Page:United States Statutes at Large Volume 124.djvu/2429

 124 STAT. 2403 PUBLIC LAW 111–226—AUG. 10, 2010 to a related person (determined under rules similar to the rules of section 954(d)(3)). (C) SIGNIFICANT MODIFICATIONS TREATED AS NEW ISSUES.—For purposes of subparagraph (A), a significant modification of the terms of any obligation (including any extension of the term of such obligation) shall be treated as a new issue. LIMITATION ON EXTENSION OF STATUTE OF LIMITATIONS FOR FAILURE TO NOTIFY SECRETARY OF CERTAIN FOREIGN TRANSFERS SEC. 218. (a) IN GENERAL.—Paragraph (8) of section 6501(c) of the Internal Revenue Code of 1986 is amended— (1) by striking ‘‘In the case of any information’’ and inserting the following: ‘‘(A) IN GENERAL.—In the case of any information’’; and (2) by adding at the end the following: ‘‘(B) APPLICATION TO FAILURES DUE TO REASONABLE CAUSE.—If the failure to furnish the information referred to in subparagraph (A) is due to reasonable cause and not willful neglect, subparagraph (A) shall apply only to the item or items related to such failure.’’. (b) EFFECTIVE DATE.—The amendments made by this section shall take effect as if included in section 513 of the Hiring Incentives to Restore Employment Act. ELIMINATION OF ADVANCE REFUNDABILITY OF EARNED INCOME CREDIT SEC. 219. (a) IN GENERAL.—The following provisions of the Internal Revenue Code of 1986 are repealed: (1) Section 3507. (2) Subsection (g) of section 32. (3) Paragraph (7) of section 6051(a). (b) CONFORMING AMENDMENTS.— (1) Section 6012(a) of the Internal Revenue Code of 1986 is amended by striking paragraph (8) and by redesignating paragraph (9) as paragraph (8). (2) Section 6302 of such Code is amended by striking sub- section (i). (3) The table of sections for chapter 25 of such Code is amended by striking the item relating to section 3507. (c) EFFECTIVE DATE.—The repeals and amendments made by this section shall apply to taxable years beginning after December 31, 2010. TITLE III RESCISSIONS SEC. 301. There is rescinded from accounts under the heading ‘‘Department of Agriculture—Rural Development’’, $122,000,000, to be derived from the unobligated balances of funds that were pro- vided for such accounts in prior appropriation Acts (other than Public Law 111–5) and that were designated by the Congress in such Acts as an emergency requirement pursuant to a concurrent 26 USC 32 note. 26 USC 6302. 26 USC 6012. 26 USC 6051. 26 USC 32. 26 USC 3507. 26 USC 6501 note. 26 USC 6501.