|
|
|
U.S. Code as of:
01/19/04
Section 6039F. Notice of large gifts received from foreign persons
(a) In general
If the value of the aggregate foreign gifts received by a United
States person (other than an organization described in section
501(c) and exempt from tax under section 501(a)) during any taxable
year exceeds $10,000, such United States person shall furnish (at
such time and in such manner as the Secretary shall prescribe) such
information as the Secretary may prescribe regarding each foreign
gift received during such year.
(b) Foreign gift
For purposes of this section, the term "foreign gift" means any
amount received from a person other than a United States person
which the recipient treats as a gift or bequest. Such term shall
not include any qualified transfer (within the meaning of section
2503(e)(2)) or any distribution properly disclosed in a return
under section 6048(c).
(c) Penalty for failure to file information
(1) In general
If a United States person fails to furnish the information
required by subsection (a) with respect to any foreign gift
within the time prescribed therefor (including extensions) -
(A) the tax consequences of the receipt of such gift shall be
determined by the Secretary, and
(B) such United States person shall pay (upon notice and
demand by the Secretary and in the same manner as tax) an
amount equal to 5 percent of the amount of such foreign gift
for each month for which the failure continues (not to exceed
25 percent of such amount in the aggregate).
(2) Reasonable cause exception
Paragraph (1) shall not apply to any failure to report a
foreign gift if the United States person shows that the failure
is due to reasonable cause and not due to willful neglect.
(d) Cost-of-living adjustment
In the case of any taxable year beginning after December 31,
1996, the $10,000 amount under subsection (a) shall be increased by
an amount equal to the product of such amount and the
cost-of-living adjustment for such taxable year under section
1(f)(3), except that subparagraph (B) thereof shall be applied by
substituting "1995" for "1992".
(e) Regulations
The Secretary shall prescribe such regulations as may be
necessary or appropriate to carry out the purposes of this section.
|
|