1496
PUBLIC LAW 92-606-OCT. 31, 1972
[86 STAT.
the treasury of the jurisdiction (either the United States or Guam) Ante. p. 1494. with wMch such individual is required by section 935(b) tofilehis return for such year. This subsection applies to an individual for a taxable year if section 935 applies to such individual for such year and if such individual has (or, in the case of a joint return, such individual and his spouse have (A) adjusted gross income of $50,000 or more and (B) gross income of $5,000 or more derived from sources within the jurisdiction (either the United States or Guam) with which the individual is not required under section 935(b) tofilehis return for the year. " (b) DEFINITIONS AND SPECIAL RULES.—For purposes of this section— "(1) N E T COLLECTIONS.—In determining net collections for a taxable year, appropriate adjustment shall be made for credits allowed against the tax liability for such year and refunds made of income taxes for such year. "Income -'(2) INCOME TAXES.—The term 'income taxes' means— " (A) with respect to taxes imposed by the United States, the taxes imposed by chapter 1, and f " (B) with respect to Guam, the Guam territorial income tax. " (3) SOURCE.—The determination of the source of income shall be based on the principles contained in part I of subchapter N 26 USC 861 of chapter 1 (section 861 and following).
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" (c) TRANSFERS.—The transfers of funds between the United States and Guam required by this section shall be made not less frequently than annually. " (d) iIiLiTARY PERSONNEL I N G U A M. — I n addition to any amount determined under subsection (a), the United States shall pay to Guam at such times and in such manner as determined by the Secretary or his delegate the amount of the taxes deducted and withheld by the 26 USC 3401 United States under chapter 24 with respect to compensation paid
- ' *®^to members of the Armed Forces who are stationed in Guam but who
have no income tax liability to,Guam with respect to such compensation by reason of the Soldiers and Sailors Civil Relief Act (50 54 Stat. 1178. ^ p p xj.S.C, sec. 501 et seq.). "(e) REGULATIONS.—The Secretary or his delegate shall prescribe such regulations as may be necesrary to carry out the provisions of Ante, p. 1494. ^jjjg gection and section 935, including (but not limited to) — "(1) such regulations as are necessary to insure that the provisions of this title, as made applicable in Guam by section 31 72 Stat. 681. of the Organic Act of Guam, apply in a manner which is con'* " ^ '^ • sistent with this section and section 935, and "(2) regulations prescribing the information which the individuals to whom section 935 may apply shall furnish to the Secretary or his delegate." (c) CIVIL PENALTY FOR FAILURE To F U R N I S H INFORMATION.—Sub-
68A Stat. 828; ^^e'usc 6671.
chapter B of chapter 68 of the Internal Revenue Code of 1954 (relating to assessable penalties) is amended by adding at the end thereof the following new section: "SEC. 6687. ASSESSABLE PENALTIES WITH RESPECT TO INFORMATION REQUIRED TO BE FURNISHED UNDER SECTION 7654.
Ante, p. 1495.
"In addition to any criminal penalty provided by law, any person described in section 7654(a) who is required by regulations prescribed under section 7654 to furnish information and who fails to comply with such requirement at the time prescribed by such regulations unless it is shown that such failure is due to reasonable cause and not
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