Page:United States Statutes at Large Volume 76.djvu/1105

 76 STAT.]

PUBLIC LAW 87-834-OCT. 16, 1962

" (C) any amount on which the person making payment is required to deduct and withhold a tax under section 1451 (relating to tax-free convenant bonds), or would be so required but for section 1451(d) (relating to benefit of personal exemptions).

1057 26 USC usi.

" (c) STATEMENTS To B E FURNISHED TO PERSONS W I T H RESPECT TO W H O M INFORMATION I S FURNISHED.—Every person making a return

under subsection (a)(1) shall furnish to each person whose name is set forth in such return a written statement showing— "(1) the name and address of the person making such return, and "(2) the aggregate amount of payments to the person as shown on such return. 'I'he written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a)(1) was made. No statement shall be required to be furnished to any person inider this subsection if the aggregate amount of payments to such person as shown on the return made under subsection (a)(1) is less than $10." (d) PENALTIES FOR FAILURE TO F I L E INFORMATION R E I T R N S. —

Section 6652 (relating to failure to file certain information returns) is amended to read as follows: "SEC. 6652. FAILURE TO FILE CERTAIN INFORMATION RETURNS.

26 USC 6652.

" (a) RETURNS RELATING TO PAYMENTS OF DIVIDENDS, INTEREST, AND PATRONAGE DIVIDENDS.—In the case of each failure to file a state-

ment of the aggregate amount of payments to another person required by section 6042(a) (1^ (relating to payments of dividends aggregating $10 or more), section 6044(a)(1) (relating to payments of patronage dividends aggregating $10 or more), or section 6049(a)(1) (relating to payments of interest aggregating $10 or more), on the date prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause and not to willful neglect, there shall be paid (upon notice and demand by the Secretary or his delegate and in the same manner as tax), by the person failing to so file the statement, $10 for each such statement not so filed, but the total amount imposed on the delinquent person for all such failures during any calendar year shall not exceed $25,000. "(b) OTHER RETURNS.—In the case of each failure to file a statement of a payment to another person required under authority of section 6041 (relating to certain infonnation at source), section 6042 (a)(2) (relating to payments of dividends aggregating less than $10), section 6044(a)(2) (relating to payments of patronage dividends aggregating less than $10), section 6049(a)(2) (relating to payments of interest aggregating less than $10), section 6049(a)(o) (relating to other payments of interest by corporations), or section 6051(d) (relating to information returns with respect to income tax withheld), on the date prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause and not to willful neglect, there shall be paid (upon notice and demand by the Secretary or his delegate and in the same manner as tax) by the person failing to so file the statement, $1 for each such statement not so filed, but the total amount imposed on the delinquent person for all such failures during the calendar year shall not exceed $1,000.

78135 0-63—70

Ante, p. 1053. Ante, p. 1054. Ante, p. 1056.

26 USC eosi.

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