968
PUBLIC LAW 93-406-SEPT. 2, 1974
26 USC 6693. An"e/*p.' 959.
/
«SEC. 6693. FAILURE TO PROVIDE REPORTS ON INDIVIDUAL RETIREMENT ACCOUNTS OR ANNUITIES. " (^) The persoii required by section 408(i) to file a report regarding an individual retirement account or individual retirement annuity at the time and in the manner required by section 408(i) shall pay a penalty of $10 for each failure unless it is shown that such failure is due to reasonable cause. "(b)
26 USC 6211.
26 USC 46. 50A. tT:^os,V^'
Post, p. 987.
26 USC 901.
26 USC 56. 26 USC 402.
26 USC 401 26 USC 501
DEFICIENCY PROCEDURES NOT To APPLY.—Subchapter B of
chapter 63 (relating to deficiency procedures for income, estate, gift, and certain excise taxes) does not apply to the assessment or collection of any penalty imposed by subsection (a).". (g)
26 USC 37.
[88 STAT.
CONFORMING AMENDMENTS.—
(2) Section 37(c)(1) (defining retirement income) is amended— (A) by striking out "and" at the end of subparagraph (D), (B) by adding at the end of subparagraph (E) the following: "retirement bonds described in section 409, and", and (C) by adding at the end thereof the following new paragraph: " (F) an individual retirement account described in section 408(a) or an individual retirement annuity described in section 408(b), or". (2) The second sentence of section 46(a)(3) and the second sentence of section 50A(a)(3), as each is amended by sections 2001 (g)(2)(B) and 2005(c)(4) of this Act, are each amended by inserting after "owner-employees)," the following: "section 408 (e) (relating to additional tax on income fiom certain retirement accounts),". (3) The third sentence of section 901(a), as amended by section 2005(c)(5) of this Act, is amended by inserting "against the tax imposed for the taxable year by section 408(f) (relating to additional tax on income from certain retirement accounts)," before "against the tax imposed by section 531". ^^.'j Subparagraph (A) of section 56(a)(2) and paragraph (1) of section 56(c) are each amended by striking out "531" and inserting in lieu thereof "408(f), 531,". (5) Section 402(a) (relating to taxability of beneficiary of exempt trust), as amended by section 2005(c)(2) of this Act, is amended by inserting after paragraph (5) the following new paragraph: "(5) ROLLOVER AMOUNTS.—In the case of an employees' trust described in section 401(a) which is exempt from tax under section 501(a), if— " (A) the balance to the credit of an employee is paid to him on one or more distributions which constitute a lump sum distribution within the meaning of subsection (e)(4)(A) (determined without reference to subsection (e)(4)(B)), " (B)(i) the employee transfers all the property he receives in such distribution to an individual retirement account described in section 408(a), an individual retirement annuity described in section 408(b) (other than an endowment contract), or a retirement bond described in section 409, on or before the 60th day after the day on which he received such property, to the extent the fair market value of such property exceeds the amount referred to in subsection (e)(4)
(D)Oi),or
"(ii) the employee transfers all the property he receives in such distribution to an employees' trust described in section 401(a) which is exempt from tax under section 501(a),
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