Page:United States Statutes at Large Volume 100 Part 3.djvu/284

 100 STAT. 2092

PUBLIC LAW 99-514—OCT. 22, 1986

Subtitle C—Gift and Estate Taxes Sec. 1421. Information necessary for valid special use valuation election. Sec. 1422. Gift and estate tax deductions for certain conservation easement donations. Sec. 1423. Conveyance of certain real and personal property of decedent to charitable foundation treated as charitable contribution. Subtitle D—Generation Skipping Transfers Sec. 1431. New tax on generation-skipping transfers. Sec. 1432. Related amendments. Sec. 1433. Effective dates.

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TITLE XV-COMPLIANCE AND TAX ADMINISTRATION Sec. Sec. Sec. Sec.

1501. 1502. 1503. 1504.

Subtitle A—Revision of Certain Penalties, Etc. Penalty for failure to file information returns or statements. Increase in penalty for failure to pay tax. Amendments to penalty for negligence and fraud. Increase in penalty for substantial understatement of liability.

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Subtitle B—Interest Provisions Sec. 1511. Differential interest rate. Sec. 1512. Interest on accumulated earnings tax to accrue beginning on date return is due.

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Sec. 1521. Sec. 1522. Sec. 1523. Sec. 1524. Sec. 1525. Sec. 1531. Sec. 1532. Sec. 1533. Sec. 1534. Sec. 1535.

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Subtitle C—Information Reporting Provisions Requirement of reporting for real estate transactions. Information reporting on persons receiving contracts from certain Federal agencies. Returns regarding payments of royalties. TINS required for dependents claimed on tax returns. ,, .. Tax-exempt interest required to be shown on return. Subtitle D—Provisions Relating to Tax Shelters Modification of tax shelter ratio test for registration of tax shelters. Increased penalty for failure to register tax shelters. Penalty for failure to include tax shelter identification number on return increased to $250. Increased penalty for failure to maintain lists of investors in potentially abusive tax shelters. Clarification of treatment of sham or fraudulent transactions under section 6621(c).

Subtitle E—Elstimated Tax Provisions ^^ Sec. 1541. Current year liability test increased from 80 to 90 percent for estimated tax payments by individuals. Sec. 1542. Certain tax-exempt organizations subject to corporate estimated tax rules. Sec. 1543. Waiver of estimated penalties for 1986 underpayments attributable to this Act. Sec. Sec. Sec. Sec.

1551. 1552. 1553. 1554.

Sec. 1555. Sec. Sec Sec. Sec.

1556. 1557. 1558. 1559.

Subtitle F—Provisions Regarding Judicial Proceedings Limitations on awarding of court costs and certain fees modified. Failure to pursue administrative remedies. Tax Court practice fee. Clarification of jurisdiction over addition to tax for failure to pay amount of tax shown on return. Authority to require attendance of United States marshals at Tax Court sessions. Changes in certain provisions relating to special trial judges. Effect on retired pay by election to practice law, etc., after retirement. Authorization for appeals from interlocutory orders of the Tax Court. Changes relating to annuities for surviving spouses and dependent children of Tax Court judges.

Subtitle G—Tax Administration Provisions Sec. 1561. Suspension of statute of limitations if third-party records not produced within 6 months after service of summons. Sec. 1562. Authority to rescind notice of deficiency with taxpayer's consent. ,:*3

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