Internal Revenue Code · 26 U.S.C.
§ 6706. Original issue discount information requirements
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 6706
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Added
- July 18, 1984 by Pub. L. 98–369
- Length
- 3 subsections · 227 words · about 1 min to read
- Cross-references
- cites 1; cited by 1 Code section and 1 other regulation
In the case of a failure to set forth on a debt instrument the information required to be set forth on such instrument under section 1275(c)(1), unless it is shown that such failure is due to reasonable cause and not to willful neglect, the issuer shall pay a penalty of $50 for each instrument with respect to which such a failure exists.
Any issuer who fails to furnish information required under section 1275(c)(2) with respect to any issue of debt instruments on the date prescribed therefor (determined with regard to any extension of time for filing) shall pay a penalty equal to 1 percent of the aggregate issue price of such issue, unless it is shown that such failure is due to reasonable cause and not willful neglect. The amount of the penalty imposed under the preceding sentence with respect to any issue of debt instruments shall not exceed $50,000 for such issue.
Subchapter B of chapter 63 (relating to deficiency procedures for income, estate, gift, and certain excise taxes) shall not apply in respect of the assessment or collection of any penalty imposed by this section.
(Added Pub. L. 98–369, div. A, title I, § 41(c)(1), July 18, 1984, 98 Stat. 555.)
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
This section cites 1 other section
Cited by 1 Code section
Cited in 1 regulation not issued under it
Amendment history
From the source credit and the official notes, newest first.
- Added by Pub. L. 98–369
Where it sits in the 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
Nearby sections
- § 6702 Frivolous tax submissions
- § 6703 Rules applicable to penalties under sections 6700, 6701, and 6702
- § 6704 Failure to keep records necessary to meet reporting requirements under section 6047(d)
- § 6705 Failure by broker to provide notice to payors
- § 6706 Original issue discount information requirements
- § 6707 Failure to furnish information regarding reportable transactions
- § 6707A Penalty for failure to include reportable transaction information with return
- § 6708 Failure to maintain lists of advisees with respect to reportable transactions
- § 6709 Penalties with respect to mortgage credit certificates
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
Statutory Notes and Related Subsidiaries
Effective Date
Section effective on day 30 days after July 18, 1984, see section 44(h) of Pub. L. 98–369, set out as a note under section 1271 of this title.