If any person who is required to maintain a list under section
6112(a) fails to make such list available upon written request to the Secretary in accordance with section
6112(b) within 20 business days after the date of such request, such person shall pay a penalty of $10,000 for each day of such failure after such 20th day.
(2) Reasonable cause exception
No penalty shall be imposed by paragraph (1) with respect to the failure on any day if such failure is due to reasonable cause.
(b) Penalty in addition to other penalties
The penalty imposed by this section shall be in addition to any other penalty provided by law.
6708 was renumbered section
6709 of this title.
2004—Pub. L. 108–357, § 815(b)(5)(A), substituted “advisees with respect to reportable transactions” for “investors in potentially abusive tax shelters” in section catchline.
Subsec. (a). Pub. 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.”
Amendment by section 815(b)(5)(A) ofPub. L. 108–357applicable to transactions with respect to which material aid, assistance, or advice referred to in section
6111(b)(1)(A)(i) of this title is provided after Oct. 22, 2004, see section 815(c) ofPub. L. 108–357, set out as a note under section
6111 of this title.
Pub. L. 108–357, title VIII, § 817(b),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
Section 1534(b) ofPub. L. 99–514provided 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].”
Section applicable to any interest which is first sold to any investor after Aug. 31, 1984, see section 142(d) ofPub. L. 98–369, set out as a note under section
6112 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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