Page:United States Statutes at Large Volume 124.djvu/2586

 124 STAT. 2560 PUBLIC LAW 111–240—SEPT. 27, 2010 (1) give preference to those initiatives that the United States Trade Representative determines will create or sustain the greatest number of jobs in the United States or result in the greatest benefit to the economy of the United States; and (2) consider the needs of small- and medium-sized businesses in the United States with respect to— (A) accessing the markets of foreign countries; and (B) the enforcement of trade agreements to which the United States is a party. PART IV—PROMOTING SMALL BUSINESS FAIRNESS SEC. 2041. LIMITATION ON PENALTY FOR FAILURE TO DISCLOSE REPORTABLE TRANSACTIONS BASED ON RESULTING TAX BENEFITS. (a) IN GENERAL.—Subsection (b) of section 6707A of the Internal Revenue Code of 1986 is amended to read as follows: ‘‘(b) AMOUNT OF PENALTY.— ‘‘(1) IN GENERAL.—Except as otherwise provided in this subsection, the amount of the penalty under subsection (a) with respect to any reportable transaction shall be 75 percent of the decrease in tax shown on the return as a result of such transaction (or which would have resulted from such trans- action if such transaction were respected for Federal tax pur- poses). ‘‘(2) MAXIMUM PENALTY.—The amount of the penalty under subsection (a) with respect to any reportable transaction shall not exceed— ‘‘(A) in the case of a listed transaction, $200,000 ($100,000 in the case of a natural person), or ‘‘(B) in the case of any other reportable transaction, $50,000 ($10,000 in the case of a natural person). ‘‘(3) MINIMUM PENALTY.—The amount of the penalty under subsection (a) with respect to any transaction shall not be less than $10,000 ($5,000 in the case of a natural person).’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to penalties assessed after December 31, 2006. SEC. 2042. DEDUCTION FOR HEALTH INSURANCE COSTS IN COM- PUTING SELF-EMPLOYMENT TAXES IN 2010. (a) IN GENERAL.—Paragraph (4) of section 162(l) of the Internal Revenue Code of 1986 is amended by inserting ‘‘for taxable years beginning before January 1, 2010, or after December 31, 2010’’ before the period. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2009. SEC. 2043. REMOVAL OF CELLULAR TELEPHONES AND SIMILAR TELE- COMMUNICATIONS EQUIPMENT FROM LISTED PROPERTY. (a) IN GENERAL.—Subparagraph (A) of section 280F(d)(4) of the Internal Revenue Code of 1986 (defining listed property) is amended by adding ‘‘ ‘and’ ’’ at the end of clause (iv), by striking clause (v), and by redesignating clause (vi) as clause (v). (b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years beginning after December 31, 2009. 26 USC 280F note. 26 USC 280F. 26 USC 162 note. 26 USC 162. 26 USC 6707A note. 26 USC 6707A.