Page:United States Statutes at Large Volume 100 Part 3.djvu/928

 100 STAT. 2736

PUBLIC LAW 99-514—OCT. 22, 1986 "(J) section 6050A(b) (relating to reporting requirements of certain fishing boat operators), "(K) section 6050C (relating to information regarding windfall profit tax on domestic crude oil), "(L) section 6050H(d) (relating to returns relating to mortgage interest received in trade or business from individuals), "(M) section 60501(e) (relating to returns relating to cash received in trade or business), "(N) section 6050J(e) (relating to returns relating to foreclosures and abandonments of security), "(O) section 6050K03) (relating to returns relating to exchanges of certain partnership interests), "(P) section 6050L(c) (relating to returns relating to certain dispositions of donated property), "(Q) section 6050N(b) (relating to returns regarding payments of royalties), "(R) section 6051 (relating to receipts for employees), "(S) section 6052(b) (relating to returns regarding payment of wages in the form of group-term life insurance), or "(T) section 6053(b) or (c) (relating to reports of tips)."

(b) INCREASE IN MAXIMUM PENALTY FOR FAILURE To SUPPLY IDENTIFYING NUMBERS.—Subsection (a) of section 6676 (relating to

failure to supply identifying numbers) is amended by striking out "$50,000" and inserting in lieu thereof "$100,000". (c) CLARIFICATION OF PENALTY FOR FAILURE To FURNISH PAYEE STATEMENTS.—

(1) Subsection (d) of section 6041 is amended to read as follows: "(d) STATEMENTS TO B E FURNISHED TO PERSONS WITH RESPECT TO WHOM INFORMATION IS REQUIRED.—Every person required to make a

return under subsection (a) shall furnish to each person with respect to whom such a return is required a written statement showing— "(1) the name and address of the person required to make such return, and "(2) the aggregate amount of payments to the person required to be shown on the return. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made. To the extent provided in regulations prescribed by the Secretary, this subsection shall also apply to persons required to make returns under subsection (b)." (2) Subsection (c) of section 6042 is amended to read as follows: "(c) STATEMENTS TO B E FURNISHED TO PERSONS WITH RESPECT TO WHOM INFORMATION IS REQUIRED.—Every person required to make a

return under subsection (a) shall furnish to each person whose name is required to be set forth in such return a written statement showing— (1) the name and address of the person required to make such return, and "(2) the aggregate amount of payments to the person required to be shown on the return. The written statement required under the preceding sentence shall be furnished (either in person or in a statement mailing by firstclass mail which includes adequate notice that the statement is enclosed) to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was

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