,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #aeed  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #ae1 #bjac ,mr4
 ,doggett 7= himself1 ,ms4 ,bass1 ,mr4  
,bec]ra1 ,mr4 ,blum5au]1 ,mr4 ,capuano1 
,ms4 ,*u1 ,mr4 ,cicill9e1 ,mr4 ,cony]s1 
,mr4 ,cumm+s1 ,mr4 ,de,fazio1 ,ms4      
,de,gette1 ,ms4 ,de,lauro1 ,mr4 ,deut*1 
,mr4 ,d+ell1 ,ms4 ,edw>ds1 ,mr4         
,ellison1 ,mr4 ,f>r1 ,mr4 ,g5e ,gre5 (  
,texas1 ,mr4 ,grijalva1 ,mr4 ,higg9s1   
,mr4 ,huffman1 ,ms4 ,eddie ,b]nice      
,johnson ( ,texas1 ,mr4 ,johnson (      
,georgia1 ,mr4 ,l>son ( ,connecticut1   
,ms4 ,lee ( ,cali=nia1 ,mr4 ,loebsack1  
,mr4 ,lyn*1 ,mr4 ,m>key1 ,ms4           
,mc,collum1 ,mr4 ,mc,dermott1 ,mr4      
,mc,govern1 ,mr4 ,george ,mill] (       
,cali=nia1 ,ms4 ,moore1 ,mr4 ,moran1    
,mr4 ,pascrell1 ,mr4 ,pet]s ( ,mi*igan1 
,mr4 ,ru%1 ,ms4 ,s*ak[sky1 ,mr4 ,%]man1 
,ms4 ,slaught]1 ,mr4 ,ti]ney1 ,mr4      
,tonko1 ,ms4 ,tsongas1 ,mr4 ,van ,holl51
 ,mr4 ,wel*1 ,mr4 ,y>mu?1 ,mr4 ,langev91
 ,mr4 ,holt1 ,mr4 ,lip9ski1 ,mr4        

,guti]rez1 ,mr4 ,lewis1 ,mr4 ,g>am5di1  
,mr4 ,payne1 & ,mr4 ,coh57 introduc$ !  
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,ways & ,means1 & 9       
addition to ! ,committee on ,f9ancial   
,s]vices1 = a p]iod to be subsequ5tly   
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to re/rict ! use ( (f%ore tax 
hav5s & abusive tax %elt]s to           
inappropriately avoid ,f$]al taxation1 &
 = o!r purposes4  #a4 ,%ort title2 etc  
7a7 ,%ort title ,?is ,act may be cit$ z 
! ,/op ,tax ,hav5 ,abuse ,act4  7b7     
,am5dm5t ( #aihf code ,except z o!rwise 
expressly provid$1 :5ev] 9 ?is ,act an  
am5dm5t or repeal is express$ 9 t]ms (  
an am5dm5t to1 or repeal (1 a section or
 o!r provision1 ! ref]5ce %all be       
consid]$ to be made to a section or o!r 
provision ( ! ,int]nal ,rev5ue ,code (  
#aihf4  7c7 ,table ( cont5ts ,! table ( 
cont5ts ( ?is ,act is z foll[s3  ,sec4  
#a4 ,%ort title2 etc4 ,title ,i--,det]r+

 ! use ( tax hav5s = tax evasion ,sec4  
#aja4 ,au?oriz+ special measures aga9/  
=eign jurisdictions1 f9ancial           
in/itutions1 & o!rs t significantly     
imp$e ,unit$ ,/ates tax en=cem5t4 ,sec4 
#ajb4 ,/r5g!n+ ! ,=eign ,acc\nt ,tax    
,compliance ,act 7,,fatca74 ,sec4 #ajc4 
,treatm5t ( =eign corporations manag$ & 
controll$ 9 ! ,unit$ ,/ates z dome/ic   
corporations4 ,sec4 #ajd4 ,report+      
,unit$ ,/ates b5eficial own]s ( =eign   
own$ f9ancial acc\nts4 ,sec4 #aje4 ,swap
 paym5ts made f ! ,unit$ ,/ates to      
p]sons (f%ore4 ,title ,,ii--,o!r        
measures to combat tax hav5 & tax %elt] 
abuses ,sec4 #bja4 ,c\ntry-by-c\ntry    
report+4 ,sec4 #bjb4 ,p5alty = fail+ to 
disclose (f%ore hold+s4 ,sec4 #bjc4     
,deadl9e = anti-money laund]+ rule =    
inve/m5t advis]s4 ,sec4 #bjd4           
,anti-money laund]+ requirem5ts =       
=mation ag5ts4 ,sec4 #bje4 ,/r5g!n+     
,john ,doe summons proce$+s4 ,sec4 #bjf4
 ,improv+ en=cem5t ( =eign f9ancial     
acc\nt report+4 ,title ,,iii--,combat+  

tax %elt] promot]s ,sec4 #cja4 ,p5alty =
 promot+ abusive tax %elt]s4 ,sec4 #cjb4
 ,p5alty = aid+ & abett+ ! und]/atem5t (
 tax liability4 ,sec4 #cjc4 ,prohibit$  
fee arrangem5t4 ,sec4 #cjd4 ,prev5t+ tax
 %elt] activities by f9ancial           
in/itutions4 ,sec4 #cje4 ,in=mation %>+ 
= en=cem5t purposes4 ,sec4 #cjf4        
,disclosure ( in=mation to ,congress4   
,sec4 #cjg4 ,tax op9ion /&>ds = tax     
practition]s4  ,i ,det]r+ ! use ( tax   
hav5s = tax evasion  #aja4 ,au?oriz+    
special measures aga9/ =eign            
jurisdictions1 f9ancial in/itutions1 &  
o!rs t significantly imp$e ,unit$ ,/ates
 tax en=cem5t ,section #ecah;,a ( title 
#ca1 ,unit$ ,/ates ,code1 is am5d$--    
7#a7 by /rik+ ! section head+ & ins]t+ !
 foll[+3  #ecah;,a4 ,special measures = 
jurisdictions1 f9ancial in/itutions1 or 
int]national transactions t are ( prim>y
 money laund]+ conc]n or significantly  
imp$e ,unit$ ,/ates tax en=cem5t  2     
7#b7 9 subsection 7a71 by /rik+ !       
subsection head+ & ins]t+ ! foll[+3  7a7

