Title 26 — Internal Revenue Code
Part II · Chapter 68 — Additions to the Tax, Additional Amounts, and Assessable Penalties
§ 6725. Failure to report information under section 4101
Statutory text
In general
In the case of each failure described in subsection (b) by any person with respect to a vessel or facility, such person shall pay a penalty of $10,000 in addition to the tax (if any).
Failures subject to penalty
For purposes of subsection (a), the failures described in this subsection are—
any failure to make a report under section 4101(d) on or before the date prescribed therefor, and
any failure to include all of the information required to be shown on such report or the inclusion of incorrect information.
Reasonable cause exception
No penalty shall be imposed under this section with respect to any failure if it is shown that such failure is due to reasonable cause.
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 § 863(d)(1) · 118 Stat. 1418
Enacted · 26 U.S.C. § 6725
(Added Pub. L. 108–357, title VIII, § 863(d)(1), Oct. 22, 2004, 118 Stat. 1620.)
Source evidence
Code source credit
(Added Pub. L. 108–357, title VIII, § 863(d)(1), Oct. 22, 2004, 118 Stat. 1620.)Enacted provision · exact public law section
(1) In general.— Part II of subchapter B of chapter 68 (relating to assessable penalties) is amended by adding at the end the following new section: “SEC. 6725. FAILURE TO REPORT INFORMATION UNDER SECTION 4101. “(a) In General.— In the case of each failure described in subsection (b) by any person with respect to a vessel or facility, such person shall pay a penalty of $10,000 in addition to the tax (if any). “(b) Failures Subject to Penalty.— For purposes of subsection (a), the failures described in this subsection are— “(1) any failure to make a report under section 4101(d) on or before the date prescribed therefor, and “(2) any failure to include all of the information required to be shown on such report or the inclusion of incorrect information. “(c) Reasonable Cause Exception.— No penalty shall be imposed under this section with respect to any failure if it is shown that such failure is due to reasonable cause.” .
1 of 1 references resolved to an enrolled provision
Statutory Notes and Related Subsidiaries
Effective Date
Section applicable to penalties imposed after , see section 863(e) of Pub. L. 108–357, set out as a note under section 6719 of this title.
Credits
(Added Pub. L. 108–357, title VIII, § 863(d)(1), , 118 Stat. 1620.)