A bill to amend the Internal Revenue Code of 1954 to require taxpayers to provide on the first page of any income tax return certain information with respect to their interests in foreign bank accounts and their interests in foreign trusts.

Summary

Authorizes the Secretary of the Treasury to prescribe regulations, under the Internal Revenue Code, requiring individuals filing income tax returns to include information concerning any interest or authority they had (during the period covered by the return) over any banks, securities or other financial accounts in a foreign country, or with any foreign trust. Allows the Secretary to require disclosure of such information as he determines is necessary to fulfill the purpose of the recordkeeping requirements of the Currency and Foreign Transactions Reporting Act (presently, such records cannot be obtained except through judicial or administrative process). Provides a $100 penalty for failure to report the required information. Authorizes the Secretary to disclose such information to any other Federal department or agency for use in its official duties.

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Documents

1 official file

• Introduced in House

  summary · EN · 19 January 1977

  Open at official source

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