
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: 26USC6708]

 
                     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. 6708. Failure to maintain lists of investors in potentially 
        abusive tax shelters
        

(a) In general

    Any person who fails to meet any requirement imposed by section 6112 
shall pay a penalty of $50 for each person with respect to whom there is 
such a failure, unless it is shown that such failure is due to 
reasonable cause and not due to willful neglect. The maximum penalty 
imposed under this subsection for any calendar year shall not exceed 
$100,000.

(b) Penalty in addition to other penalties

    The penalty imposed by this section shall be in addition to any 
other penalty provided by law.

(Added Pub. L. 98-369, div. A, title I, Sec. 142(b), July 18, 1984, 98 
Stat. 682; amended Pub. L. 99-514, title XV, Sec. 1534(a), Oct. 22, 
1986, 100 Stat. 2750.)

                          Codification

    Another section 6708 was renumbered section 6709 of this title.


                               Amendments

    1986--Subsec. (a). Pub. L. 99-514 substituted ``$100,000'' for 
``$50,000''.


                    Effective Date of 1986 Amendment

    Section 1534(b) of Pub. L. 99-514 provided that: ``The amendments 
made by this section [amending this section] shall apply to failures 
occurring or continuing after the date of the enactment of this Act 
[Oct. 22, 1986].''


                             Effective Date

    Section applicable to any interest which is first sold to any 
investor after Aug. 31, 1984, see section 142(d) of Pub. L. 98-369, set 
out as a note under section 6112 of this title.
