Internal Revenue Code (Title 26 U.S.C.)
26 U.S.C. § 6706
Original issue discount information requirements
# (a)
Failure to show information on debt instrument 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 neglect, 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 required under section 1275(c)(2) with respect to any issue of debt instruments on the date prescribed 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 neglect. The amount of the penalty imposed under the preceding sentence with respect to any issue of debt instruments shall not exceed $50,000 for such issue.
# (c)
Deficiency procedures not to apply Subchapter B of chapter 63 (relating to deficiency procedures for income, estate, gift, and certain excise taxes) shall not apply in respect of the assessment or collection of any penalty imposed by this section.
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Nearby sections (25 sections)
- 6695A · Substantial and gross valuation misstatements attributable to…
- 6696 · Rules applicable with respect to sections 6694, 6695, and 6695A
- 6697 · [§6697. Repealed. Pub. L. 111–325, title V, §501(a), Dec. 22,…
- 6698 · Failure to file partnership return
- 6698A · [§6698A. Repealed. Pub. L. 96–223, title IV, §401(a), Apr. 2,…
- 6699 · Failure to file S corporation return
- 6700 · Promoting abusive tax shelters, etc.
- 6701 · Penalties for aiding and abetting understatement of tax liability
- 6702 · Frivolous tax submissions
- 6703 · Rules applicable to penalties under sections 6700, 6701, and 6702
- 6704 · Failure to keep records necessary to meet reporting requirements…
- 6705 · Failure by broker to provide notice to payors
- 6706 · Original issue discount information requirements
- 6707 · Failure to furnish information regarding reportable transactions
- 6707A · Penalty for failure to include reportable transaction…
- 6708 · Failure to maintain lists of advisees with respect to reportable…
- 6709 · Penalties with respect to mortgage credit certificates
- 6710 · Failure to disclose that contributions are nondeductible
- 6711 · Failure by tax-exempt organization to disclose that certain…
- 6712 · Failure to disclose treaty-based return positions
- 6713 · Disclosure or use of information by preparers of returns
- 6714 · Failure to meet disclosure requirements applicable to quid pro…
- 6715 · Dyed fuel sold for use or used in taxable use, etc.
- 6715A · Tampering with or failing to maintain security requirements for…
- 6716 · [§6716. Repealed. Pub. L. 111–312, title III, §301(a), Dec. 17,…