Page:United States Statutes at Large Volume 98 Part 1.djvu/734

 98 STAT. 686

PUBLIC LAW 98-369—JULY 18, 1984 "(2) who, in the course of such trade or business, receives more than $10,000 in cash in 1 transaction (or 2 or more related transactions), shall make the return described in subsection (b) with respect to such transaction (or related transactions) at such time as the Secretary may by regulations prescribe. "(b) FORM AND MANNER OF RETURNS.—A return is described in

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this subsection if such return— "(1) is in such form as the Secretary may prescribe, "(2) contains— "(A) the name, address, and TIN of the person from whom the cash was received, "(B) the amount of cash received, i "(C!) the date and nature of the transaction, and "(D) such other information as the Secretary may prescribe. "(c) EXCEPTIONS.— "(1) CASH RECEIVED BY FINANCIAL INSTITUTIONS.—Subsection

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(a) shall not apply to— "(A) cash received in a transaction reported under title 31, United States Code, if the Secretary determines that reporting under this section would duplicate the reporting to the Treasury under title 31, United States Code, or "(B) cash received by any financial institution (as defined in subparagraphs (A), (B), (C), (D), (E), (F), (G), (J), (K), (R), and (S) of section 5312(a)(2) of title 31, United States Code).

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"(2) TRANSACTIONS OCCURRING OUTSIDE THE UNITED STATES.—

Except to the extent provided in regulations prescribed by the Secretary, subsection (a) shall not apply to any transaction if the entire transaction occurs outside the United States. "(d) CASH INCLUDES FOREIGN CURRENCY.—For purposes of this section, the term 'cash' includes foreign currency. "(e) STATEMENTS TO B E FURNISHED TO PERSONS WITH RESPECT TO WHOM INFORMATION IS FURNISHED.—Every person making a return

under subsection (a) shall furnish to each person whose name is set forth in such return a written statement showing— "(1) the name and address of the person making such return, and "(2) the aggregate amount of cash described in subsection (a) received by the person making such return. The written statement required under the preceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was made." (b) PENALTIES—

Ante, p. 685.

Ante, p. 685. Ante, p. 685.

(1) Subparagraph (B) of section 6652(a)(1) (relating to failure t:o file certain information returns, etc.) is amended— (A) by striking out "or" at the end of clause (iv), (B) by inserting "or" at the end of clause (v), and (C) by inserting after clause (v) the following new clause: "(vi) section 60501(a) (relating to cash received in trade or business),". (2) Clause (iii) of section 6652(a)(3)(A) (relating to penalty in .-i case of intentional disregard) is amended by striking out "or section 6050H" and inserting in lieu thereof ", 6050H or 60501". (3) Paragraph (1) of section 6678(a) (relating to failure to furnish certain statements) is amended—

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