Source: http://taxtv.com/code/01778-USCODE-2011-title26-subtitleF-chap68-subchapB-partI-sec6677/
Timestamp: 2017-03-27 18:26:43
Document Index: 249409627

Matched Legal Cases: ['§6677', '§6677', '§6677', '§1901', '§535', '§6677']

IRC §6677. Failure to file information with respect to certain foreign trusts - TaxTV.com
IRC §6677. Failure to file information with respect to certain foreign trusts
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(2) subsection (a) shall be applied by substituting “5 percent” for “35 percent”.
For purposes of subsection (a), the term “gross reportable amount” means—
(2) the gross value of the portion of the trust’s assets at the close of the year treated as owned by the United States person in the case of a failure relating to section 6048(b)(1), and
1996—Pub. L. 104–188, §1901(b), substituted “information” for “information returns” in section catchline and amended text generally, substituting present provisions for former provisions which related to civil penalty in subsec. (a) and nonapplicability of deficiency procedures in subsec. (b).
1976—Subsec. (a). Pub. L. 94–455 inserted “(or, in the case of a failure with respect to section 6048(c), equal to 5 percent of the value of the corpus of the trust at the close of the taxable year)” after “transferred to a trust”.
Pub. L. 111–147, title V, §535(b), Mar. 18, 2010, 124 Stat. 115, provided that: “The amendments made by this section [amending this section] shall apply to notices and returns required to be filed after December 31, 2009.”
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