PUBLIC LAW 96-603—DEC. 28, 1980
94 STAT. 3505
"SEC. 6685. ASSESSABLE PENALTIES WITH RESPECT TO PRIVATE FOUNDATION ANNUAL RETURNS. "In addition to the penalty imposed by section 7207 (relating to 26 USC 7207. fraudulent returns, statements, or other documents), any person who is required to comply with the requirements of section 6104(d) 26 USC 6104. (relating to private foundations' annual returns) and who fails to so comply with respect to any return, if such failure is willful, shall pay a penalty of $1,000 with respect to each such return." (5) Section 7207 of such Code (relating to fraudulent returns, 26 USC 7207. statements, or other documents) is amended by striking out "sections 6047(b) or (c), 6056, or 6104(d)" and inserting in lieu thereof "subsection (b) or (c) of section 6047 or pursuant to subsection (d) of section 6104". (e) CLERICAL AMENDMENTS.—
(1) The table of sections for subpart A of part III of subchapter A of chapter 61 of such Code is amended by striking out "4947(a)" in the item relating to section 6034 and inserting in lieu thereof "4947(a)(2)". (2) The table of subparts for part III of subchapter A of chapter 61 of such Code is amended by striking out the item relating to subpart D. (3) The table of sections for subchapter B of chapter 68 of such Code is amended by striking out "reports" in the item relating to section 6685 and inserting in lieu thereof "returns". (f) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 1980. SEC. 2. ALLOWANCE OF DEDUCTION FOR CERTAIN FOREIGN DEFERRED COMPENSATION PLANS. (a) ALLOWANCE.—Part I of subchapter D of chapter 1 of the Internal Revenue Code of 1954 (relating to pension, profit sharing, stock bonus plans, etc.) is amended by inserting after section 404 the following new section: "SEC. 404A. DEDUCTION FOR CERTAIN FOREIGN DEFERRED COMPENSATION PLANS. "(a) GENERAL RULE.—Amounts paid or accrued by an employer under a qualified foreign plan— "(1) shall not be allowable as a deduction under section 162, 212, or 404, but "(2) if they satisfy the conditions of section 162, shall be allowed as a deduction under this section for the taxable year for which such amounts are properly taken into account under this section. "(b) RULES FOR QUALIFIED FUNDED PLANS.—For purposes of this section— "(1) IN GENERAL.—Except as otherwise provided in this section, in the case of a qualified funded plan contributions are properly taken into account for the taxable year in which paid. "(2) PAYMENT AFTER CLOSE OF TAXABLE YEAR.—For purposes of
paragraph (1), a payment made after the close of a taxable year shall be treated as made on the last day of such year if the payment is made— "(A) on account of such year, and "(B) not later than the time prescribed by law for filing the return for such year (including extensions thereof).
26 USC 6033 "°*®-
26 USC 404A.
26 USC 162, 212,
404.
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