Internal Revenue Code (Title 26 U.S.C.)
26 U.S.C. § 6720
Fraudulent acknowledgments with respect to donations of motor vehicles, boats, and airplanes
Any donee organization required under section 170(f)(12)(A) to furnish a contemporaneous written acknowledgment to a donor which knowingly furnishes a false or fraudulent acknowledgment, or which knowingly fails to furnish such acknowledgment in the manner, at the time, and showing the information required under section 170(f)(12), or regulations prescribed thereunder, shall for each such act, or for each such failure, be subject to a penalty equal to—
# (1)
in the case of an acknowledgment with respect to a qualified vehicle to which section 170(f)(12)(A)(ii) applies, the greater of—
(A) the product of the highest rate of tax specified in section 1 and the sales price stated on the acknowledgment, or
(B) the gross proceeds from the sale of such vehicle, and
# (2)
in the case of an acknowledgment with respect to any other qualified vehicle to which section 170(f)(12) applies, the greater of—
(A) the product of the highest rate of tax specified in section 1 and the claimed value of the vehicle, or
(B) $5,000.
Source: view the official text
Nearby sections (25 sections)
- 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 Repealed.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,…
- 6717 · Refusal of entry
- 6718 · Failure to display tax registration on vessels
- 6719 · Failure to register or reregister
- 6720 · Fraudulent acknowledgments with respect to donations of motor…
- 6720A · Penalty with respect to certain adulterated fuels
- 6720B · Fraudulent identification of exempt use property
- 6720C · Penalty for failure to notify health plan of cessation of…
- 6721 · Failure to file correct information returns
- 6722 · Failure to furnish correct payee statements
- 6723 · Failure to comply with other information reporting requirements
- 6724 · Waiver; definitions and special rules
- 6725 · Failure to report information under section 4101
- 6751 · Procedural requirements
- 6801 · Authority for establishment, alteration, and distribution
- 6802 · Supply and distribution
- 6803 · Accounting and safeguarding