References in Text
Sections 13 and 15(d) of the Securities Exchange Act of 1934, referred to in subsec. (e)(1), are classified to sections 78m and 78o(d), respectively, of Title 15, Commerce and Trade.
Amendments
2010—Subsec. (b). [Pub. L. 111–240] amended subsec. (b) generally. Prior to amendment, subsec. (b) specified the amount of the penalty under subsec. (a), both in general and with respect to a listed transaction, in the case of a natural person or in any other case.
2007—Subsec. (e)(2)(C). [Pub. L. 110–172] substituted “section 6662A(e)(2)(B)” for “section 6662A(e)(2)(C)”.
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
[Pub. L. 111–240, title II, § 2041(b)], Sept. 27, 2010, [124 Stat. 2560], provided that: “The amendment made by this section [amending this section] shall apply to penalties assessed after December 31, 2006.”
Effective Date
[Pub. L. 108–357, title VIII, § 811(c)], Oct. 22, 2004, [118 Stat. 1577], as amended by [Pub. L. 109–135, title IV, § 403(w)], Dec. 21, 2005, [119 Stat. 2629], provided that: “The amendments made by this section [enacting this section] shall apply to returns and statements the due date for which is after the date of the enactment of this Act [Oct. 22, 2004] and which were not filed before such date.”
Report
[Pub. L. 108–357, title VIII, § 811(d)], Oct. 22, 2004, [118 Stat. 1577], provided that: “The Commissioner of Internal Revenue shall annually report to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate—“(1)
a summary of the total number and aggregate amount of penalties imposed, and rescinded, under section 6707A of the Internal Revenue Code of 1986, and
“(2)
a description of each penalty rescinded under section 6707(c) of such Code and the reasons therefor.”