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26 U.S.C. § 6708 — Failure to maintain lists of advisees with respect to reportable transactions
Federal law — U.S. Code and appendices · legal_authorities
**(a) Imposition of penalty**
(1) **In general** — 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.
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Stable record: federal_law:legal_authorities:record_usc_26ff8d58fba4d853a1adf97e
Source file: Laws/federal/codes/united-states-code/title-26/section-6708-failure-to-maintain-lists-of-advisees-with-respect-to-reportable-transac--4b74308837.md
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Source location: Title 26, Chapter 68, § 6708; chapter-068-additions-to-the-tax-additional-amounts-and-assessable-penalties.md
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**(a) Imposition of penalty**
(1) **In general** — 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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Each material advisor with respect to any reportable transaction shall make a return (in such form as the Secretary may prescribe) setting forth—
(1) information identifying and describing the transaction,
(2) information describing any potential tax benefits expected to result from the transaction, and
(3) such other information as the Secretary may prescribe.
Such return shall be filed not later than the date specified by the Secretary.
**(b) Definitions** For purposes of this section:
(1) **Material advisor**
(A) *In general* — The term “material advisor” means any person—
(i) who provides any material aid, assistance, or advice with respect to organizing, managing, promoting, selling, implementing, insuring, or carrying out any reportable transaction, and
(ii) who directly or indirectly derives gross income in excess of the threshold amount (or such other amount as may be prescribed by the Secretary) for such aid, assistance, or advice.
(B) *Threshold amount* — For purposes of subparagraph (A), the threshold amount is—
(i) $50,000 in the case of a reportable transaction substantially all of the tax benefits from which are provided to natural persons, and
(ii) $250,000 in any other case.
(2) **Reportable transaction** — The term “reportable transaction” has the meaning given to such term by section 6707A(c).
**(c) Regulations** The Secretary may prescribe regulations which provide—
(1) that only 1 person shall be required to meet the requirements of subsection (a) in cases in which 2 or more persons would otherwise be required to meet such requirements,
(2) exemptions from the requirements of this section, and
(3) such rules as may be necessary or appropriate to carry out the purposes of this section.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6111
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Each material advisor (as defined in section 6111) with respect to any reportable transaction (as defined in section 6707A(c)) shall (whether or not required to file a return under section 6111 with respect to such transaction) maintain (in such manner as the Secretary may by regulations prescribe) a list—
(1) identifying each person with respect to whom such advisor acted as a material advisor with respect to such transaction, and
(2) containing such other information as the Secretary may by regulations require.
**(b) Special rules**
(1) **Availability for inspection; retention of information on list** — Any person who is required to maintain a list under subsection (a) (or was required to maintain a list under subsection (a) as in effect before the enactment of the American Jobs Creation Act of 2004)—
(A) shall make such list available to the Secretary for inspection upon written request by the Secretary, and
(B) except as otherwise provided under regulations prescribed by the Secretary, shall retain any information which is required to be included on such list for 7 years.
(2) **Lists which would be required to be maintained by 2 or more persons** — The Secretary may prescribe regulations which provide that, in cases in which 2 or more persons are required under subsection (a) to maintain the same list (or portion thereof), only 1 person shall be required to maintain such list (or portion).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6112
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Negligence** If—
(1) any person makes a material misstatement in any verified written statement made under penalties of perjury with respect to the issuance of a mortgage credit certificate, and
(2) such misstatement is due to the negligence of such person,
such person shall pay a penalty of $1,000 for each mortgage credit certificate with respect to which such a misstatement was made.
**(b) Fraud** If a misstatement described in subsection (a)(1) is due to fraud on the part of the person making such misstatement, in addition to any criminal penalty, such person shall pay a penalty of $10,000 for each mortgage credit certificate with respect to which such a misstatement is made.
