Title 26 — Internal Revenue Code
Part I · Chapter 68 — Additions to the Tax, Additional Amounts, and Assessable Penalties
§ 6720. Fraudulent acknowledgments with respect to donations of motor vehicles, boats, and airplanes
Statutory text
Any donee organization required under section 170(f)(12)(A) to furnish a contemporaneous written acknowledgment to a donor which knowingly furnishes a false or fraudulent acknowledgment, or which knowingly fails to furnish such acknowledgment in the manner, at the time, and showing the information required under section 170(f)(12), or regulations prescribed thereunder, shall for each such act, or for each such failure, be subject to a penalty equal to—
in the case of an acknowledgment with respect to a qualified vehicle to which section 170(f)(12)(A)(ii) applies, the greater of—
the product of the highest rate of tax specified in section 1 and the sales price stated on the acknowledgment, or
the gross proceeds from the sale of such vehicle, and
in the case of an acknowledgment with respect to any other qualified vehicle to which section 170(f)(12) applies, the greater of—
the product of the highest rate of tax specified in section 1 and the claimed value of the vehicle, or
$5,000.
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.
Pub. L. 108–357 title VIII § 884(b)(1) · 118 Stat. 1418
Enacted · 26 U.S.C. § 6720
(Added Pub. L. 108–357, title VIII, § 884(b)(1), Oct. 22, 2004, 118 Stat. 1634.)
Source evidence
Code source credit
(Added Pub. L. 108–357, title VIII, § 884(b)(1), Oct. 22, 2004, 118 Stat. 1634.)Enacted provision · exact public law section
(1) In general.— Part I of subchapter B of chapter 68 (relating to assessable penalties), as amended by this Act, is amended by inserting after section 6719 the following new section: “SEC. 6720. FRAUDULENT ACKNOWLEDGMENTS WITH RESPECT TO DONATIONS OF MOTOR VEHICLES, BOATS, AND AIRPLANES. “Any donee organization required under section 170(f)(12)(A) to furnish a contemporaneous written acknowledgment to a donor which knowingly furnishes a false or fraudulent acknowledgment, or which knowingly fails to furnish such acknowledgment in the manner, at the time, and showing the information required under section 170(f)(12), or regulations prescribed thereunder, shall for each such act, or for each such failure, be subject to a penalty equal to— “(1) in the case of an acknowledgment with respect to a qualified vehicle to which section 170(f)(12)(A)(ii) applies, the greater of— “(A) the product of the highest rate of tax specified in section 1 and the sales price stated on the acknowledgment, or “(B) the gross proceeds from the sale of such vehicle, and “(2) in the case of an acknowledgment with respect to any other qualified vehicle to which section 170(f)(12) applies, the greater of— “(A) the product of the highest rate of tax specified in section 1 and the claimed value of the vehicle, or “(B) $5,000.” .
1 of 1 references resolved to an enrolled provision
Statutory Notes and Related Subsidiaries
Effective Date
Section applicable to contributions made after , see section 884(c) of Pub. L. 108–357, set out as an Effective Date of 2004 Amendments note under section 170 of this title.
Credits
(Added Pub. L. 108–357, title VIII, § 884(b)(1), , 118 Stat. 1634.)