103 STAT. 2390 PUBLIC LAW 101-239—DEC. 19, 1989 "(A) the $250,000 limitation under subsection (a) shall not apply, and "(B) such penalty shall not be taken into account in applying such limitation (or any similar limitation under subsection (b)) to penalties not determined under para- graph (2). "SEC. 6722. FAILURE TO FURNISH CORRECT PAYEE STATEMENTS. "(a) GENERAL RULE.—In the case of each failure described in subsection (b) by any person with respect to a payee statement, such person shall pay a penalty of $50 for each statement with respect to which such a failure occurs, but the total amount imposed on such person for all such failures during any calendar year shall not exceed $100,000. "(b) FAILURES SUBJECT TO PENALTY. — For purposes of subsection (a), the failures described in this subsection are— "(1) any failure to furnish a payee statement on or before the date prescribed therefor to the person to whom such statement is required to be furnished, and "(2) any failure to include all of the information required to be shown on a payee statement or the inclusion of incorrect information. "(c) PENALTY IN CASE OF INTENTIONAL DISREGARD.—I f 1 or more failures to which subsection (a) applies are due to intentional dis- regard of the requirement to furnish a payee statement (or the correct information reporting requirement), then, with respect to each failure— "(1) the penalty imposed under subsection (a) shall be $100, or, if greater— "(A) in the case of a payee statement other than a statement required under section 6045(b), 6041A(e) (in re- spect of a return required under section 6041A(b)), 6050H(d), 6050J(e), 6050K(b), or 6050L(c), 10 percent of the aggregate amount of the items required to be reported correctly, or "(B) in the case of a payee statement required under section 6045(b), 6050K(b), or 6050L(c), 5 percent of the aggre- gate amount of the items required to be reported correctly, and "(2) in the case of any penalty determined under paragraph (1)- "(A) the $100,000 limitation under subsection (a) shall not apply, and "(B) such penalty shall not be taken into account in applying such limitation to penalties not determined under paragraph (1). "SEC. 6723. FAILURE TO COMPLY WITH OTHER INFORMATION REPORT- ING REQUIREMENTS. "In the case of a failure by any person to comply with a specified information reporting requirement on or before the time prescribed therefor, such person shall pay a penalty of $50 for each such failure, but the total amount imposed on such person for all such failures during any calendar year shall not exceed $100,000.
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