Treasury Regulations (26 C.F.R.)
26 CFR § 1.6709-1T
Penalties with respect to mortgage credit certificates (temporary).
# (a)
Material misstatement—(1) Negligence. If any person makes a material misstatement in any affidavit or other statement under a penalty of perjury made with respect to the issuance of a mortgage credit certificate and such misstatement is due to the negligence of that person, that person shall pay a penalty of $1,000 for each mortgage credti certificate with respect to which that misstatement was made.
(2) Fraud. If a misstatement described in subparagraph (1) is due to fraud on the part of the person making the misstatement, that person shall pay a penalty of $10,000 for each mortgage credit certificate with respect to which the fraudulent misstatement was made. The penalty imposed by this paragraph (a)(2) is in addition to any criminal penalty.
# (b) Reports.
(1) Any person required by § 1.25-8T to file a report with respect to any mortgage credit certificate who fails to file the report at the time and in the manner required by § 1.25-8T shall pay a penalty of $200 for each mortgage credit certificate with respect to which that failure occurred. The preceding sentence shall not apply if it is shown that such failure is due to reasonable cause and not to willful neglect.
(2) In the case of any report required under § 1.25-8T(b), the aggregate amount of the penalty imposed by this paragraph shall not exceed $2,000.
[T.D. 8023, 50 FR 19355, May 8, 1985]
Source: view the official text
In this part (40 sections)
- 1.6662-4 · Substantial understatement of income tax.
- 1.6662-5 · Substantial and gross valuation misstatements under chapter…
- 1.6662-5T · Substantial and gross valuation misstatements under chapter…
- 1.6662-6 · Transactions between persons described in section 482 and…
- 1.6662-7 · Omnibus Budget Reconciliation Act of 1993 changes to the…
- 1.6662-9 · Inconsistent estate basis reporting.
- 1.6664-0 · Table of contents.
- 1.6664-1 · Accuracy-related and fraud penalties; definitions, effective…
- 1.6664-2 · Underpayment.
- 1.6664-3 · Ordering rules for determining the total amount of penalties…
- 1.6664-4 · Reasonable cause and good faith exception to section 6662…
- 1.6664-4T · Reasonable cause and good faith exception to section 6662…
- 1.6694-0 · Table of contents.
- 1.6694-1 · Section 6694 penalties applicable to tax return preparers.
- 1.6694-2 · Penalty for understatement due to an unreasonable position.
- 1.6694-3 · Penalty for understatement due to willful, reckless, or…
- 1.6694-4 · Extension of period of collection when tax return preparer…
- 1.6695-1 · Other assessable penalties with respect to the preparation…
- 1.6695-2 · Tax return preparer due diligence requirements for certain…
- 1.6696-1 · Claims for credit or refund by tax return preparers or…
- 1.6709-1T · Penalties with respect to mortgage credit certificates…
- 1.6851-1 · Termination assessments of income tax.
- 1.6851-2 · Certificates of compliance with income tax laws by departing…
- 1.6851-3 · Furnishing of bond to insure payment; cross reference.
- 1.7476-1 · Interested parties.
- 1.7476-2 · Notice to interested parties.
- 1.7476-3 · Notice of determination.
- 1.7519-0T · Table of contents (temporary).
- 1.7519-1T · Required payments for entities electing not to have…
- 1.7519-2T · Required payments—procedures and administration (temporary).
- 1.7519-3T · Effective date (temporary).
- 1.7520-1 · Valuation of annuities, unitrust interests, interests for…
- 1.7520-2 · Valuation of charitable interests.
- 1.7520-3 · Limitation on the application of section 7520.
- 1.7520-4 · Transitional rules.
- 1.7701-1 · Definitions; spouse, husband and wife, husband, wife,…
- 1.7701(l)-0 · (l)-0 Table of contents.
- 1.7701(l)-1 · (l)-1 Conduit financing arrangements.
- 1.7701(l)-3 · (l)-3 Recharacterizing financing arrangements involving…
- 1.7701(l)-4 · (l)-4 Rules regarding inversion transactions.