Page:United States Statutes at Large Volume 94 Part 1.djvu/301

 PUBLIC LAW 96-223—APR. 2, 1980

94 STAT. 251

"(1) For treatment of earned income advance amounts as payment of withholding and FICA taxes, see section 3507(d). "(2) For depositary requirements applicable to the windfall profit tax imposed by section 4986, see section 4995(b)."

(3) TECHNICAL AMENDMENT.—Section 7512 (relating to separate 26 USC 7512. accounting for certain collected taxes, etc.) is amended— (A) by striking out "or by chapter 33" in subsections (a) and (b) and inserting in lieu thereof ", by chapter 33, or by section 4986", and (B) by striking out "or chapter 33" in subsections (b) and (c) and inserting in lieu thereof ", chapter 33, or section 4986". (d) CERTAIN INFORMATION REQUIRED TO B E FURNISHED.— (1) GENERAL RULE.—Subpart B of part III of subchapter A of

chapter 61 (relating to information concerning transactions with other persons) is amended by adding at the end thereof the following new section: "SEC. 6050C. INFORMATION REGARDING WINDFALL PROFIT TAX ON DO- 26 USC 6050C. MESTIC CRUDE OIL.

"(a) CERTIFICATION FURNISHED BY OPERATOR.—Under regulations prescribed by the Secretary, the operator of a property from which domestic crude oil was produced shall certify (at such time and in such manner as the Secretary shall by regulations prescribe) to the purchaser— "(1) the adjusted base price (within the meaning of section 4989) with respect to such crude oil. Ante, p. 233. "(2) the tier and category of such crude oil for purposes of the tax imposed by section 4986, Ante, p. 230. "(3) if any certification is furnished to the operator by the producer with respect to whether such oil is exempt oil or independent producer oil, a copy of such certification, "(4) the amount of such crude oil, and "(5) such other information as the Secretary by regulations may require. "(b) AGREEMENT BETWEEN OPERATOR AND PURCHASER.—The Secretary may by regulations provide that, if the operator and purchaser agree thereto, the operator shall be relieved of the duty of furnishing some or all of the information required under subsection (a), "(c) SPECIAL RULE FOR OIL NOT SUBJECT TO WITHHOLDING.—If the

tax imposed by section 4986 with respect to any oil for which withholding is not required under section 4995(a)— Ante, p. 244. "(1) subsections (a) and (b) shall be applied by substituting 'producer' for 'purchaser', and "(2) paragraph (3) of subsection (a) shall not apply. "(d) CROSS REFERENCES.— "(1) For additions to tax for failure to furnish information required under this section, see section 6652(b). "(2) For penalty for willful failure to supply information required under this section, see section 7241." (2) TECHNICAL AND CONFORMING AMENDMENTS.—

(A) Section 6652(b) is amended— 26 USC 6652. (i) by striking out "or section 6050A" and inserting in lieu thereof the following: ", section 6050A", and (ii) by inserting ", or section 6050C (relating to information regarding windfall profit tax on crude oil)" after "fishing boat operators)". (B) The table of sections for subpart B of part III of subchapter A of chapter 61 is amended by adding at the end thereof the following new item:

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