 ,special measures ,to c\nt] money      
laund]+ & ef=ts to significantly imp$e  
,unit$ ,/ates tax en=cem5t  2  7#c7 9   
subsection 7c7--  7,a7 by /rik+ !       
subsection head+ & ins]t+ ! foll[+3  7c7
 ,consultations & in=mation ,to be      
consid]$ 9 f9d+ jurisdictions1          
in/itutions1 types ( acc\nts1 or        
transactions ,to be ( prim>y money      
laund]+ conc]n or ,to be significantly  
imp$+ ,unit$ ,/ates tax en=cem5t  2 &   
7,b7 by ins]t+ at ! end ( p>agraph 7#b7 
!re( ! foll[+ new subp>agraph3  7,c7    
,o!r consid]ations ,! fact t a          
jurisdiction or f9ancial in/itution is  
coop]at+ ) ! ,unit$ ,/ates on implem5t+ 
! requirem5ts specifi$ 9 *apt] #d ( !   
,int]nal ,rev5ue ,code ( #aihf may be   
favorably consid]$ 9 evaluat+ :e!r su*  
jurisdiction or f9ancial in/itution is  
significantly imp$+ ,unit$ ,/ates tax   
en=cem5t4  2  7#d7 9 subsection 7a77#a71
 by ins]t+ or is significantly imp$+    
,unit$ ,/ates tax en=cem5t aft] prim>y  
money laund]+ conc]n2  7#e7 9 subsection

 7a77#d7--  7,a7 9 subp>agraph 7,a7--   
7i7 by ins]t+ 9 matt]s involv+ money    
laund]+1 be=e %all consult2 &  7ii7 by  
/rik+ & at ! end2  7,b7 by r$esignat+   
subp>agraph 7,b7 z subp>agraph 7,c72 &  
7,c7 by ins]t+ aft] subp>agraph 7,a7 !  
foll[+3  7,b7 9 matt]s involv+ ,unit$   
,/ates tax en=cem5t1 %all consult ) !   
,commission] ( ! ,int]nal ,rev5ue1 !    
,secret>y ( ,/ate1 ! ,attorney ,g5]al ( 
! ,unit$ ,/ates1 & 9 ! sole discretion (
 ! ,secret>y1 su* o!r ag5cies & int]e/$ 
p>ties z ! ,secret>y may f9d to be      
appropriate2 &  2  7#f7 9 ea* (         
p>agraphs 7#a77;,a71 7#b71 7#c71 & 7#d7 
( subsection 7b71 by ins]t+ or to be    
significantly imp$+ ,unit$ ,/ates tax   
en=cem5t aft] prim>y money laund]+      
conc]n ea* place t t]m appe>s2  7#g7 9  
subsection 7b71 by /rik+ p>agraph 7#e7 &
 ins]t+ ! foll[+3  7#e7 ,prohibitions or
 conditions on op5+ or ma9ta9+ c]ta9    
correspond5t or payable-?r\gh acc\nts or
 au?oriz+ c]ta9 paym5t c>ds ,if !       
,secret>y f9ds a jurisdiction outside ( 

! ,unit$ ,/ates1 #a or m f9ancial       
in/itutions op]at+ outside ( ! ,unit$   
,/ates1 or #a or m classes (            
transactions )9 or involv+ a            
jurisdiction outside ( ! ,unit$ ,/ates  
to be ( prim>y money laund]+ conc]n or  
to be significantly imp$+ ,unit$ ,/ates 
tax en=cem5t1 ! ,secret>y1 9            
consultation ) ! ,secret>y ( ,/ate1 !   
,attorney ,g5]al ( ! ,unit$ ,/ates1 & ! 
,*airman ( ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em1 may prohibit1 or 
impose conditions ^u--  7,a7 ! op5+ or  
ma9ta9+ 9 ! ,unit$ ,/ates ( a           
correspond5t acc\nt or payable-?r\gh    
acc\nt2 or  7,b7 ! au?orization1        
approval1 or use 9 ! ,unit$ ,/ates ( a  
cr$it c>d1 *>ge c>d1 debit c>d1 or      
simil> cr$it or debit f9ancial in/rum5t 
by any dome/ic f9ancial in/itution1     
f9ancial ag5cy1 or cr$it c>d company or 
association1 = or on behalf ( a =eign   
bank+ in/itution1 if su* correspond5t   
acc\nt1 payable-?r\gh acc\nt1 cr$it c>d1
 *>ge c>d1 debit c>d1 or simil> cr$it or

 debit f9ancial in/rum5t1 involves any  
su* jurisdiction or in/itution1 or if   
any su* transaction may be conduct$     
?r\gh su* correspond5t acc\nt1          
payable-?r\gh acc\nt1 cr$it c>d1 *>ge   
c>d1 debit c>d1 or simil> cr$it or debit
 f9ancial in/rum5t4  2  7#h7 9          
subsection 7c77#a71 by ins]t+ or is     
significantly imp$+ ,unit$ ,/ates tax   
en=cem5t aft] prim>y money laund]+      
conc]n2  7#i7 9 subsection              
7c77#b77;,a7--  7,a7 9 clause 7ii71 by  
/rik+ bank secrecy or special regulatory
 advantages & ins]t+ bank1 tax1         
corporate1 tru/1 or f9ancial secrecy or 
regulatory advantages2  7,b7 9 clause   
7iii71 by /rik+ sup]visory & c\nt]-money
 & ins]t+ sup]visory1 int]national tax  
en=cem5t1 & c\nt]-money2  7,c7 9 clause 
7v71 by /rik+ bank+ or secrecy & ins]t+ 
bank+1 tax1 or secrecy2 &  7,d7 9 clause
 7vi71 by ins]t+ 1 tax treaty1 or tax   
in=mation ex*ange agreem5t aft] treaty2 
7#aj7 9 subsection 7c77#b77;,b7--  7,a7 
9 clause 7i71 by ins]t+ or tax evasion  

aft] money laund]+2 &  7,b7 9 clause    
7iii71 by ins]t+ 1 tax evasion1 aft]    
money laund]+2 &  7#aa7 9 subsection    
7d71 by ins]t+ involv+ money laund]+1 & 
%all notify1 9 writ+1 ! ,committee on   
,f9ance ( ! ,s5ate & ! ,committee on    
,ways & ,means ( ! ,h\se (              
,repres5tatives ( any su* action involv+
 ,unit$ ,/ates tax en=cem5t aft] su*    
action4  #ajb4 ,/r5g!n+ ! ,=eign ,acc\nt
 ,tax ,compliance ,act 7,,fatca7  7a7   
,report+ activities ) respect to passive
 =eign inve/m5t companies ,section      
#abih7;f7 is am5d$ by ins]t+ 1 or :o    
directly or indirectly =ms1 transf]s    
assets to1 is a b5efici>y (1 has a      
b5eficial int]e/ 91 or receives money or
 prop]ty or ! use !re( f1 aft] %>ehold] 
(4  7b7 ,)holdable paym5ts to =eign     
f9ancial in/itutions ,section #adga7;d7 
is am5d$--  7#a7 by ins]t+ or           
transaction aft] any depository 9       
p>agraph 7#b77;,a71 &  7#b7 by /rik+ or 
any int]e/ & all t foll[s 9 p>agraph    
7#e77;,c7 & ins]t+ d]ivatives1 or any   

