Page:United States Statutes at Large Volume 83.djvu/296

 268

PUBLIC LAW 91-128-NOV. 26, 1969

[83 STAT.

(h) FAILURE OF NoNrARxiciPATiNO FIRMS TO F I L E CERTAIN INFORMATION RETURNS.—

78 Stat. 845.

(1) Section 6680 is amended to read as follows:

26 USC 6680.

^ ^

68A Stat. 8 5 1.

il Stat. 154.

81 Stat. 148. ^stat?\'45°^' 81 Stat. 155.

Ante, p. 267.

Effective date.

"SEC 6680. FAILURE TO FILE INTEREST EQUALIZATION TAX RETURNS. "•In addition to the penalty imposed by section 7203 (relating to willful failure to file return, supply information, or pay tax) — " (1) RETURN REQUIRED UNDER SECTION 6 O 11 (d)(i).—Any person who is required under section 6011(d)(1) (relating to interest equalization tax returns) to file a return for any period in respect of which, by reason of the provisions of section 4918, he incurs no liability for payment of the tax imposed by section 4911 and who fails to file such return within the time prescribed by section 6076, shall pay a penalty of $10 or 5 percent of the amount of tax for which he would incur liability for payment under section 4911 but for the provisions of section 4918, whichever is the greater, for each such failure unless it is shown that the failure is due to reasonable cause. The penalty imposed by this paragraph shall not exceed $1,000 for each failure to file a return. "(2) RETURN REQUIRED UNDER SECTION e o n (d)(3).—Any person required to file a return under section 6011(d)(3) who fails to file such return at the time prescribed by the Secretary or his delegate, or who files a return which does not show the information required, shall pay a penalty of $1,000, unless it is shown that such failure is due to reasonable cause." ^2) The amendment made by paragraph (1) of this subsection shall apply with respect to returns required to be filed after the date of the enactment of this Act. (i)

79 Stat. 956.

78 Stat. 823.

CERTAIN LEASE TRANSACTIONS.—

(1) Section 4914(c)(6) ( r e l a t i n g to certain e x p o r t leases) is amended—

(A) by inserting "tangible*' before "personal property" in the matter preceding subparagraph (A), (B) by inserting " (i) " after " (A) ", by striking out " (B) " and inserting in lieu thereof " ( i i) ", and by striking out the period at the end of such section and inserting in lieu thereof "; or", and (C) by adding at the end of such section the following new subparagraph: " (B)(i) payment of such debt obligation (or of any related debt obligation arising out of such lease) is guaranteed or insured, in whole or in part, by an agency or wholly owned instrumentality of the United States, or " (ii) the lease is entered into with such foreign obligor and the United States person acquiring such debt obligation enters into the lease in the ordinary course of his trade or business and not less than 85 percent of the value of the property subject to the lease is attributable to the use of tangible personal property which was manufactured, produced, grown, or extracted in the United States, or to the performance of services pursuant to the terms of the lease by such United States person (or by one or more includible corporations in an affiliated group, as defined in section 1504, of which such person is a member) with respect to such personal property, or to both." (2) Section 4914(j) (relating to loss of entitlement to exclusion) is amended by striking "or (6) " each place it appears

