Browse Arkansas Code titles and sections
26 U.S.C. § 6707 — Failure to furnish information regarding reportable transactions
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** If a person who is required to file a return under section 6111(a) with respect to any reportable transaction—
(1) fails to file such return on or before the date prescribed therefor, or
(2) files false or incomplete information with the Secretary with respect to such transaction,
such person shall pay a penalty with respect to such return in the amount determined under subsection (b).
**(b) Amount of penalty**
(1) **In general** — Except as provided in paragraph (2), the penalty imposed under subsection (a) with respect to any failure shall be $50,000.
(2) **Listed transactions** — The penalty imposed under subsection (a) with respect to any listed transaction shall be an amount equal to the greater of—
(A) $200,000, or
(B) 50 percent of the gross income derived by such person with respect to aid, assistance, or advice which is provided with respect to the listed transaction before the date the return is filed under section 6111.
Subparagraph (B) shall be applied by substituting “75 percent” for “50 percent” in the case of an intentional failure or act described in subsection (a).
**(c) Rescission authority** The provisions of section 6707A(d) (relating to authority of Commissioner to rescind penalty) shall apply to any penalty imposed under this section.
**(d) Reportable and listed transactions** For purposes of this section, the terms “reportable transaction” and “listed transaction” have the respective meanings given to such terms by section 6707A(c).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6707
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 22e175a03a9c3069de4af068a6f783eb35d78cc496cf8200e05d88fc034aed6e. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_5190b77611d91c151484f9b6
Source file: Laws/federal/codes/united-states-code/title-26/section-6707-failure-to-furnish-information-regarding-reportable-transactions--c3d10508a0.md
Pages: Not recorded – Not recorded
Passage SHA-256: 8f18bf49471d17e4c8bbee783298cace9a5a926d6783719c031a485f739497a2
Source location: Title 26, Chapter 68, § 6707; chapter-068-additions-to-the-tax-additional-amounts-and-assessable-penalties.md
Stored source content
**(a) In general** If a person who is required to file a return under section 6111(a) with respect to any reportable transaction—
(1) fails to file such return on or before the date prescribed therefor, or
(2) files false or incomplete information with the Secretary with respect to such transaction,
such person shall pay a penalty with respect to such return in the amount determined under subsection (b).
**(b) Amount of penalty**
(1) **In general** — Except as provided in paragraph (2), the penalty imposed under subsection (a) with respect to any failure shall be $50,000.
(2) **Listed transactions** — The penalty imposed under subsection (a) with respect to any listed transaction shall be an amount equal to the greater of—
(A) $200,000, or
(B) 50 percent of the gross income derived by such person with respect to aid, assistance, or advice which is provided with respect to the listed transaction before the date the return is filed under section 6111.
Subparagraph (B) shall be applied by substituting “75 percent” for “50 percent” in the case of an intentional failure or act described in subsection (a).
**(c) Rescission authority** The provisions of section 6707A(d) (relating to authority of Commissioner to rescind penalty) shall apply to any penalty imposed under this section.
**(d) Reportable and listed transactions** For purposes of this section, the terms “reportable transaction” and “listed transaction” have the respective meanings given to such terms by section 6707A(c).
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
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
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 3809
TITLE 26—INTERNAL REVENUE CODE
§ 6707
§ 6705. Failure by broker to provide notice to
payors
(a) In general
Any person required under section 3406(d)(2)(B)
to provide notice to any payor who willfully
fails to provide such notice to such payor shall
pay a penalty of $500 for each such failure.
(b) Penalty in addition to other penalties
Any penalty imposed by this section shall be
in addition to any other penalty provided by
law.
(Added Pub. L. 98–67, title I, § 104(c)(1), Aug. 5,
1983, 97 Stat. 379.)
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective with respect to payments made
after Dec. 31, 1983, see section 110(a) of Pub. L. 98–67, set
out as an Effective Date of 1983 Amendment note under
section 31 of this title.
§ 6706. Original issue discount information re-
quirements
(a) Failure to show information on debt instru-
ment
In the case of a failure to set forth on a debt
instrument the information required to be set
forth
on
such
instrument
under
section
1275(c)(1), unless it is shown that such failure is
due to reasonable cause and not to willful ne-
glect, the issuer shall pay a penalty of $50 for
each instrument with respect to which such a
failure exists.
(b) Failure to furnish information to Secretary
Any issuer who fails to furnish information re-
quired under section 1275(c)(2) with respect to
any issue of debt instruments on the date pre-
scribed therefor (determined with regard to any
extension of time for filing) shall pay a penalty
equal to 1 percent of the aggregate issue price of
such issue, unless it is shown that such failure
is due to reasonable cause and not willful ne-
glect. The amount of the penalty imposed under
the preceding sentence with respect to any issue
of debt instr
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 6707
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.