int]e/ 7includ+ a futures or =w>d       
contract1 swap1 or option7 9 su*        
securities1 p>tn]%ip int]e/s1           
commodities1 or d]ivatives44  7c7       
,)holdable paym5ts to o!r =eign f9ancial
 in/itutions ,section #adgb is am5d$--  
7#a7 by ins]t+ z a result ( any cu/om]  
id5tification1 anti-money laund]+1      
anti-corruption1 or simil> obligation to
 id5tify acc\nt hold]s1 aft] reason to  
"k1 9 subsection 7b77#b71 &  7#b7 by    
ins]t+ z pos+ a l[ risk ( tax evasion   
aft] ?is subsection 9 subsection        
7c77#a77;,g74  7d7 ,def9itions ,clauses 
7i7 & 7ii7 ( section #adgc7b77;,a7 are  
ea* am5d$ by ins]t+ or z a b5eficial    
own] aft] indirectly4  7e7 ,special     
rules ,section #adgd7;c7 is am5d$--     
7#a7 by ins]t+ 1 except t in=mation     
provid$ "u sections #adga7;c7 or        
#adgb7;b7 may be disclos$ to any ,f$]al 
law en=cem5t ag5cy1 ^u reque/ or ^u !   
initiation ( ! ,secret>y1 to inve/igate 
or address a possible violation ( ,unit$
 ,/ates law aft] %all apply 9 p>agraph  

7#a71 &  7#b7 by ins]t+ 1 or has _h an  
agreem5t t]m9at$ "u su* section1 aft]   
section #adga7;b7 9 p>agraph 7#b74  7f7 
,in=mation ) respect to =eign f9ancial  
assets ,section #fjch;,d7a7 is am5d$ by 
ins]t+ own]%ip or b5eficial own]%ip aft]
 holds any4  7g7 ,e/abli%+ presumptions 
= entities & transactions involv+       
non-,,fatca in/itutions  7#a7           
,presumptions = tax purposes  7,a7 ,9   
g5]al ,*apt] #gf is am5d$ by ins]t+ aft]
 section #gdia ! foll[+ new sub*apt]3   
,f ,presumptions = c]ta9 legal proce$+s 
,sec4 #gdib4 ,presumptions p]ta9+ to    
entities & transactions involv+         
non-,,fatca in/itutions4  #gdib4        
,presumptions p]ta9+ to entities &      
transactions involv+ non-,,fatca        
in/itutions  7a7 ,control ,= purposes ( 
any ,unit$ ,/ates civil judicial or     
adm9i/rative proce$+ to det]m9e or      
collect tax1 !re %all be a rebuttable   
presumption t a ,unit$ ,/ates p]son 7o!r
 ?an an entity ) %>es regul>ly trad$ on 
an e/abli%$ securities m>ket7 :o1       

directly or indirectly1 =m$1 transf]r$  
assets to1 0 a b5efici>y (1 _h a        
b5eficial int]e/ 91 or receiv$ money or 
prop]ty or ! use !re( f an entity1      
includ+ a tru/1 corporation1 limit$     
liability company1 p>tn]%ip1 or         
f\ndation 7o!r ?an an entity ) %>es     
regul>ly trad$ on an e/abli%$ securities
 m>ket71 t holds an acc\nt1 or 9 any o!r
 mann] has assets1 9 a non-,,fatca      
in/itution1 ex]cis$ control ov] su*     
entity4 ,! presumption ( control creat$ 
by ?is subsection %all n be appli$ to   
prev5t ! ,secret>y f det]m9+ or argu+ ! 
abs5ce ( control4  7b7 ,transf]s (      
income ,= purposes ( any ,unit$ ,/ates  
civil judicial or adm9i/rative proce$+  
to det]m9e or collect tax1 !re %all be a
 rebuttable presumption t any am\nt or  
?+ ( value receiv$ by a ,unit$ ,/ates   
p]son 7o!r ?an an entity ) %>es regul>ly
 trad$ on an e/abli%$ securities m>ket7 
directly or indirectly f an acc\nt or f 
an entity 7o!r ?an an entity ) %>es     
regul>ly trad$ on an e/abli%$ securities

 m>ket7 t holds an acc\nt1 or 9 any o!r 
mann] has assets1 9 a non-,,fatca       
in/itution1 con/itutes income ( su*     
p]son taxable 9 ! ye> ( receipt2 & any  
am\nt or ?+ ( value paid or transf]r$ by
 or on behalf ( a ,unit$ ,/ates p]son   
7o!r ?an an entity ) %>es regul>ly trad$
 on an e/abli%$ securities m>ket7       
directly or indirectly to an acc\nt1 or 
entity 7o!r ?an an entity ) %>es        
regul>ly trad$ on an e/abli%$ securities
 m>ket7 t holds an acc\nt1 or 9 any o!r 
mann] has assets1 9 a non-,,fatca       
in/itution1 repres5ts previ\sly         
unreport$ income ( su* p]son taxable 9 !
 ye> ( ! transf]4  7c7 ,rebutt+ !       
presumptions ,! presumptions e/abli%$ 9 
?is section may be rebutt$ only by cle> 
& conv9c+ evid5ce1 includ+ detail$      
docum5t>y1 te/imonial1 & transactional  
evid5ce1 e/abli%+ t--  7#a7 9 subsection
 7a71 su* taxpay] ex]cis$ no control1   
directly or indirectly1 ov] acc\nt or   
entity at ! "t 9 "q1 &  7#b7 9          
subsection 7b71 su* am\nts or ?+s (     

value did n repres5t income relat$ to   
su* ,unit$ ,/ates p]son4  ,any c\rt hav+
 jurisdiction ( a civil proce$+ 9 :i*   
control ( su* an (f%ore acc\nt or (f%ore
 entity or ! income "* ( su* receipts or
 am\nts transf]r$ is an issue %all      
prohibit ! introduction by ! taxpay] (  
any =eign bas$ docum5t t is n au!nticat$
 9 op5 c\rt by a p]son ) k ( su*        
docum5t1 or any o!r evid5ce suppli$ by a
 p]son outside ! jurisdiction ( a ,unit$
 ,/ates c\rt1 unless su* p]son appe>s   
be=e ! c\rt4  4  7,b7 ,! table (        
sub*apt]s = *apt] #gf is am5d$ by ins]t+
 aft] ! item relat+ to sub*apt] ,e !    
foll[+ new item3  ,,sub*apt]            
,f--,presumptions = c]ta9 legal proce$+s
  4  7#b7 ,def9ition ( non-fatca        
in/itution ,section #ggja7;a7 is am5d$  
by add+ at ! end ! foll[+ new p>agraph3 
7#ea7 ,non-fatca in/itution ,! t]m      
non-,,fatca in/itution means any        
f9ancial in/itution t does n meet !     
report+ requirem5ts ( section #adga7;b74
  4  7#c7 ,presumptions = securities law

