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26 U.S.C. § 6678 — Repealed. Pub. L. 99–514, title XV, § 1501(d)(2), Oct. 22, 1986, 100 Stat. 2740]

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 6678 — Repealed. Pub. L. 99–514, title XV, § 1501(d)(2), Oct. 22, 1986, 100 Stat. 2740]

### Statutory Notes Section, added Pub. L. 87–834, § 19(e), Oct. 16, 1962, 76 Stat. 1058; amended Pub. L. 88–272, title II, §§ 204(c)(2), 221(b)(3), Feb. 26, 1964, 78 Stat. 37, 75; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 96–167, § 7(b)(2), Dec. 29, 1979, 93 Stat. 1277; Pub. L. 97–34, title VII, § 723(a)(2), (b)(2), Aug. 13, 1981, 95 Stat. 343, 344; Pub. L. 97–248, title III, §§ 309(b)(3), 311(a)(2), 312(b), 314(b), 315(c), Sept. 3, 1982, 96 Stat. 595, 600, 602, 605, 607; Pub. L. 97–448, title II, § 201(i)(3), Jan. 12, 1983, 96 Stat. 2395; Pub. L. 98–67, title I, § 105(b)(2), Aug. 5, 1983, 97 Stat. 381; Pub. L. 98–369, div. A, title I, §§ 145(b)(3), 146(b)(3), 148(b)(3), 149(b)(2), (3), 155(b)(2)(B), title VII, § 714(f), (q)(3), July 18, 1984, 98 Stat. 685, 686, 689, 690, 693, 961, 966; Pub. L. 99–514, title XVIII, § 1811(c)(1), Oct. 22, 1986, 100 Stat. 2833, related to penalties for failure to furnish certain statements. #### Effective Date of Repeal Repeal applicable to returns the due date for which (determined without regard to extensions) is after Dec. 31, 1986, see section 1501(e) of Pub. L. 99–514, set out as an Effective Date note under [section 6721 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section6721&num=0&edition=prelim).

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Source location: Title 26, Chapter 68, § 6678; chapter-068-additions-to-the-tax-additional-amounts-and-assessable-penalties.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 6721 — Failure to file correct information returns

**(a) Imposition of penalty** (1) **In general** — In the case of a failure described in paragraph (2) by any person with respect to an information return, such person shall pay a penalty of $250 for each return with respect to which such a failure occurs, but the total amount imposed on such person for all such failures during any calendar year shall not exceed $3,000,000. (2) **Failures subject to penalty** — For purposes of paragraph (1), the failures described in this paragraph are— (A) any failure to file an information return with the Secretary on or before the required filing date, and (B) any failure to include all of the information required to be shown on the return or the inclusion of incorrect information. **(b) Reduction where correction in specified period** (1) **Correction within 30 days** — If any failure described in subsection (a)(2) is corrected on or before the day 30 days after the required filing date— (A) the penalty imposed by subsection (a) shall be $50 in lieu of $250, and (B) the total amount imposed on the person for all such failures during any calendar year which are so corrected shall not exceed $500,000. (2) **Failures corrected on or before August 1** — If any failure described in subsection (a)(2) is corrected after the 30th day referred to in paragraph (1) but on or before August 1 of the calendar year in which the required filing date occurs— (A) the penalty imposed by subsection (a) shall be $100 in lieu of $250, and (B) the total amount imposed on the person for all such failures during the calendar year which are so corrected shall not exceed $1,500,000. **(c) Exceptions for certain de minimis failures** (1) **Exception for de minimis failure to include all required information** — If— (A) an informatio

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 421 — General rules

**(a) Effect of qualifying transfer** If a share of stock is transferred to an individual in a transfer in respect of which the requirements of section 422(a) or 423(a) are met— (1) no income shall result at the time of the transfer of such share to the individual upon his exercise of the option with respect to such share; (2) no deduction under section 162 (relating to trade or business expenses) shall be allowable at any time to the employer corporation, a parent or subsidiary corporation of such corporation, or a corporation issuing or assuming a stock option in a transaction to which section 424(a) applies, with respect to the share so transferred; and (3) no amount other than the price paid under the option shall be considered as received by any of such corporations for the share so transferred. **(b) Effect of disqualifying disposition** If the transfer of a share of stock to an individual pursuant to his exercise of an option would otherwise meet the requirements of section 422(a) or 423(a) except that there is a failure to meet any of the holding period requirements of section 422(a)(1) or 423(a)(1), then any increase in the income of such individual or deduction from the income of his employer corporation for the taxable year in which such exercise occurred attributable to such disposition, shall be treated as an increase in income or a deduction from income in the taxable year of such individual or of such employer corporation in which such disposition occurred. No amount shall be required to be deducted and withheld under chapter 24 with respect to any increase in income attributable to a disposition described in the preceding sentence. **(c) Exercise by estate** (1) **In general** — If an option to which this part applies is exercised after the death o

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 6041A — Returns regarding payments of remuneration for services and direct sales

