PUBLIC LAW 101-239—DEC. 19, 1989 103 STAT. 2391 •SEC. 6724. WAIVER; DEFINITIONS AND SPECIAL RULES. "(a) REASONABLE CAUSE WAIVER.— No penalty shall be imposed under this part with respect to any failure if it is shown that such failure is due to reasonable cause and not to willful neglect. "(b) PAYMENT OF PENALTY. —Any penalty imposed by this part shall be paid on notice and demand by the Secretary and in the same manner as tax. " (c) SPECIAL RULE FOR FAILURE TO MEET MAGNETIC MEDIA REQUIREMENTS, —No penalty shall be imposed under section 6721 solely by reason of any failure to comply with the requirements of the regulations prescribed under section 6011(e)(2), except to the extent that such a failure occurs with respect to more than 250 information returns. V "(d) DEFINITIONS. —For purposes of this part— "(1) INFORMATION RETURN. —The term 'information return' means— "(A) any statement of the amount of payments to another ,. person required by— "(i) section 6041(a) or (b) (relating to certain informa- tion at source), "(ii) section 6042(a)(l) (relating to payments of divi- iij dends), "(iii) section 6044(a)(l) (relating to payments of patronage dividends), •.^ "(iv) section 6049(a) (relating to payments of interest), "(v) section 6050A(a) (relating to reporting require- ments of certain fishing boat operators), "(vi) section 6050N(a) (relating to payments of royal- ties), or "(vii) section 6051(d) (relating to information returns with respect to income tax withheld), and - "(B) any return required by— "(i) section 6041A(a) or (b) (relating to returns of ' direct sellers), "(ii) section 6045(a) or (d) (relating to returns of brokers), "(iii) section 6050H(a) (relating to mortgage interest received in trade or business from individuals), "(iv) section 60501(a) (relating to CEish received in trade or business), "(v) section 6050J(a) (relating to foreclosures and abandonments of security), "(vi) section 6050K(a) (relating to exchanges of cer- tain partnership interests), "(vii) section 6050L(a) (relating to returns relating to certain dispositions of donated property), "(viii) section 6052(a) (relating to reporting payment of wages in the form of group-life insurance), "(ix) section 6053(c)(l) (relating to reporting with re- spect to certain tips), <t "(x) section 1060(b) (relating to reporting require- ments of transferors and transferees in certain asset acquisitions), or "(xi) subparagraph (A) or (C) of subsection (c)(4), or subsection (e), of section 4093 (relating to information
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