 purposes ,section #ba ( ! ,securities  
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghu7 is am5d$ by add+ at ! end ! foll[+
 new subsection3  7j7 ,presumptions     
p]ta9+ to control & b5eficial own]%ip   
7#a7 ,control ,= purposes ( any civil   
judicial or adm9i/rative proce$+ "u ?is 
title1 !re %all be a rebuttable         
presumption t a ,unit$ ,/ates p]son 7o!r
 ?an an entity ) %>es regul>ly trad$ on 
an e/abli%$ securities m>ket7 :o1       
directly or indirectly1 =m$1 transf]r$  
assets to1 0 a b5efici>y (1 _h a        
b5eficial int]e/ 91 or receiv$ money or 
prop]ty or ! use !re( f an entity1      
includ+ a tru/1 corporation1 limit$     
liability company1 p>tn]%ip1 or         
f\ndation 7o!r ?an an entity ) %>es     
regul>ly trad$ on an e/abli%$ securities
 m>ket71 t holds an acc\nt1 or 9 any o!r
 mann] has assets1 9 a non-,,fatca      
in/itution 7z def9$ 9 section           
#ggja7;a77#ea7 ( ! ,int]nal ,rev5ue     
,code ( #aihf71 ex]cis$ control ov] su* 
entity4 ,! presumption ( control creat$ 

by ?is p>agraph %all n be appli$ to     
prev5t ! ,commission f det]m9+ or argu+ 
! abs5ce ( control4  7#b7 ,b5eficial    
own]%ip ,= purposes ( any civil judicial
 or adm9i/rative proce$+ "u ?is title1  
!re %all be a rebuttable presumption t  
securities t are nom9ally own$ by an    
entity1 includ+ a tru/1 corporation1    
limit$ liability company1 p>tn]%ip1 or  
f\ndation 7o!r ?an an entity ) %>es     
regul>ly trad$ on an e/abli%$ securities
 m>ket71 & t are held 9 a non-,,fatca   
in/itution 7z s def9$71 are b5eficially 
own$ by any ,unit$ ,/ates p]son 7o!r ?an
 an entity ) %>es regul>ly trad$ on an  
e/abli%$ securities m>ket7 :o directly  
or indirectly ex]cis$ control ov] su*   
entity4 ,! presumption ( b5eficial      
own]%ip creat$ by ?is p>agraph %all n be
 appli$ to prev5t ! ,commission f       
det]m9+ or argu+ ! abs5ce ( b5eficial   
own]%ip4  4  7#d7 ,presumption = report+
 purposes relat+ to =eign f9ancial      
acc\nts ,section #ecad ( title #ca1     
,unit$ ,/ates ,code1 is am5d$ by add+ at

 ! end ! foll[+ new subsection3  7d7    
,rebuttable presumption ,= purposes (   
?is section1 !re %all be a rebuttable   
presumption t any acc\nt ) a non-,,fatca
 in/itution 7z def9$ 9 section          
#ggja7;a77#ea7 ( ! ,int]nal ,rev5ue     
,code ( #aihf7 conta9s funds 9 an am\nt 
t is at lea/ suffici5t to require a     
report prescrib$ by regulations "u ?is  
section4  4  7#e7 ,regulatory au?ority  
,n lat] ?an #ahj days aft] ! date ( !   
enactm5t ( ?is ,act1 ! ,secret>y ( !    
,treasury & ! ,*airman ( ! ,securities &
 ,ex*ange ,commission %all ea* adopt    
regulations or o!r guidance necess>y to 
implem5t ! am5dm5ts made by ?is         
subsection4 ,! ,secret>y & ! ,*airman   
may by regulation or guidance provide t 
! presumption ( control %all n ext5d to 
p>ticul> classes ( transactions1 su* z  
corporate reorganizations or            
transactions bel[ a specifi$ doll>      
?re%old1 if ei!r det]m9es t apply+ su*  
am5dm5ts to su* transactions is n       
necess>y to c>ry out ! purposes ( su*   

am5dm5ts4  7h7 ,effective date ,!       
am5dm5ts made by ?is section %all take  
effect on ! date :i* is #ahj days aft] !
 date ( ! enactm5t ( ?is ,act1 :e!r or n
 regulations are issu$ "u subsection    
7g77#e74  #ajc4 ,treatm5t ( =eign       
corporations manag$ & controll$ 9 !     
,unit$ ,/ates z dome/ic corporations    
7a7 ,9 g5]al ,section #ggja is am5d$ by 
r$esignat+ subsection 7p7 z subsection  
7q7 & by ins]t+ aft] subsection 7o7 !   
foll[+ new subsection3  7p7 ,c]ta9      
corporations manag$ & controll$ 9 !     
,unit$ ,/ates treat$ z dome/ic = income 
tax  7#a7 ,9 g5]al ,not)/&+ subsection  
7a77#d71 9 ! case ( a corporation       
describ$ 9 p>agraph 7#b7 if--  7,a7 !   
corporation w\ld n o!rwise be treat$ z a
 dome/ic corporation = purposes ( ?is   
title1 b  7,b7 ! managem5t & control ( !
 corporation occurs1 directly or        
indirectly1 prim>ily )9 ! ,unit$ ,/ates1
  !n1 solely = purposes ( *apt] #a 7&   
any o!r provision ( ?is title relat+ to 
*apt] #a71 ! corporation %all be treat$ 

z a dome/ic corporation4  7#b7          
,corporation describ$  7,a7 ,9 g5]al ,a 
corporation is describ$ 9 ?is p>agraph  
if--  7i7 ! /ock ( su* corporation is   
regul>ly trad$ on an e/abli%$ securities
 m>ket1 or  7ii7 ! aggregate gross      
assets ( su* corporation 7or any        
pr$ecessor !re(71 includ+ assets "u     
managem5t = inve/ors1 :e!r held directly
 or indirectly1 at any "t dur+ ! taxable
 ye> or any prec$+ taxable ye> is       
#ej1jjj1jjj or m4  7,b7 ,g5]al exception
 ,a corporation %all n be treat$ z      
describ$ 9 ?is p>agraph if--  7i7 su*   
corporation 0 treat$ z a corporation    
describ$ 9 ?is p>agraph 9 a prec$+      
taxable ye>1  7ii7 su* corporation--    
7,i7 is n regul>ly trad$ on an e/abli%$ 
securities m>ket1 &  7,,ii7 has1 & is   
reasonably expect$ to cont9ue to h1     
aggregate gross assets 7includ+ assets  
"u managem5t = inve/ors1 :e!r held      
directly or indirectly7 ( less ?an      
#ej1jjj1jjj1 &  7iii7 ! ,secret>y grants
 a waiv] to su* corporation "u ?is      

