Page:United States Statutes at Large Volume 96 Part 1.djvu/675

 PUBLIC LAW 97-248—SEPT. 3, 1982

96 STAT. 633

"(2) INCREASE IN PENALTY WHERE FAILURE CONTINUES AFTER

NOTIFICATION.—If any failure described in paragraph (1) continues for more than 90 days after the day on which the Secretary mails notice of such failure to the reporting corporation, such corporation shall pay a penalty (in addition to the a m o u n t required under paragraph (1)) of $1,000 for each 30-day period (or fraction thereof) during which such failure continues after the expiration of such 90-day period. The increase in any penalty under this paragraph shall not exceed $24,000. "(3) REASONABLE CAUSE.—For purposes of t h i s subsection, the

time prescribed by regulations to furnish information (and the beginning of the 90-day period after notice by the Secretary) shall be t r e a t e d as not earlier than the last day on which (as shown to the satisfaction of the Secretary) reasonable cause existed for failure to furnish the information. "(e) CROSS R E F E R E N C E. — "P^or provisions relating to criminal penalties for violation of this section, see section 7203." (b) CLERICAL AMENDMENT. — The t a b l e of sections for subpart A of

part III of subchapter A of chapter 61 is amended by inserting the following new item after the item relating to section 6038: "Sec. 6038A. Information with respect to certain foreign-owned tions."

corpora-

(c) EFFECTIVE D A T E. — The amendments m a d e by this section shall apply to taxable year s beginning after December 31, 1982.

26 USC 6038A "°*'^-

Sf:C. 340. RETURNS WITH RESPECT TO FOREIGN PERSONAL HOLDING COMPANIES.

(a) GENERAL RULE.—Section 6035 (relating to r e t u r n s of officers, directors, and s h a r e h o l d e r s of foreign personal holding companies) is amended to read as follows: "SEC. 6035. RETURNS OF OFFICERS, DIRECTORS, AND SHAREHOLDERS OF FOREIGN PERSONAL HOLDING COMPANIES.

"(a) GENERAL RULE. — E a c h United States citizen or resident who is an officer, director, or 10-percent shareholder of a corporation which was a foreign personal holding company (as defined in section 552) for any taxable year shall file a r e t u r n with respect to such taxable year setting forth— "(1) the shareholder information required by subsection (b), "(2) the income information required by subsection (c), and "(3) such other information with respect to such corporation as the Secretary shall by forms or regulations prescribe as necessary for c a r r y i n g out the purposes of this title. "(b) SHAREHOLDER INFORMATION. — The s h a r e h o l d e r

information

required by this subsection with respect to any taxable year shall be— "(1) the n a m e and address of each person who at any time during such taxable year held any s h a r e in the corporation, "(2) a description of each class of shares and the total n u m b e r of s h a r e s of such class o u t s t and i n g at the close of the taxable year, "(8) the n u m b e r of s h a r e s of each class held by each person, and "(4) any changes in the holdings of shares during the taxable year.

26 USC 6035.

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