Page:United States Statutes at Large Volume 94 Part 3.djvu/860

 94 STAT. 3504 26 USC 6104. 26 USC 6033. 26 USC 509.

PUBLIC LAW 96-603—DEC. 28, 1980 (1) IN GENERAL.—The first sentence of subsection (d) of section 6104 of such Code (relating to public inspection of private foundations' annual reports) is amended to read as follows: "The annual return required to be filed under section 6038 (relating to returns by exempt organizations) by any organization which is a private foundation within the meaning of section 509(a) shall be made available by the foundation managers for inspection at the principal office of the foundation during regular business hours by any citizen on request made within 180 days after the date of the publication of notice of its availability." (2) CONFORMING AMENDMENTS.—Such subsection (d) is amended— (A) by striking out "ANNUAL REPORTS" in the heading and inserting in lieu thereof "ANNUAL RETURNS"; and (B) by striking out "annual report" each place it appears in the second and third sentences and inserting in lieu thereof "annual return". (c) REPEAL OF PRIVATE FOUNDATION ANNUAL REPORTING REQUIRE-

26 USC 6056.

MENTS.—Subpart D of part III of subchapter A of chapter 61 of such Code (relating to information concerning private foundations) is hereby repealed. (d) TECHNICAL AMENDMENTS.—

26 USC 6034.

26 USC 6652.

(1) Section 6034 of such Code (relating to returns by trust described in section 4947(a) or claiming charitable deductions under section 642(c)) is amended— (A) by striking out "section 4947(a)" in subsection (a) and inserting in lieu thereof "section 4947(a)(2)"; (B) by adding at the end of subsection (b) the following new sentence: "This section shall not apply in the case of a trust described in section 4947(a)(1)."; (C) by striking out "EXCEPTION" in the heading of subsection Oa) and inserting in lieu thereof "EXCEPTIONS"; and (D) by striking out "SECTION 4947(a)" in the section heading and inserting in lieu thereof "SECTION 4947(a)(2)". (2)(A) The first sentence of section 6652(d)(3) of such Code (relating to annual reports) is amended to read as follows: "In the case of a failure to comply with the requirements of section 6104(d) (relating to public inspection of private foundations' annual returns), on the date and in the manner prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause, there shall be paid (on notice and demand by the Secretary and in the same manner as tax) by the person failing to meet such requirement, $10 for each day during which such failure continues, but the total amount imposed hereunder on all such persons for such failure with respect to any one annual return shall not exceed $5,000." (B) The heading of paragraph (3) of section 6652(d) of such Code is amended by striking out "REPORTS" and inserting in lieu thereof "RETURNS".

26 USC 6104. 26 USC 6685.

(3) Subsection (b) of section 6104 of such Code (relating to inspection of annual information returns) is amended by striking out "6056,". (4) Section 6685 of such Code (relating to assessable penalties with respect to private foundation annual reports) is amended to read as follows:

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