subp>agraph4  7,c7 ,exception f gross   
assets te/ ,subp>agraph 7,a77ii7 %all n 
apply to a corporation :i* is a         
controll$ =eign corporation 7z def9$ 9  
section #ieg7 & :i* is a memb] ( an     
affiliat$ gr\p 7z def9$ section #aejd1 b
 det]m9$ )\t reg>d to section           
#aejd7;b77#c77 ! common p>5t ( :i*--    
7i7 is a dome/ic corporation 7det]m9$   
)\t reg>d to ?is subsection71 &  7ii7   
has sub/antial assets 7o!r ?an ca% & ca%
 equival5ts & o!r ?an /ock ( =eign      
subsidi>ies7 held = use 9 ! active      
conduct ( a trade or bus9ess 9 ! ,unit$ 
,/ates4  7#c7 ,managem5t & control  7,a7
 ,9 g5]al ,! ,secret>y %all prescribe   
regulations = purposes ( det]m9+ cases 9
 :i* ! managem5t & control ( a          
corporation is to be treat$ z occurr+   
prim>ily )9 ! ,unit$ ,/ates4  7,b7      
,executive (fic]s & s5ior managem5t ,su*
 regulations %all provide t--  7i7 !    
managem5t & control ( a corporation %all
 be treat$ z occurr+ prim>ily )9 !      
,unit$ ,/ates if sub/antially all ( !   

executive (fic]s & s5ior managem5t ( !  
corporation :o ex]cise day-to-day       
responsibility = mak+ decisions involv+ 
/rategic1 f9ancial1 & op]ational        
policies ( ! corporation are locat$     
prim>ily )9 ! ,unit$ ,/ates1 &  7ii7    
individuals :o are n executive (fic]s & 
s5ior managem5t ( ! corporation 7includ+
 individuals :o are (fic]s or employees 
( o!r corporations 9 ! same *a9 (       
corporations z ! corporation7 %all be   
treat$ z executive (fic]s & s5ior       
managem5t if su* individuals ex]cise !  
day-to-day responsibilities ( !         
corporation describ$ 9 clause 7i74  7,c7
 ,corporations prim>ily hold+ inve/m5t  
assets ,su* regulations %all also       
provide t ! managem5t & control ( a     
corporation %all be treat$ z occurr+    
prim>ily )9 ! ,unit$ ,/ates if--  7i7 ! 
assets ( su* corporation 7directly or   
indirectly7 consi/ prim>ily ( assets be+
 manag$ on behalf ( inve/ors1 &  7ii7   
decisions ab\t h[ to inve/ ! assets are 
made 9 ! ,unit$ ,/ates4  4  7b7         

,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ on or aft] ! date :i* is #b ye>s 
aft] ! date ( ! enactm5t ( ?is ,act1    
:e!r or n regulations are issu$ "u      
section #ggja7p77#c7 ( ! ,int]nal       
,rev5ue ,code ( #aihf1 z add$ by ?is    
section4  #ajd4 ,report+ ,unit$ ,/ates  
b5eficial own]s ( =eign own$ f9ancial   
acc\nts  7a7 ,9 g5]al ,subp>t ,b ( "p   
,,iii ( sub*apt] ,a ( *apt] #fa is am5d$
 by ins]t+ aft] section #fjde;,b !      
foll[+ new sections3  #fjde;,c4 ,returns
 reg>d+ ,unit$ ,/ates b5eficial own]s ( 
f9ancial acc\nts locat$ 9 ! ,unit$      
,/ates & held 9 ! "n ( a =eign entity   
7a7 ,requirem5t ( return ,if--  7#a7 any
 )hold+ ag5t "u sections #adda & #addb  
has ! control1 receipt1 cu/ody1         
disposal1 or paym5t ( any am\nt         
con/itut+ gross income f s\rces )9 !    
,unit$ ,/ates ( any =eign entity1       
includ+ a tru/1 corporation1 limit$     
liability company1 p>tn]%ip1 or         
f\ndation 7o!r ?an an entity ) %>es     

regul>ly trad$ on an e/abli%$ securities
 m>ket71 &  7#b7 su* )hold+ ag5t        
det]m9es = purposes ( titles #ad1 #ah1  
or #ca ( ! ,unit$ ,/ates ,code t a      
,unit$ ,/ates p]son has any b5eficial   
int]e/ 9 ! =eign entity or 9 ! acc\nt 9 
su* entity's "n 7h]eaft] 9 ?is section  
ref]r$ to z ,unit$ ,/ates b5eficial     
own]71  !n ! )hold+ ag5t %all make a    
return accord+ to ! =ms or regulations  
prescrib$ by ! ,secret>y4  7b7 ,requir$ 
in=mation ,= purposes ( subsection 7a7 !
 in=mation requir$ to be includ$ on !   
return %all include--  7#a7 ! "n1       
address1 &1 if kn[n1 ! taxpay]          
id5tification numb] ( ! ,unit$ ,/ates   
b5eficial own]1  7#b7 ! kn[n facts      
p]ta9+ to ! relation%ip ( su* ,unit$    
,/ates b5eficial own] to ! =eign entity 
& ! acc\nt1  7#c7 ! gross am\nt ( income
 f s\rces )9 ! ,unit$ ,/ates 7includ+   
gross proce$s f brok]age transactions71 
&  7#d7 su* o!r in=mation z ! ,secret>y 
may by =ms or regulations provide4  7c7 
,/atem5ts ,to ,be furni%$ to b5eficial  

own]s ) respect to :om in=mation is     
requir$ ,to ,be report$ ,a )hold+ ag5t  
requir$ to make a return "u subsection  
7a7 %all furni% to ea* ,unit$ ,/ates    
b5eficial own] ^: "n is requir$ to be   
set =? 9 su* return a /atem5t %[+--     
7#a7 ! "n1 address1 & telephone numb] ( 
! in=mation contact ( ! p]son requir$ to
 make su* return1 &  7#b7 ! in=mation   
requir$ to be %[n on su* return )       
respect to su* ,unit$ ,/ates b5eficial  
own]4  ,! writt5 /atem5t requir$ "u !   
prec$+ s5t5ce %all be furni%$ to !      
,unit$ ,/ates b5eficial own] on or be=e 
,janu>y #ca ( ! ye> foll[+ ! cal5d> ye> 
= :i* ! return "u subsection 7a7 0      
requir$ to be made4 ,9 ! ev5t ! p]son   
fil+ su* return does n h a curr5t       
address = ! ,unit$ ,/ates b5eficial     
own]1 su* writt5 /atem5t may be mail$ to
 ! address ( ! =eign entity4  #fjde;,d4 
,returns by f9ancial in/itutions reg>d+ 
e/abli%m5t ( acc\nts 9 non-,,fatca      
in/itutions  7a7 ,requirem5t ( return   
,any f9ancial in/itution directly or    

