26 U.S.C. § 6720
§ 6720. Fraudulent acknowledgments with respect to donations of motor vehicles, boats, and airplanes
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Added in 2004 by the American Jobs Creation Act of 2004. Last changed October 22, 2004 by the American Jobs Creation Act of 2004.
Every change, newest first (1)
- October 22, 2004American Jobs Creation Act of 2004 · added this section
The law as written
Current through Public Law 119-102. Amendment notes omitted.
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—
in the case of an acknowledgment with respect to a qualified vehicle to which section 170(f)(12)(A)(ii) applies, the greater of—
the product of the highest rate of tax specified in section 1 and the sales price stated on the acknowledgment, or
the gross proceeds from the sale of such vehicle, and
in the case of an acknowledgment with respect to any other qualified vehicle to which section 170(f)(12) applies, the greater of—
the product of the highest rate of tax specified in section 1 and the claimed value of the vehicle, or
$5,000.