Page:United States Statutes at Large Volume 103 Part 3.djvu/321

 PUBLIC LAW 101-239—DEC. 19, 1989 103 STAT. 2389 "(B) the total amount imposed on the person for all such failures during the calendar year which are so corrected shall not exceed $150,000. "(c) EXCEPTION FOR DE MINIMIS FAILURES TO INCLUDE ALL RE- QUIRED INFORMATION.— "(1) IN GENERAL. — If— "(A) an information return is filed with the Secretary, "(B) there is a failure described in subsection (a)(2)(B) t (determined after the application of section 6724(a)) with respect to such return, and (C) such failure is corrected on or before August 1 of the calendar year in which the required filing date occurs, for purposes of this section, such return shall be treated as having been filed with all of the correct required information. "(2) LIMITATION.— The number of information returns to which paragraph (1) applies for any calendar year shall not exceed the greater of— "(A) 10, or "(B) one-half of 1 percent of the total number of informa- tion returns required to be filed by the person during the calendar year. "(d) LOWER LIMITATIONS FOR PERSONS WITH GROSS RECEIPTS OF NOT MORE THAN $5,000,000. — "(1) IN GENERAL. — If any person meets the gross receipts test of paragraph (2) with respect to any calendar year, with respect to failures during such taxable year— "(A) subsection (a)(1) shall be applied by substituting ' $100,000 ' for '$250,000', "(B) subsection (b)(l)(B) shall be applied by substituting '$25,000 'for'$75,000', and "(C) subsection (b)(2)(B) shall be applied by substituting ' $50,000' for '$150,000'. " (2) GROSS RECEIPTS TEST. — "(A) IN GENERAL. —A person meets the gross receipts test of this paragraph for any calendar year if the average annusJ gross receipts of such person for the most recent 3 taxable years ending before such calendar year do not exceed $5,000,000. " (B) CERTAIN RULES MADE APPLICABLE.—For purposes of subparagraph (A), the rules of paragraphs (2) and (3) of section 448(c) shall apply. "(e) PENALTY IN CASE OF INTENTIONAL DISREGARD. — If 1 or more failures described in subsection (a)(2) are due to intentional dis- regard of the filing requirement (or the correct information report- ing requirement), then, with respect to each such failure— ' (1) subsections (b), (c), and (d) shall not apply, "(2) the penalty imposed under subsection (a) shall be $100, or, if greater— "(A) in the case of a return other than a return required under section 6045(a), 6041A(b), 6050H, 6050J, 6050K, or 6050L, 10 percent of the aggregate amount of the items required to be reported correctly, or (B) in the case of a return required to be filed by section 6045(a), 6050K, or 6050L, 5 percent of the aggregate amount of the items required to be reported correctly, and "(3) in the case of any penalty determined under para- graph (2)—

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