
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC6698]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                Subtitle F--Procedure and Administration
 
  CHAPTER 68--ADDITIONS TO THE TAX, ADDITIONAL AMOUNTS, AND ASSESSABLE 
                                PENALTIES
 
                   Subchapter B--Assessable Penalties
 
                       PART I--GENERAL PROVISIONS
 
Sec. 6698. Failure to file partnership return


(a) General rule

    In addition to the penalty imposed by section 7203 (relating to 
willful failure to file return, supply information, or pay tax), if any 
partnership required to file a return under section 6031 for any taxable 
year--
        (1) fails to file such return at the time prescribed therefor 
    (determined with regard to any extension of time for filing), or
        (2) files a return which fails to show the information required 
    under section 6031,

such partnership shall be liable for a penalty determined under 
subsection (b) for each month (or fraction thereof) during which such 
failure continues (but not to exceed 5 months), unless it is shown that 
such failure is due to reasonable cause.

(b) Amount per month

    For purposes of subsection (a), the amount determined under this 
subsection for any month is the product of--
        (1) $50, multiplied by
        (2) the number of persons who were partners in the partnership 
    during any part of the taxable year

(c) Assessment of penalty

    The penalty imposed by subsection (a) shall be assessed against the 
partnership.

(d) Deficiency procedures not to apply

    Subchapter B of chapter 63 (relating to deficiency procedures for 
income, estate, gift, and certain excise taxes) shall not apply in 
respect of the assessment or collection of any penalty imposed by 
subsection (a).

(Added Pub. L. 95-600, title II, Sec. 211(a), Nov. 6, 1978, 92 Stat. 
2817.)

                          Codification

    Another section 6698, formerly section 6694, relating to failure to 
file information with respect to carryover basis property, which was 
added by Pub. L. 94-455, Sec. 2005(d)(2), was renumbered section 6698 by 
Pub. L. 95-600, renumbered section 6698A by Pub. L. 96-222, and repealed 
by Pub. L. 96-223.


                             Effective Date

    Section 211(c) of Pub. L. 95-600 provided that: ``The amendments 
made by this section [enacting this section] shall apply with respect to 
returns for taxable years beginning after December 31, 1978.''
