Page:United States Statutes at Large Volume 93.djvu/1309

 PUBLIC LAW 96-167—DEC. 29, 1979

93 STAT. 1277

"(1) TREATMENT BY EMPLOYER TO BE DETERMINATIVE.—Any

option which the corporation treats as a qualified stock option, a restricted stock option, or an option granted under an employee stock purchase plan shall be deemed to be such an option. "(2) SUBSECTION (a)(2) APPLIES ONLY TO FIRST TRANSFER DESCRIBED THEREIN.—A statement is required by reason of a trans-

fer described in subsection (a)(2) of a share only with respect to the first transfer of such share by the person who exercised the option. "(3) IDENTIFICATION OP STOCK.—Any corporation which transfers any share of stock pursuant to the exercise of any option described in subsection (a)(2) shall identify such stock in a manner adequate to carry out the purposes of this section. "(c) CROSS REFERENCES.— "For definition of^ "(1) The term 'qualifled stock option', see section 422(b). "(2) The term 'employee stock purchase plan', see section 423(b). "(3) The term 'restricted stock option', see section 424(b)." (b) TECHNICAL AMENDMENTS.—

_,

»

(1) Subsection (a) of section 6652 of such Code is amended— 26 USC 6652. (A) by inserting "or" at the end of paragraph (1), (B) by striking out paragraph (2) and resdesignating paragraph (3) as paragraph (2), and (C) by striking out "return referred to in paragraph (2) or (3)" and inserting in lieu thereof "return referred to in paragraph (2)". (2) Section 6678 of such Code (relating to penalty for failure to 26 USC 6678. furnish certain statements) is amended to read as follows: "SEC. 6678. FAILURE TO FURNISH CERTAIN STATEMENTS.

"In the case of each failure— "(1) to furnish a statement under section 6042(c), 6044(e), 6049(c), or 6052(b), on the date prescribed therefor to a person with respect to whom a return has been made under section 6042(a)(l), 6044(a)(l), 6049(a)(1), or 6052(a), respectively, or "(2) to furnish a statement under section 6039(a) on the date prescribed therefor to a person with respect to whom such a statement is required, 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 and in the same manner as tax) by the person failing to so furnish the statement $10 for each such statement not so furnished, but the total amount imposed on the delinquent person for all such failures during any calendar year shall not exceed $25,000." (c) EFFECTIVE DATE.—The amendments made by this section shall apply with respect to calendar years beginning after 1979.

26 USC 6042. ^6 USC 6044. ^c- jTcp finco 26 USC 6039. ^,, -,

Effective date. note^^ ^^^^

SEC. 8. EXTENSION OF TIME FOR FILING GIFT TAX RETURN FOR FOURTH CALENDAR QUARTER.

(a) GENERAL RULE.—Paragraph (1) of section 6O750t)) of the Internal Revenue Code of 1954 (relating to due date for gift tax returns) is 26 USC 6075. amended to read as follows: "(1) GENERAL RULE.—Except as provided in paragraph (2), returns made under section 6019 (relating to gift taxes) shall be 26 USC 6019. filed on or before— "(A) in the case of a return for the first, second, or third calendar quarter of any calendar year, the 15th day of the second month following the close of the calendar quarter, or

