118 STAT. 1634 PUBLIC LAW 108–357—OCT. 22, 2004 The Secretary may prescribe regulations or other guidance which exempts sales by the donee organization which are in direct furtherance of such organization’s charitable pur pose from the requirements of subparagraphs (A)(ii) and (B)(iv)(II).’’. (b) PENALTY FOR FRAUDULENT ACKNOWLEDGMENTS.— (1) IN GENERAL.—Part I of subchapter B of chapter 68 (relating to assessable penalties), as amended by this Act, is amended by inserting after section 6719 the following new section: ‘‘SEC. 6720. FRAUDULENT ACKNOWLEDGMENTS WITH RESPECT TO DONATIONS OF MOTOR VEHICLES, BOATS, AND AIR PLANES. ‘‘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 acknowledg ment, 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.’’. (2) CONFORMING AMENDMENT.—The table of sections for part I of subchapter B of chapter 68, as amended by this Act, is amended by inserting after the item relating to section 6719 the following new item: ‘‘Sec. 6720. Fraudulent acknowledgments with respect to donations of motor vehicles, boats, and airplanes.’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to contributions made after December 31, 2004. SEC. 885. TREATMENT OF NONQUALIFIED DEFERRED COMPENSATION PLANS. (a) IN GENERAL.—Subpart A of part I of subchapter D of chapter 1 is amended by adding at the end the following new section: ‘‘SEC. 409A. INCLUSION IN GROSS INCOME OF DEFERRED COMPENSA TION UNDER NONQUALIFIED DEFERRED COMPENSATION PLANS. ‘‘(a) RULES RELATING TO CONSTRUCTIVE RECEIPT.— ‘‘(1) PLAN FAILURES.— ‘‘(A) GROSS INCOME INCLUSION.— 26 USC 170 note.
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