**(c) Reports** Any person required by section 25(g) to file a report with the Secretary who fails to file the report with respect to any mortgage credit certificate at the time and in the manner required by the Secretary shall pay a penalty of $200 for such failure unless it is shown that such failure is due to reasonable cause and not to willful neglect. In the case of any report required under the second sentence of section 25(g), the aggregate amount of the penalty imposed by the preceding sentence shall not exceed $2,000.
**(d) Mortgage credit certificate** The term “mortgage credit certificate” has the meaning given to such term by section 25(c).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6709
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of credit**
(1) **In general** — There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the product of—
(A) the certificate credit rate, and
(B) the interest paid or accrued by the taxpayer during the taxable year on the remaining principal of the certified indebtedness amount.
(2) **Limitation where credit rate exceeds 20 percent**
(A) *In general* — If the certificate credit rate exceeds 20 percent, the amount of the credit allowed to the taxpayer under paragraph (1) for any taxable year shall not exceed $2,000.
(B) *Special rule where 2 or more persons hold interests in residence* — If 2 or more persons hold interests in any residence, the limitation of subparagraph (A) shall be allocated among such persons in proportion to their respective interests in the residence.
**(b) Certificate credit rate; certified indebtedness amount** For purposes of this section—
(1) **Certificate credit rate** — The term “certificate credit rate” means the rate of the credit allowable by this section which is specified in the mortgage credit certificate.
(2) **Certified indebtedness amount** — The term “certified indebtedness amount” means the amount of indebtedness which is—
(A) incurred by the taxpayer—
(i) to acquire the principal residence of the taxpayer,
(ii) as a qualified home improvement loan (as defined in section 143(k)(4)) with respect to such residence, or
(iii) as a qualified rehabilitation loan (as defined in section 143(k)(5)) with respect to such residence, and
(B) specified in the mortgage credit certificate.
**(c) Mortgage credit certificate; qualified mortgage credit certificate program** For purposes of this section—
(1) **Mortgage credit certificate**
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 25
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Federal law — U.S. Code and appendices · legal_authorities
Page 3811
TITLE 26—INTERNAL REVENUE CODE
§ 6709
6662A(e)(2)(B)) have been subject to penalty
under section 6662A at a rate prescribed
under section 6662A(c),
the requirement to pay such penalty shall be
disclosed in such reports filed by such person for
such periods as the Secretary shall specify. Fail-
ure to make a disclosure in accordance with the
preceding sentence shall be treated as a failure
to which the penalty under subsection (b)(2) ap-
plies.
(f) Coordination with other penalties
The penalty imposed by this section shall be
in addition to any other penalty imposed by this
title.
(Added Pub. L. 108–357, title VIII, § 811(a), Oct. 22,
2004, 118 Stat. 1575; amended Pub. L. 110–172,
§ 11(a)(41), Dec. 29, 2007, 121 Stat. 2488; Pub. L.
111–240, title II, § 2041(a), Sept. 27, 2010, 124 Stat.
2560.)
Editorial Notes
REFERENCES IN TEXT
Sections 13 and 15(d) of the Securities Exchange Act
of 1934, referred to in subsec. (e)(1), are classified to sec-
tions 78m and 78o(d), respectively, of Title 15, Com-
merce and Trade.
AMENDMENTS
2010—Subsec. (b). Pub. L. 111–240 amended subsec. (b)
generally. Prior to amendment, subsec. (b) specified the
amount of the penalty under subsec. (a), both in gen-
eral and with respect to a listed transaction, in the
case of a natural person or in any other case.
2007—Subsec. (e)(2)(C). Pub. L. 110–172 substituted
‘‘section 6662A(e)(2)(B)’’ for ‘‘section 6662A(e)(2)(C)’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2010 AMENDMENT
Pub. L. 111–240, title II, § 2041(b), Sept. 27, 2010, 124
Stat. 2560, provided that: ‘‘The amendment made by
this section [amending this section] shall apply to pen-
alties assessed after December 31, 2006.’’
EFFECTIVE DATE
Pub. L. 108–357, title VIII, § 811(c), Oct. 22,
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6708
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.