indirectly op5+ a bank1 brok]age1 or o!r
 f9ancial acc\nt = or on behalf ( an    
(f%ore entity1 includ+ a tru/1          
corporation1 limit$ liability company1  
p>tn]%ip1 or f\ndation 7o!r ?an an      
entity ) %>es regul>ly trad$ on an      
e/abli%$ securities m>ket71 9 a         
non-,,fatca in/itution 7z def9$ 9       
section #ggja7;a77#ea77 at ! direction  
(1 on behalf (1 or = ! b5efit ( a ,unit$
 ,/ates p]son %all make a return accord+
 to ! =ms or regulations prescrib$ by ! 
,secret>y4  7b7 ,requir$ in=mation ,=   
purposes ( subsection 7a7 ! in=mation   
requir$ to be includ$ on ! return %all  
include--  7#a7 ! "n1 address1 & taxpay]
 id5tification numb] ( su* ,unit$ ,/ates
 p]son1  7#b7 ! "n & address ( !        
f9ancial in/itution at :i* a f9ancial   
acc\nt is op5$1 ! type ( acc\nt1 !      
acc\nt numb]1 ! "n "u :i* ! acc\nt 0    
op5$1 & ! am\nt ( ! initial deposit1    
7#c7 if ! acc\nt is held 9 ! "n ( an    
entity1 ! "n & address ( su* entity1 !  
type ( entity1 & ! "n & address ( any   

company =mation ag5t or o!r pr(essional 
employ$ to =m or acquire ! entity1 &    
7#d7 su* o!r in=mation z ! ,secret>y may
 by =ms or regulations provide4  7c7    
,/atem5ts ,to be furni%$ to ,unit$      
,/ates p]sons ) respect to :om in=mation
 is requir$ ,to be report$ ,a f9ancial  
in/itution requir$ to make a return "u  
subsection 7a7 %all furni% to ea* ,unit$
 ,/ates p]son ^: "n is requir$ to be set
 =? 9 su* return a /atem5t %[+--  7#a7 !
 "n1 address1 & telephone numb] ( !     
in=mation contact ( ! p]son requir$ to  
make su* return1 &  7#b7 ! in=mation    
requir$ to be %[n on su* return )       
respect to su* ,unit$ ,/ates p]son4  ,! 
writt5 /atem5t requir$ "u ! prec$+      
s5t5ce %all be furni%$ to su* ,unit$    
,/ates p]son on or be=e ,janu>y #ca ( ! 
ye> foll[+ ! cal5d> ye> = :i* ! return  
"u subsection 7a7 0 requir$ to be made4 
7d7 ,exemption ,! ,secret>y may by      
regulations exempt any class ( ,unit$   
,/ates p]sons or any class ( acc\nts or 
entities f ! requirem5ts ( ?is section  

if ! ,secret>y det]m9es t apply+ ?is    
section to su* p]sons1 acc\nts1 or      
entities is n necess>y to c>ry out !    
purposes ( ?is section4  4  7b7         
,p5alties  7#a7 ,returns ,section       
#fgbd7;d77#a77;,b7 is am5d$ by /rik+ or 
at ! end ( clause 7xxiv71 by /rik+ & at 
! end ( clause 7xxv71 & by add+ aft]    
clause 7xxv7 ! foll[+ new clauses3      
7xxvi7 section #fjde;,c7a7 7relat+ to   
returns reg>d+ ,unit$ ,/ates b5eficial  
own]s ( f9ancial acc\nts locat$ 9 !     
,unit$ ,/ates & held 9 ! "n ( a =eign   
entity71 or  7xxvii7 section #fjde;,d7a7
 7relat+ to returns by f9ancial         
in/itutions reg>d+ e/abli%m5t ( acc\nts 
at non-,,fatca in/itutions71 &  4  7#b7 
,payee /atem5ts ,section #fgbd7;d77#b7  
is am5d$ by /rik+ or at ! end (         
subp>agraph 7,,gg71 by /rik+ ! p]iod at 
! end ( subp>agraph 7,,hh71 & by ins]t+ 
aft] subp>agraph 7,,hh7 ! foll[+ new    
subp>agraphs3  7,,ii7 section           
#fjde;,c7c7 7relat+ to returns reg>d+   
,unit$ ,/ates b5eficial own]s ( f9ancial

 acc\nts locat$ 9 ! ,unit$ ,/ates & held
 9 ! "n ( a =eign entity71  7,,jj7      
section #fjde;,d7c7 7relat+ to returns  
by f9ancial in/itutions reg>d+          
e/abli%m5t ( acc\nts at non-,,fatca     
in/itutions74  4  7c7 ,cl]ical am5dm5t  
,! table ( sections = subp>t ,b ( "p    
,,iii ( sub*apt] ,a ( *apt] #fa is am5d$
 by ins]t+ aft] ! item relat+ to section
 #fjde;,b ! foll[+ new items3  ,sec4    
#fjde;,c4 ,returns reg>d+ ,unit$ ,/ates 
b5eficial own]s ( f9ancial acc\nts      
locat$ 9 ! ,unit$ ,/ates & held 9 ! "n (
 a =eign entity4 ,sec4 #fjde;,d4        
,returns by f9ancial in/itutions reg>d+ 
e/abli%m5t ( acc\nts at non-,,fatca     
in/itutions4  4  7d7 ,additional        
p5alties  7#a7 ,additional p5alties on  
banks ,section #ebci7;b77#a7 ( ! ,revis$
 ,/atutes 7#ab ,u4,s4,c4 #ic7;b77#a77 is
 am5d$ by ins]t+ or any ( ! provisions (
 section #fjde;,d ( ! ,int]nal ,rev5ue  
,code ( #aihf1 aft] any regulation issu$
 pursuant !reto14  7#b7 ,additional     
p5alties on securities firms ,section   

#ba7;d77#c77;,a7 ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghu7d77#c77;,a77 is am5d$ by ins]t+ any
 ( ! provisions ( section #fjde;,d ( !  
,int]nal ,rev5ue ,code ( #aihf1 aft] !  
rules or regulations !reund]14  7e7     
,regulatory au?ority & effective date   
7#a7 ,regulatory ,au?ority ,n lat] ?an  
#ahj days aft] ! date ( ! enactm5t ( ?is
 ,act1 ! ,secret>y ( ! ,treasury %all   
adopt regulations1 =ms1 or o!r guidance 
necess>y to implem5t ?is section4  7#b7 
,effective ,date ,section #fjde;,c ( !  
,int]nal ,rev5ue ,code ( #aihf 7z add$  
by ?is section7 & ! am5dm5t made by     
subsection 7d77#a7 %all take effect )   
respect to am\nts paid into =eign own$  
acc\nts locat$ 9 ! ,unit$ ,/ates aft]   
,decemb] #ca ( ! ye> ( ! date ( !       
enactm5t ( ?is ,act4 ,section #fjde;,d (
 su* ,code 7z s add$7 & ! am5dm5t made  
by subsection 7d77#b7 %all take effect )
 respect to acc\nts op5$ aft] ,decemb]  
#ca ( ! ye> ( ! date ( ! enactm5t ( ?is 
,act4  #aje4 ,swap paym5ts made f !     

