Internal Revenue Code:Sec. 6709. Penalties with respect to mortgage credit certificates

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Contents


Location in Internal Revenue Code


     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
        

Statute

    Sec. 6709. Penalties with respect to mortgage credit certificates
 
    (a) Negligence
      If -
        (1) any person makes a material misstatement in any verified
      written statement made under penalties of perjury with respect to
      the issuance of a mortgage credit certificate, and
        (2) such misstatement is due to the negligence of such person,
    such person shall pay a penalty of $1,000 for each mortgage credit
    certificate with respect to which such a misstatement was made.
    (b) Fraud
      If a misstatement described in subsection (a)(1) is due to fraud
    on the part of the person making such misstatement, in addition to
    any criminal penalty, such person shall pay a penalty of $10,000
    for each mortgage credit certificate with respect to which such a
    misstatement is made.
    (c) Reports
      Any person required by section 25(g) to file a report with the
    Secretary who fails to file the report with respect to any mortgage
    credit certificate at the time and in the manner required by the
    Secretary shall pay a penalty of $200 for such failure unless it is
    shown that such failure is due to reasonable cause and not to
    willful neglect.  In the case of any report required under the
    second sentence of section 25(g), the aggregate amount of the
    penalty imposed by the preceding sentence shall not exceed $2,000.
    (d) Mortgage credit certificate
      The term ''mortgage credit certificate'' has the meaning given to
    such term by section 25(c).
 

Sources

    (Added Pub. L. 98-369, div.  A, title VI, Sec. 612(d)(1), July 18,
    1984, 98 Stat. 912, Sec. 6708; renumbered Sec. 6709, Pub. L.
    99-514, title XVIII, Sec. 1862(d)(2), Oct. 22, 1986, 100 Stat.
    2884.)
 

Miscellaneous

                      EFFECTIVE DATE OF 1986 AMENDMENT
      Amendment by Pub. L. 99-514 effective, except as otherwise
    provided, as if included in the provisions of the Tax Reform Act of
    1984, Pub. L. 98-369, div.  A, to which such amendment relates, see
    section 1881 of Pub. L. 99-514, set out as a note under section 48
    of this title.
                               EFFECTIVE DATE
      Section applicable to interest paid or accrued after Dec. 31,
    1984, on indebtedness incurred after Dec. 31, 1984, see section
    612(g) of Pub. L. 98-369, set out as a note under section 25 of
    this title.
 

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