Page:United States Statutes at Large Volume 124.djvu/135

 124 STAT. 109 PUBLIC LAW 111–147—MAR. 18, 2010 PART II—UNDER REPORTING WITH RESPECT TO FOREIGN ASSETS SEC. 511. DISCLOSURE OF INFORMATION WITH RESPECT TO FOREIGN FINANCIAL ASSETS. (a) IN GENERAL.—Subpart A of part III of subchapter A of chapter 61 is amended by inserting after section 6038C the following new section: ‘‘SEC. 6038D. INFORMATION WITH RESPECT TO FOREIGN FINANCIAL ASSETS. ‘‘(a) IN GENERAL.—Any individual who, during any taxable year, holds any interest in a specified foreign financial asset shall attach to such person’s return of tax imposed by subtitle A for such taxable year the information described in subsection (c) with respect to each such asset if the aggregate value of all such assets exceeds $50,000 (or such higher dollar amount as the Secretary may prescribe). ‘‘(b) SPECIFIED FOREIGN FINANCIAL ASSETS.—For purposes of this section, the term ‘specified foreign financial asset’ means— ‘‘(1) any financial account (as defined in section 1471(d)(2)) maintained by a foreign financial institution (as defined in section 1471(d)(4)), and ‘‘(2) any of the following assets which are not held in an account maintained by a financial institution (as defined in section 1471(d)(5))— ‘‘(A) any stock or security issued by a person other than a United States person, ‘‘(B) any financial instrument or contract held for investment that has an issuer or counterparty which is other than a United States person, and ‘‘(C) any interest in a foreign entity (as defined in section 1473). ‘‘(c) REQUIRED INFORMATION.—The information described in this subsection with respect to any asset is: ‘‘(1) In the case of any account, the name and address of the financial institution in which such account is maintained and the number of such account. ‘‘(2) In the case of any stock or security, the name and address of the issuer and such information as is necessary to identify the class or issue of which such stock or security is a part. ‘‘(3) In the case of any other instrument, contract, or interest— ‘‘(A) such information as is necessary to identify such instrument, contract, or interest, and ‘‘(B) the names and addresses of all issuers and counterparties with respect to such instrument, contract, or interest. ‘‘(4) The maximum value of the asset during the taxable year. ‘‘(d) PENALTY FOR FAILURE TO DISCLOSE.— ‘‘(1) IN GENERAL.—If any individual fails to furnish the information described in subsection (c) with respect to any taxable year at the time and in the manner described in sub- section (a), such person shall pay a penalty of $10,000.