,unit$ ,/ates to p]sons (f%ore  7a7 ,tax
 on swap paym5ts receiv$ by =eign p]sons
 ,section #hga7;a77#a7 is am5d$--  7#a7 
by ins]t+ swap paym5ts 7z id5tifi$ 9    
section #abef7;b77#b77;,b771 aft]       
annuities1 9 subp>agraph 7,a71 &  7#b7  
by add+ at ! end ! foll[+ new s5t5ce3 ,9
 ! case ( swap paym5ts1 ! s\rce ( a swap
 paym5t is det]m9$ by ref]5ce to !      
location ( ! payor44  7b7 ,tax on swap  
paym5ts receiv$ by =eign corporations   
,section #hha7;a7 is am5d$--  7#a7 by   
ins]t+ swap paym5ts 7z id5tifi$ 9       
section #abef7;b77#b77;,b771 aft]       
annuities1 9 p>agraph 7#a71 &  7#b7 by  
add+ at ! end ! foll[+ new s5t5ce3 ,9 ! 
case ( swap paym5ts1 ! s\rce ( a swap   
paym5t is det]m9$ by ref]5ce to !       
location ( ! payor44  ,,ii ,o!r measures
 to combat tax hav5 & tax %elt] abuses  
#bja4 ,c\ntry-by-c\ntry report+  7a7    
,c\ntry-by-,c\ntry report+ ,section #ac 
( ! ,securities ,ex*ange ,act ( #aicd   
7#ae ,u4,s4,c4 #ghm7 is am5d$ by add+ at
 ! end ! foll[+ new subsection3  7s7    

,disclosure ( f9ancial p]=mance on a    
c\ntry-by-,c\ntry basis  7#a7           
,def9itions ,9 ?is subsection--  7,a7 ! 
t]m issu] gr\p means ! issu]1 ea*       
subsidi>y ( ! issu]1 & ea* entity "u !  
control ( ! issu]2 &  7,b7 ! t]m c\ntry 
( op]ation means ea* c\ntry 9 :i* a     
memb] ( ! issu] gr\p is incorporat$1    
organiz$1 ma9ta9s employees1 or conducts
 significant bus9ess activities4  7#b7  
,rules requir$ ,! ,commission %all issue
 rules t require ea* issu] to include 9 
an annual report fil$ by ! issu] ) !    
,commission in=mation on a              
c\ntry-by-c\ntry basis dur+ ! cov]$     
p]iod1 consi/+ (--  7,a7 a li/ ( ea*    
c\ntry ( op]ation & ! "n ( ea* entity ( 
! issu] gr\p domicil$ 9 ea* c\ntry (    
op]ation2  7,b7 ! numb] ( employees     
physically work+ 9 ea* c\ntry (         
op]ation2  7,c7 ! total pre-tax gross   
rev5ues ( ea* memb] ( ! issu] gr\p 9 ea*
 c\ntry ( op]ation2  7,d7 ! total am\nt 
( paym5ts made to gov]nm5ts by ea* memb]
 ( ! issu] gr\p 9 ea* c\ntry ( op]ation1

 )\t exception1 includ+1 & set =?       
accord+ to--  7i7 total ,f$]al1         
regional1 local1 & o!r tax assess$ aga9/
 ea* memb] ( ! issu] gr\p ) respect to  
ea* c\ntry ( op]ation dur+ ! cov]$      
p]iod2 &  7ii7 aft] any tax d$uctions1  
tax cr$its1 tax =giv5ess1 or o!r tax    
b5efits or waiv]s1 ! total am\nt ( tax  
paid f ! treasury ( ea* memb] ( ! issu] 
gr\p to ! gov]nm5t ( ea* c\ntry (       
op]ation dur+ ! cov]$ p]iod2 &  7,e7 su*
 o!r f9ancial in=mation z ! ,commission 
may det]m9e is necess>y or appropriate 9
 ! public int]e/ or = ! protection (    
inve/ors4  4  7b7 ,rulemak+  7#a7       
,deadl9es ,! ,securities & ,ex*ange     
,commission 79 ?is section ref]r$ to z !
 ,commission7 %all--  7,a7 n lat] ?an   
#bgj days aft] ! date ( enactm5t ( ?is  
,act1 issue a propos$ rule to c>ry out  
?is section & ! am5dm5t made by ?is     
section2 &  7,b7 n lat] ?an #a ye> aft] 
! date ( enactm5t ( ?is ,act1 issue a   
f9al rule to c>ry out ?is section & !   
am5dm5t made by ?is section4  7#b7 ,data

 =mat ,! in=mation requir$ to be provid$
 by ?is section %all be provid$ by !    
issu] 9 a =mat prescrib$ by !           
,commission1 & %all be made available to
 ! public onl9e1 9 su* =mat z !         
,commission %all prescribe4  7#c7       
,effective date ,subsection 7s7 (       
section #ac ( ! ,securities ,ex*ange    
,act ( #aicd1 z add$ by ?is section1    
%all become effective #a ye> aft] ! date
 on :i* ! ,commission issues a f9al rule
 "u ?is section4  #bjb4 ,p5alty = fail+ 
to disclose (f%ore hold+s  7a7          
,securities ,ex*ange ,act ( #aicd       
,section #ba7;d77#c77;,b7 ( !           
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghu7d77#c77;,b77 is am5d$ by 
add+ at ! end ! foll[+3  7iv7 ,f\r? ti] 
,not)/&+ clauses 7i71 7ii71 & 7iii71 =  
ea* violation1 ! am\nt ( ! p5alty %all n
 exce$ #a1jjj1jjj = any natural p]son or
 #aj1jjj1jjj = any o!r p]son1 if--  7,i7
 su* p]son directly or indirectly       
controll$ any =eign entity1 includ+ any 
tru/1 corporation1 limit$ liability     

