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PUBLIC LAW 8 7 - 8 3 4 - O C T. 16, 1962 "(c)

[76 STAT.

A L C O H O L AND TOBACCO T A X E S. —

"For penalties for failure to file certain information returns with respect to alcohol and tobacco taxes, see, generally, subtitle E." (e) P E N A L T I E S FOR F A I L U R E TO F U R N I S H STATEMENT S TO P E R S O N S W I T H R E S P E C T TO W H O M R E T U R N S A R E F I L E D. — Subchapter B of

Ante, p. 988.

Ante, pp.1054^°^^-

26 USC 6041.

chapter 68 ( r e l a t i n g to assessable p e n a l t i e s) i s amended by a d d i n g after section 6677 ( a s a d d e d by section 7(g) of t h i s Act) the following new section: "SEC. 6678. FAILURE TO FURNISH CERTAIN STATEMENTS. " I n the case of each f a i l u r e to furnish a statement under section 6 0 4 2 (c), 6 0 4 4 (e), o r 6049(c) on the date prescribed the r e for to a person w i t h respect to w h o m a r e t u r n has been m a d e under section 6 0 4 2 (a)(1), 6 0 4 4 (a)(1), o r 6 0 4 9 (a)(1), respectively, unless i t is s h o w n that such f a i l u r e is d u e to reasonable cause and not to willful neglect, the r e shall be p a i d ( upon notice and d e m and by the Secretary or h i s delegate and i n the same m a n n e r as tax), by the person faili n g to so furnish the statement, $10 for each such statement not so furnish e d, b u t the to t a l a m o u n t imposed on the d e l i n q u e n t person for all such failures during any c a l e n d a r year shall not exceed $25,000." (f)

T E C H N I C A L AMENDMENTS. — S e c t i o n 6041 ( r e l a t i n g to i n for m a -

t i o n a t source) is amended — (1) by striking o u t, i n subsection (a) thereof, " ( other than payments described i n section 6042(1) o r section 6 0 4 5) " and inserting i n lieu thereof " ( other than payments to which section 6042(a)(1), 6 0 4 4 (a)(1), o r 6 0 4 9 (a)(1) applies, and other than payments w i t h respect to which a statement i s r e q u i r e d under the authority of section 6 0 4 2 (a)(2), 6 0 4 4 (a)(2), 6045, 6049 (a)(2), or 6049(a)(3)) "; and (2) by striking o u t subsection (c) thereof. (g)

CLERICAL AMENDMENTS. —

(1) The table of sections for subpart B of part III of subchapter A of chapter 61 is amended — (A) by striking out "Sec. 6042. Returns regarding corporate dividends, earnings, and profits." and inserting in lieu thereof "Sec. 6042. Returns regarding payments of dividends and corporate earnings and profits."; (B) by striking out "Sec. 6044. Returns regarding patronage dividends." and inserting i n lieu thereof "Sec..6044. Returns regarding payments of patronage dividends."; and (C) by a d d i n g a t the e n d of such t a b l e the following: "Sec. 6049. Returns regarding payments of interest.". (2) The t a b l e of sections for subchapter B of chapter 68 i s amended by a d d i n g a t the e n d thereof the following: "Sec. 6678. Failure to furnish certain statements." (h)

EFFECTIVE DATES.— (1) DIVIDENDS AND INTEREST.—The amendments m a d e by this

section shall a p p l y to payments of d i v i d e n d s and interest m a d e on o r after January 1, 1963. (2)

PATRONAGE D IV I D E N D S. — The

amendments

made

by

this

section shall a p p l y to payments of a m o u n t s described i n section 6044(b) of the I n t e r n a l Revenue C o d e of 1954 m a d e on o r after January 1, 1963, w i t h respect to p a t r o n a g e o c c u r r i n g on o r after the first d a y of the first tax a b l e year of the cooperative b e g i n n i n g on o r after January 1, 1963.

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