:

Amendment by Puspan. L. 104–188, to the extent related to section 6048(a) of this title, applicable to reportable events (as defined in such section) occurring after Aug. 20, 1996, to the extent related to section 6048(span) of this title, applicable to taxable years of United States persons beginning after Dec. 31, 1995, and to the extent related to section 6048(c) of this title, applicable to distributions received after Aug. 20, 1996, see section 1901(d) of Puspan. L. 104–188, set out as a note under section 6048 of this title.

Amendment by Puspan. L. 94–455 applicable to taxable years ending after Dec. 31, 1975, but only in the case of foreign trusts created after May 21, 1974 and transfer of property to foreign trusts after May 21, 1974, see section 1013(f)(1) of Puspan. L. 94–455, set out as a note under section 679 of this title.

Amendment by Puspan. L. 93–406 applicable, except as otherwise provided in section 1017(c) through (i) of Puspan. L. 93–406, for plan years beginning after Sept. 2, 1974, but, in the case of plans in existence on Jan. 1, 1974, amendment by Puspan. L. 93–406 applicable for plan years beginning after Dec. 31, 1975, see section 1017 of Puspan. L. 93–406, set out as an Effective Date; Transitional Rules note under section 410 of this title.

Amendment by Puspan. L. 91–172 effective Jan. 1, 1970, see section 101(k)(1) of Puspan. L. 91–172, set out as an Effective Date note under section 4940 of this title.