Page:United States Statutes at Large Volume 90 Part 2.djvu/410

 PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1878 26 USC 6039A.

Ante, p. 1872.

"SEC. 6039A. INFORMATION REGARDING CARRYOVER BASIS PROPERTY ACQUIRED FROM A DECEDENT. " (a) IN GENERAL.—Every executor ( a s defined i n section 2203) shall furnish the Secretary such information with respect to carryover basis property to which section 1023 applies as the Secretary may by regulations prescribe. (b) STATEMENTS TO B E F U R N I S H E D TO PERSONS W H O ACQUIRE PROPERTY F R O M A D E C E D E N T. — E v e r y executor who is required to fur-

26 USC 6694.

nish information under subsection (a) shall furnish in writing to each person acquiring a n item of such property from the decedent ( o r to whom the item passes from the decedent) the adjusted basis of such item." (2) PENALTIES.—Subchapter B of chapter 68 (relating to assessable penalties) is amended by a d d i n g a t the end thereof the following new section: "SEC. 6694. FAILURE TO FILE INFORMATION WITH RESPECT TO CARRYOVER BASIS PROPERTY. "(a)

Penalties. Supra.

INFORMATION REQUIRED To B E F U R N I S H E D TO THE SECRE-

TARY.—Any executor who fails to furnish information required under subsection (a) of section 6039A 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, shall pay a penalty of $100 for each such failure, b u t the total amount imposed for all such failures shall not exceed $5,000. " (b) INFORMATION REQUIRED To B E F U R N I S H E D TO B E N E F I C I A R I E S. —

Any executor who fails to furnish in writing to each person described in subsection (b) of section 6039A the information required under such subsection, unless it is shown that such failure is due to reasonable cause and not to willful neglect, shall p a y a penalty of $50 for each such failure, b u t the total amount imposed for all such failures shall not exceed $2,500." (e) CLERICAL AMENDMENTS. —

(1) The table of sections for part II of subchapter O of chapter 1 is amended by striking out the item relating to section 1023 and inserting in lieu thereof the following: "Sec. 1023. Carryover basis for certain property acquired from a decedent dying after December 31, 1976. "Sec. 1024. Cross references." (2) The table of sections for part III of subchapter O of chapter 1 is amended by adding a t the end thereof the following: "Sec. 1040. Use of certain appreciated carryover basis property to satisfy pecuniary bequest." (3) The table of sections for part III of subchapter A of chapter 61 is amended by inserting after the item relating to section 6039 the following: "Sec. 6039A. Information regarding carryover basis property acquired from a decedent." (4) The table of sections for subchapter B of chapter 68 is amended by a d d i n g a t the end thereof the following: "Sec. 6694. Failure to file information with respect to carryover basis property." (f)

26 USC 1023 note.

EFFECTIVE D A T E S. —

(1) Except as provided in paragraph (2), the amendments made by this section shall apply in respect of decedents dying after December 31, 1976.

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