In the case of each failure described in subsection (b) by any person with respect to a vessel or facility, such person shall pay a penalty of $10,000 in addition to the tax (if any).
For purposes of subsection (a), the failures described in this subsection are-
No penalty shall be imposed under this section with respect to any failure if it is shown that such failure is due to reasonable cause.
26 U.S.C. § 6725
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATESection applicable to penalties imposed after Dec. 31, 2004, see section 863(e) of Pub. L. 108-357, set out as a note under section 6719 of this title.
- person
- The term "person" shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation.