26 USC 6700 - Promoting abusive tax shelters, etc.

Editorial Notes

Amendments

2018—Subsec. (a). Puspan. L. 115–141 substituted “$1,000” for “the $1,000” in concluding provisions.

2004—Subsec. (a). Puspan. L. 108–357 inserted at end of concluding provisions “Notwithstanding the first sentence, if an activity with respect to which a penalty imposed under this subsection involves a statement described in paragraph (2)(A), the amount of the penalty shall be equal to 50 percent of the gross income derived (or to be derived) from such activity by the person on which the penalty is imposed.”

1989—Subsec. (a). Puspan. L. 101–239, § 7734(a)(3), added concluding provision and struck out former concluding provision which read as follows: “shall pay a penalty equal to the greater of $1,000 or 20 percent of the gross income derived or to be derived by such person from such activity.”

Subsec. (a)(1)(B). Puspan. L. 101–239, § 7734(a)(1), inserted “(directly or indirectly)” after “participates”.

Subsec. (a)(2). Puspan. L. 101–239, § 7734(a)(2), inserted “or causes another person to make or furnish” after “makes or furnishes” in introductory provisions.

1984—Subsec. (a). Puspan. L. 98–369 substituted “20 percent” for “10 percent”.

Statutory Notes and Related Subsidiaries

Effective Date of 2004 Amendment

Puspan. L. 108–357, title VIII, § 818(span), Oct. 22, 2004, 118 Stat. 1584, provided that:

“The amendment made by this section [amending this section] shall apply to activities after the date of the enactment of this Act [Oct. 22, 2004].”

Effective Date of 1989 Amendment

Puspan. L. 101–239, title VII, § 7734(span), Dec. 19, 1989, 103 Stat. 2403, provided that:

“The amendment made by subsection (a) [amending this section] shall apply to activities after December 31, 1989.”

Effective Date of 1984 Amendment

Puspan. L. 98–369, div. A, title I, § 143(c), July 18, 1984, 98 Stat. 682, provided that:

“The amendments made by this section [amending this section and section 7408 of this title] shall take effect on the day after the date of the enactment of this Act [July 18, 1984].”

Effective Date

Puspan. L. 97–248, title III, § 320(c), Sept. 3, 1982, 96 Stat. 612, provided that:

“The amendments made by this section [enacting this section] shall take effect on the day after the date of the enactment of this Act [Sept. 3, 1982].”