§6721. Failure to file correct information returns — Inbound Citations
26 U.S.C. § 6721
Cited by 6 provisions in release 119-102.
Citations to 26 U.S.C. § 6721 as a whole
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(c) No penalty shall be imposed under section 6721 solely by reason of any failure to comply with the requirements of the regulations prescribed under section 6011(e)(2), except to the extent that such a failure occurs with respect to more than the applicable number (determined under section 6011(e)(5) with respect to the calendar year to which such returns relate) of information returns or with respect to a return described in section 6011(e)(4).
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(f) No penalty shall be imposed under section 6721 or 6722 solely by reason of failing to provide the TIN of an individual on a return or statement required by section 6050S(a)(1) if the eligible educational institution required to make such return contemporaneously makes a true and accurate certification under penalty of perjury (and in such form and manner as may be prescribed by the Secretary) that it has complied with standards promulgated by the Secretary for obtaining such individual’s TIN.
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(1) a person makes a return or report under section 6047(d) or 408(i) with respect to any distribution,(2) such distribution is made following a rollover, transfer, or exchange described in section 72(t)(4)(C) or section 72(q)(3)(C),(3) in making such return or report the person relies upon a certification provided by the taxpayer that the distributions satisfy the requirements of section 72(t)(4)(C)(iii) or section 72(q)(3)(B)(iii), as applicable, and(4) such person does not have actual knowledge that the distributions do not satisfy such requirements.
Citations to §6721(c)(3)
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(iii) Except as otherwise provided by the Secretary, the customer’s adjusted basis shall be determined by treating any incorrect dollar amount which is not required to be corrected by reason of section 6721(c)(3) or section 6722(c)(3) as the correct amount.
Citations to §6721(d)(2)
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(2) A person meets the gross receipts test of this paragraph if such person meets the gross receipts test of section 6721(d)(2).