Monetary penalties.
(3) Monetary penalties. The common parent (or principal operating company) and all reporting corporations that join in the filing of a consolidated Form 5472 are liable jointly and severally for penalties for failure to file Form 5472 and for failure to mantain records under section 6038A(d) and 1.6038A-4(e). See 1.1502-77(a) regarding the scope of agency of the common parent corporation.