Page:United States Statutes at Large Volume 96 Part 1.djvu/661

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 619

(d) FRAUDULENT RETURNS, STATEMENTS, OR OTHER DOCUMENTS.—

Section 7207 (relating to fraudulent returns, statements, or other 26 USC 7207. documents) is amended by striking out "$1,000" each place it appears and inserting in lieu thereof "$10,000 ($50,000 in the case of a corporation)". (e) EFFECTIVE DATE.—The amendments made by this section shall ^^^^^^ ^^^^ apply to offenses committed after the date of the enactment of this note. Act. SEC. 330. SPECIAL RULES WITH RESPECT TO CERTAIN CASH.

(a) IN GENERAL.—Subchapter A of chapter 70 (relating to jeopardy) is amended by adding at the end thereof the following new part: "PART III—SPECIAL RULES WITH RESPECT TO CERTAIN CASH "Sec. 6867. Presumptions where owner of large amount of cash is not identified. "SEC. 6867. PRESUMPTIONS WHERE OWNER OF LARGE AMOUNT OF CASH IS NOT IDENTIFIED.

"(a) GENERAL RULE.—If the individual who is in physical possession of cash in excess of $10,000 does not claim such cash— "(1) as his, or "(2) as belonging to another person whose identity the Secretary can readily ascertain and who acknowledges ownership of such cash, then, for purposes of sections 6851 and 6861, it shall be presumed that such cash represents gross income of a single individual for the taxable year in which the possession occurs, and that the collection of tax will be jeopardized by delay. "(b) RULES FOR ASSESSING.—In the case of any assessment resulting from the application of subsection (a)— "(1) the entire amount of the cash shall be treated as taxable income for the taxable year in which the possession occurs, "(2) such income shall be treated as taxable at a 50-percent rate, and "(3) except as provided in subsection (c), the possessor of the cash shall be treated (solely with respect to such cash) as the taxpayer for purposes of chapters 63 and 64 and section 7429(a)(1). "(c) EFFECT OF LATER SUBSTITUTION OF TRUE OWNER.—If, after an assessment resulting from the application of subsection (a), such assessment is abated and replaced by an assessment against the owner of the cash, such later assessment shall be treated for purposes of all laws relating to lien, levy and collection as relating back to the date of the original assessment. "(d) DEFINITIONS.—For purposes of this section— "(1) CASH.—The term 'cash' includes any cash equivalent. "(2) CASH EQUIVALENT.—The term 'cash equivalent' means— "(A) foreign currency, "(B) any bearer obligation, and "(C) any medium of exchange which— "(i) is of a type which has been frequently used in illegal activities, and

26 USC 6867.

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