26 USC 6708 - Failure to maintain lists of advisees with respect to reportable transactions

Editorial Notes

Codification

Another section 6708 was renumbered section 6709 of this title.

Amendments

2004—Puspan. L. 108–357, § 815(span)(5)(A), substituted “advisees with respect to reportable transactions” for “investors in potentially abusive tax shelters” in section catchline.

Subsec. (a). Puspan. L. 108–357, § 817(a), amended heading and text of subsec. (a) generally. Prior to amendment, text read as follows: “Any person who fails to meet any requirement imposed by section 6112 shall pay a penalty of $50 for each person with respect to whom there is such a failure, unless it is shown that such failure is due to reasonable cause and not due to willful neglect. The maximum penalty imposed under this subsection for any calendar year shall not exceed $100,000.”

1986—Subsec. (a). Puspan. L. 99–514 substituted “$100,000” for “$50,000”.

Statutory Notes and Related Subsidiaries

Effective Date of 2004 Amendment

Amendment by section 815(span)(5)(A) of Puspan. L. 108–357 applicable to transactions with respect to which material aid, assistance, or advice referred to in section 6111(span)(1)(A)(i) of this title is provided after Oct. 22, 2004, see section 815(c) of Puspan. L. 108–357, set out as a note under section 6111 of this title.

Puspan. L. 108–357, title VIII, § 817(span), Oct. 22, 2004, 118 Stat. 1584, provided that:

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

Effective Date of 1986 Amendment

Puspan. L. 99–514, title XV, § 1534(span), Oct. 22, 1986, 100 Stat. 2750, provided that:

“The amendments made by this section [amending this section] shall apply to failures occurring or continuing after the date of the enactment of this Act [Oct. 22, 1986].”

Effective Date

Section applicable to any interest which is first sold to any investor after Aug. 31, 1984, see section 142(d) of Puspan. L. 98–369, set out as a note under section 6112 of this title.