26 U.S.C. § 6708

Failure to maintain lists of advisees with respect to reportable transactions

Read at: OLRCuscode.house.gov CornellLII GovInfogovinfo.gov JustiaTitle 26 CasesGoogle Scholar

(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.

(Added Pub. L. 98–369, div. A, title I, § 142(b), July 18, 1984, 98 Stat. 682; amended Pub. L. 99–514, title XV, § 1534(a), Oct. 22, 1986, 100 Stat. 2750; Pub. L. 108–357, title VIII, §§ 815(b)(5)(A), 817(a), Oct. 22, 2004, 118 Stat. 1583, 1584.)Editorial NotesCodification

Another section 6708 was renumbered section 6709 of this title.

Amendments

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.”

1986—Subsec. (a). Pub. L. 99–514 substituted “$100,000” for “$50,000”.

Statutory Notes and Related SubsidiariesEffective Date of 2004 Amendment

Amendment by section 815(b)(5)(A) of Pub. L. 108–357 applicable 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) of Pub. 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

Pub. L. 99–514, title XV, § 1534(b), Oct. 22, 1986, 100 Stat. 2750, provided 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].”

Effective Date

Section applicable to any interest which is first sold to any investor after Aug. 31, 1984, see section 142(d) of Pub. L. 98–369, set out as a note under section 6112 of this title.

Notes of Decisions

Cited in 5 cases, 1987–2016 · leading case: In re Wyly, 552 B.R. 338 (Bankr. N.D. Tex. 2016).

Sort: Relevance Newest Treatment

In re Wyly, 552 B.R. 338 (Bankr. N.D. Tex. 2016). “of the Treasury — *609 that do not decide whether tax penalties under 26 U.S.C. § 6708 and 31 U.S.C. § 5314 are excessive due to lack of a sufficient factual record and neglect to discuss whether they are fines.”

Spriggs v. United States, 660 F. Supp. 789 (E.D. Va. 1987). “” 26 U.S.C. § 6708 . See also 26 U.S.C. §§ 6705 , 6706, 6707, and 6708.”

Popkin v. United States, 699 F. Supp. 893 (N.D. Ga. 1988). “’ 26 USC § 6708 ." Spriggs, 660 F.Supp. at 791 .”

Iantosca v. Benistar Admin Servs., Inc., 826 F. Supp. 2d 344 (D. Mass. 2011). “Those tax liens arose when, on July 8, 2009, the Secretary of the Treasury made identical assessments for tax penalties, pursuant to 26 U.S.C. § 6708 , against both BASI and Benistar 419 for $1,120,000, neither of which has been paid.”

Iantosca v. Benistar Admin Servs., Inc., 765 F. Supp. 2d 79 (D. Mass. 2011). “The government alleges that, on July 8, 2009, the Secretary of the Treasury made identical assessments for tax penalties, pursuant to 26 U.S.C. § 6708 , against both BASI and Benistar 419 for $1,120,000, neither of which has been paid.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.