PUBLIC LAW 101-508 —NOV. 5, 1990 104 STAT. 1388-459 "(d) CASH INCLUDES FOREIGN CURRENCY AND CERTAIN MONETARY INSTRUMENTS.—For purposes of this section, the term 'cash' includes— "(1) foreign currency, and "(2) to the extent provided in regulations prescribed by the Secretary, any monetary instrument (whether or not in bearer form) with a face amount of not more than $10,000. Paragraph (2) shall not apply to any check drawn on the account of the writer in a financisd institution referred to in subsection (c)(l)(B). " fl)) INCREASE IN PENALTY FOR INTENTIONAL DISREGARD OF REPORT- ING REQUIREMENT.—Paragraph (2) of section 6721(e) (relating to penalty for intentional disregard) is amended— (1) by inserting "60501," after "6050H," in subparagraph (A), (2) by striking or" at the end of subparagraph (A), (3) by striking "and" at the end of subparagraph (B) and inserting "or", and (4) by inserting after subparagraph (B) the following new subparagraph: "(C) in the case of a return required to be filed under section 60501(a) with respect to any transaction (or related transactions), the greater of— "(i) $25,000, or "(ii) the amount of cash (within the meaning of section 60501(d)) received in such transaction (or related transactions) to the extent the amount of such cash does not exceed $100,000, and". (c) CLARIFICATION OF APPLICATION OF PROVISION PROHIBITING EVA- SION TECHNIQUES.—The heading of subsection (f) of section 60501 is amended to read as follows: " (f) STRUCTURING TRANSACTIONS TO EVADE REPORTING REQUIRE- MENTS PROHIBITED.— ". (d) STUDY.— The Secretary of the Treasury or his delegate shall conduct a study on the operation of section 60501 of the Internal Revenue Code of 1986. Such study shall include an examination of— (1) the extent of compliance with the provisions of such section, (2) the effectiveness of the penalties in ensuring compliance with the provisions of such section, (3) methods to increase compliance with the provisions of such section and ways Form 8300 could be simplified, and (4) appropriate methods to increase the usefulness and availability of information submitted under the provisions of such section. Not later than March 31, 1991, the Secretary shall submit to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate a report on the study conducted under this subsection, together with such recommendations as he may deem advisable. (e) EFFECTIVE DATES. — 26 USC 6050i (1) The amendments made by subsections (a) and (b) shall note, apply to amounts received after the date of the enactment of this Act. (2) The amendment made by subsection (c) shall take effect on the date of the enactment of this Act. (3) Not later than June 1, 1991, the Secretary of the Treasury or his delegate shall prescribe regulations under section
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