Title 26 — Internal Revenue Code
Part I · Chapter 68 — Additions to the Tax, Additional Amounts, and Assessable Penalties
§ 6712. Failure to disclose treaty-based return positions
Statutory text
General rule
If a taxpayer fails to meet the requirements of section 6114, there is hereby imposed a penalty equal to $1,000 ($10,000 in the case of a C corporation) on each such failure.
Authority to waive
The Secretary may waive all or any part of the penalty provided by this section on a showing by the taxpayer that there was reasonable cause for the failure and that the taxpayer acted in good faith.
Penalty in addition to other penalties
The penalty imposed by this section shall be in addition to any other penalty imposed by law.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Technical and Miscellaneous Revenue Act of 1988
Pub. L. 100–647 title I § 1012(aa)(5)(B) · 102 Stat. 3342
Enacted · 26 U.S.C. § 6712
(Added Pub. L. 100–647, title I, § 1012(aa)(5)(B), Nov. 10, 1988, 102 Stat. 3532.)
Source evidence
Code source credit
(Added Pub. L. 100–647, title I, § 1012(aa)(5)(B), Nov. 10, 1988, 102 Stat. 3532.)Enacted provision · exact public law section
(B) Part I of subchapter B of chapter 68 of the 1986 Code is amended by adding at the end thereof the following new section: “SEC. 6712. FAILURE TO DISCLOSE TREATY-BASED RETURN POSITIONS. “(a) General Rule.— If a taxpayer fails to meet the requirements of section 6114, there is hereby imposed a penalty equal to $1,000 ($10,000 in the case of a C corporation) on each such failure. “(b) Authority to Waive.— The Secretary may waive all or any part of the penalty provided by this section on a showing by the taxpayer that there was reasonable cause for the failure and that the taxpayer acted in good faith. “(c) Penalty in Addition to Other Penalties.— The penalty imposed by this section shall be in addition to any other penalty imposed by law.”
1 of 1 references resolved to an enrolled provision
Editorial Notes
Codification
Another section 6712 was renumbered section 6713 of this title.
Statutory Notes and Related Subsidiaries
Effective Date
Section applicable to taxable periods the due date for filing returns for which (without extension) occurs after , see section 1012(aa)(5)(D) of Pub. L. 100–647, set out as a note under section 6114 of this title.
Credits
(Added Pub. L. 100–647, title I, § 1012(aa)(5)(B), , 102 Stat. 3532.)