**(a) Returns regarding remuneration for services** If— (1) any service-recipient engaged in a trade or business pays in the course of such trade or business during any calendar year remuneration to any person for services performed by such person, and (2) the aggregate of such remuneration paid to such person during such calendar year equals or exceeds the dollar amount in effect for such calendar year under section 6041(a), then the service-recipient shall make a return, according to the forms or regulations prescribed by the Secretary, setting forth the aggregate amount of such payments (including a separate accounting of any such amounts reasonably designated as cash tips and the occupation described in section 224(d)(1) of the person receiving such tips) and the name and address of the recipient of such payments. For purposes of the preceding sentence, the term “service-recipient” means the person for whom the service is performed. **(b) Direct sales of $5,000 or more** (1) **In general** — If— (A) any person engaged in a trade or business in the course of such trade or business during any calendar year sells consumer products to any buyer on a buy-sell basis, a deposit-commission basis, or any similar basis which the Secretary prescribes by regulations, for resale (by the buyer or any other person) in the home or otherwise than in a permanent retail establishment, and (B) the aggregate amount of the sales to such buyer during such calendar year is $5,000 or more, then such person shall make a return, according to the forms or regulations prescribed by the Secretary, setting forth the name and address of the buyer to whom such sales are made. (2) **Definitions** — For purposes of paragraph (1)— (A) *Buy-sell basis* — A transaction is on a buy-sell b

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 6045 — Returns of brokers

**(a) General rule** Every person doing business as a broker shall, when required by the Secretary, make a return, in accordance with such regulations as the Secretary may prescribe, showing the name and address of each customer, with such details regarding gross proceeds and such other information as the Secretary may by forms or regulations require with respect to such business. **(b) Statements to be furnished to customers** Every person required to make a return under subsection (a) shall furnish to each customer whose name is required to be set forth in such return a written statement showing— (1) the name, address, and phone number of the information contact of the person required to make such return, and (2) the information required to be shown on such return with respect to such customer. The written statement required under the preceding sentence shall be furnished to the customer on or before February 15 of the year following the calendar year for which the return under subsection (a) was required to be made. In the case of a consolidated reporting statement (as defined in regulations) with respect to any customer, any statement which would otherwise be required to be furnished on or before January 31 of a calendar year with respect to any item reportable to the taxpayer shall instead be required to be furnished on or before February 15 of such calendar year if furnished with such consolidated reporting statement. **(c) Definitions** For purposes of this section— (1) **Broker** — The term “broker” includes— (A) a dealer, (B) a barter exchange, (C) any person who (for consideration) regularly acts as a middleman with respect to property or services, and (D) any person who (for consideration) is responsible for regularly providing any service ef

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26 U.S.C. § 6652 — Failure to file certain information returns, registration statements, etc.

**(a) Returns with respect to certain payments aggregating less than $10** In the case of each failure to file a statement of a payment to another person required under the authority of— (1) section 6042(a)(2) (relating to payments of dividends aggregating less than $10), or (2) section 6044(a)(2) (relating to payments of patronage dividends aggregating less than $10), on the date prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause and not to willful neglect, there shall be paid (upon notice and demand by the Secretary and in the same manner as tax) by the person failing to so file the statement, $1 for each such statement not so filed, but the total amount imposed on the delinquent person for all such failures during the calendar year shall not exceed $1,000. **(b) Failure to report tips** In the case of failure by an employee to report to his employer on the date and in the manner prescribed therefor any amount of tips required to be so reported by section 6053(a) which are wages (as defined in section 3121(a)) or which are compensation (as defined in section 3231(e)), unless it is shown that such failure is due to reasonable cause and not due to willful neglect, there shall be paid by the employee, in addition to the tax imposed by section 3101 or section 3201 (as the case may be) with respect to the amount of tips which he so failed to report, an amount equal to 50 percent of such tax. **(c) Returns by exempt organizations and by certain trusts** (1) **Annual returns under section 6033(a)(1) or 6012(a)(6)** (A) *Penalty on organization* — In the case of— (i) a failure to file a return required under section 6033(a)(1) (relating to returns by exempt organization

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 6678 — Untitled legal text

Page 3790 TITLE 26—INTERNAL REVENUE CODE [§ 6678 the person required to file such notice or return shall pay a penalty equal to the greater of $10,000 or 35 percent of the gross reportable amount. If any failure described in the preceding sentence continues for more than 90 days after the day on which the Secretary mails notice of such failure to the person required to pay such penalty, such person shall pay a penalty (in ad- dition to the amount determined under the pre- ceding sentence) of $10,000 for each 30-day period (or fraction thereof) during which such failure continues after the expiration of such 90-day pe- riod. At such time as the gross reportable amount with respect to any failure can be deter- mined by the Secretary, any subsequent penalty imposed under this subsection with respect to such failure shall be reduced as necessary to as- sure that the aggregate amount of such pen- alties do not exceed the gross reportable amount (and to the extent that such aggregate amount already exceeds the gross reportable amount the Secretary shall refund such excess to the tax- payer). (b) Special rules for returns under section 6048(b) In the case of a return required under section 6048(b)— (1) the United States person referred to in such section shall be liable for the penalty im- posed by subsection (a), and (2) subsection (a) shall be applied by sub- stituting ‘‘5 percent’’ for ‘‘35 percent’’. (c) Gross reportable amount For purposes of subsection (a), the term ‘‘gross reportable amount’’ means— (1) the gross value of the property involved in the event (determined as of the date of the event) in the case of a failure relating to sec- tion 6048(a), (2) the gross value of the portion of the trust’s assets at the close of the year treated a

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