Page:United States Statutes at Large Volume 120.djvu/403

 120 STAT. 372

26 USC 6652. 26 USC 4965 note.

VerDate 14-DEC-2004

10:20 Jul 12, 2007

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PUBLIC LAW 109–222—MAY 17, 2006 in the case of a tax-exempt entity described in paragraph (4), (5), (6), or (7) of section 4965(c)) $100 for each day during which such failure continues. The maximum penalty under this subparagraph on failures with respect to any 1 disclosure shall not exceed $50,000. ‘‘(B) WRITTEN DEMAND.— ‘‘(i) IN GENERAL.—The Secretary may make a written demand on any entity or manager subject to penalty under subparagraph (A) specifying therein a reasonable future date by which the disclosure shall be filed for purposes of this subparagraph. ‘‘(ii) FAILURE TO COMPLY WITH DEMAND.—If any entity or manager fails to comply with any demand under clause (i) on or before the date specified in such demand, there shall be paid by such entity or manager failing to so comply $100 for each day after the expiration of the time specified in such demand during which such failure continues. The maximum penalty imposed under this subparagraph on all entities and managers for failures with respect to any 1 disclosure shall not exceed $10,000. ‘‘(C) DEFINITIONS.—Any term used in this section which is also used in section 4965 shall have the meaning given such term under section 4965.’’. (2) CONFORMING AMENDMENT.—Paragraph (1) of section 6652(c) is amended by striking ‘‘6033’’ each place it appears in the text and heading thereof and inserting ‘‘6033(a)(1)’’. (d) EFFECTIVE DATES.— (1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act, with respect to transactions before, on, or after such date, except that no tax under section 4965(a) of the Internal Revenue Code of 1986 (as added by this section) shall apply with respect to income or proceeds that are properly allocable to any period ending on or before the date which is 90 days after such date of enactment.

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