26 U.S.C. § 6720 — Fraudulent acknowledgments with respect to donations of motor vehicles, boats, and airplanes

FEDERAL · 26 U.S.C. · Chapter 68

Fraudulent acknowledgments with respect to donations of motor vehicles, boats, and airplanes

Current through Pub. L. 119-102

Title 26 — Internal Revenue Code·Ch. 68 — ADDITIONS TO THE TAX, ADDITIONAL AMOUNTS, AND ASSESSABLE PENALTIES·Subch. B·Pt. I

Any donee organization required under section 170(f)(12)(A) to furnish a contemporaneous written acknowledgment to a donor which knowingly furnishes a false or fraudulent acknowledgment, or which knowingly fails to furnish such acknowledgment in the manner, at the time, and showing the information required under section 170(f)(12), or regulations prescribed thereunder, shall for each such act, or for each such failure, be subject to a penalty equal to—

(1)in the case of an acknowledgment with respect to a qualified vehicle to which section 170(f)(12)(A)(ii) applies, the greater of—

(A)the product of the highest rate of tax specified in section 1 and the sales price stated on the acknowledgment, or

(B)the gross proceeds from the sale of such vehicle, and

(2)in the case of an acknowledgm

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Any donee organization required under section 170(f)(12)(A) to furnish a contemporaneous written acknowledgment to a donor which knowingly furnishes a false or fraudulent acknowledgment, or which knowingly fails to furnish such acknowledgment in the manner, at the time, and showing the information required under section 170(f)(12), or regulations prescribed thereunder, shall for each such act, or for each such failure, be subject to a penalty equal to—
(1) in the case of an acknowledgment with respect to a qualified vehicle to which section 170(f)(12)(A)(ii) applies, the greater of—
(A) the product of the highest rate of tax specified in section 1 and the sales price stated on the acknowledgment, or
(B) the gross proceeds from the sale of such vehicle, and
(2) in the case of an acknowledgment with respect to any other qualified vehicle to which section 170(f)(12) applies, the greater of—
(A) the product of the highest rate of tax specified in section 1 and the claimed value of the vehicle, or
(B) $5,000.

26 U.S.C. § 6720 (Fraudulent acknowledgments with respect to donations of motor vehicles, boats, and airplanes) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Added Pub. L. 108–357, title VIII, §884(b)(1), Oct. 22, 2004, 118 Stat. 1634.)

Editorial Notes

Statutory Notes and Related Subsidiaries

Effective Date
Section applicable to contributions made after Dec. 31, 2004, see section 884(c) of Pub. L. 108–357, set out as an Effective Date of 2004 Amendments note under section 170 of this title.