company1 p>tn]%ip1 or f\ndation ?r\gh   
:i* an issu] pur*as$1 sold1 or held     
equity or debt in/rum5ts2  7,,ii7 su*   
p]son kn[+ly or recklessly fail$ to     
disclose any su* hold+1 pur*ase1 or sale
 by ! issu]2 &  7,,iii7 ! hold+1        
pur*ase1 or sale w\ld h be5 o!rwise     
subject to disclosure by ! issu] or su* 
p]son "u ?is title4  4  7b7 ,securities 
,act ( #aicc ,section #bj7;d77#b7 ( !   
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#ggt7d77#b77 is am5d$ by add+ at ! end !
 foll[+3  7,d7 ,f\r? ti] ,not)/&+       
subp>agraphs 7,a71 7,b71 & 7,c71 = ea*  
violation1 ! am\nt ( ! p5alty %all n    
exce$ #a1jjj1jjj = any natural p]son or 
#aj1jjj1jjj = any o!r p]son1 if--  7i7  
su* p]son directly or indirectly        
controll$ any =eign entity1 includ+ any 
tru/1 corporation1 limit$ liability     
company1 p>tn]%ip1 or f\ndation ?r\gh   
:i* an issu] pur*as$1 sold1 or held     
equity or debt in/rum5ts2  7ii7 su*     
p]son kn[+ly or recklessly fail$ to     
disclose any su* hold+1 pur*ase1 or sale

 by ! issu]2 &  7iii7 ! hold+1 pur*ase1 
or sale w\ld h be5 o!rwise subject to   
disclosure by ! issu] or su* p]son "u   
?is title4  4  7c7 ,inve/m5t ,advis]s   
,act ( #aidj ,section #bjc7;i77#b7 ( !  
,inve/m5t ,advis]s ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;b-#c7;i77#b77 is am5d$ by 
add+ at ! end ! foll[+3  7,d7 ,f\r? ti] 
,not)/&+ subp>agraphs 7,a71 7,b71 &     
7,c71 = ea* violation1 ! am\nt ( !      
p5alty %all n exce$ #a1jjj1jjj = any    
natural p]son or #aj1jjj1jjj = any o!r  
p]son1 if--  7i7 su* p]son directly or  
indirectly controll$ any =eign entity1  
includ+ any tru/1 corporation1 limit$   
liability company1 p>tn]%ip1 or         
f\ndation ?r\gh :i* an issu] pur*as$1   
sold1 or held equity or debt in/rum5ts2 
7ii7 su* p]son kn[+ly or recklessly     
fail$ to disclose any su* hold+1        
pur*ase1 or sale by ! issu]2 &  7iii7 ! 
hold+1 pur*ase1 or sale w\ld h be5      
o!rwise subject to disclosure by ! issu]
 or su* p]son "u ?is title4  4  #bjc4   
,deadl9e = anti-money laund]+ rule =    

inve/m5t advis]s  7a7 ,anti-,money      
laund]+ obligations = inve/m5t advis]s  
,section #ecab7;a77#b7 ( title #ca1     
,unit$ ,/ates ,code1 is am5d$--  7#a7 9 
subp>agraph 7,y71 by /rik+ or at ! end2 
7#b7 by r$esignat+ subp>agraph 7,z7 z   
subp>agraph 7,,bb72 &  7#c7 by ins]t+   
aft] subp>agraph 7,y7 ! foll[+3  7,z7 an
 inve/m5t advis]2  4  7b7 ,rules requir$
 ,! ,secret>y ( ! ,treasury %all--  7#a7
 9 consultation ) ! ,*airman ( !        
,securities & ,ex*ange ,commission & !  
,*airman ( ! ,commodity ,futures ,trad+ 
,commission1 n lat] ?an #bgj days aft] !
 date ( enactm5t ( ?is ,act1 publi% a   
propos$ rule 9 ! ,f$]al ,regi/] to c>ry 
out ! am5dm5ts made by ?is section2 &   
7#b7 n lat] ?an #ahj days aft] ! date ( 
enactm5t ( ?is ,act1 publi% a f9al rule 
9 ! ,f$]al ,regi/] on ! matt] describ$ 9
 p>agraph 7#a74  7c7 ,cont5ts ,! f9al   
rule publi%$ "u ?is section %all        
require1 at a m9imum1 ea* inve/m5t      
advis] 7z def9$ 9 section #bjb7;a77#aa7 
( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae

 ,u4,s4,c4 #hj;b-#b7;a77#aa777 regi/]$ )
 ! ,securities & ,ex*ange ,commission   
pursuant to section #bjc ( t ,act 7#ae  
,u4,s4,c4 #hj;b-#c7--  7#a7 to submit   
suspici\s activity reports & e/abli% an 
anti-money laund]+ program "u           
subsections 7g7 & 7h71 respectively1 (  
section #ecah ( title #ca1 ,unit$ ,/ates
 ,code2 &  7#b7 to comply )--  7,a7 !   
cu/om] id5tification program requirem5ts
 "u section #ecah7l7 ( title #ca1 ,unit$
 ,/ates ,code2 &  7,b7 ! due dilig5ce   
requirem5ts "u section #ecah7;i7 ( title
 #ca1 ,unit$ ,/ates ,code4  #bjd4       
,anti-money laund]+ requirem5ts =       
=mation ag5ts  7a7 ,anti-,money laund]+ 
obligations = =mation ag5ts ,section    
#ecab7;a77#b7 ( title #ca1 ,unit$ ,/ates
 ,code1 z am5d$ by section #aac ( ?is   
,act1 is am5d$ by ins]t+ aft]           
subp>agraph 7,z7 ! foll[+3  7,,aa7 any  
p]son engag$ 9 ! bus9ess ( =m+ new      
corporations1 limit$ liability          
companies1 p>tn]%ips1 tru/s1 or o!r     
legal entities2 or  4  7b7 ,deadl9e =   

anti-,money laund]+ rule = =mation ag5ts
  7#a7 ,propos$ rule ,! ,secret>y ( !   
,treasury1 9 consultation ) ! ,attorney 
,g5]al ( ! ,unit$ ,/ates1 ! ,secret>y ( 
,homel& ,security1 & ! ,commission] (   
,int]nal ,rev5ue1 %all--  7,a7 n lat]   
?an #abj days aft] ! date ( enactm5t (  
?is ,act1 publi% a propos$ rule 9 !     
,f$]al ,regi/] requir+ p]sons describ$ 9
 section #ecab7;a77#b77;,,aa7 ( title   
#ca1 ,unit$ ,/ates ,code1 z add$ by ?is 
section1 to e/abli% anti-money laund]+  
programs "u section #ecah7;h7 ( t title2
 &  7,b7 n lat] ?an #bgj days aft] !    
date ( enactm5t ( ?is ,act1 publi% a    
f9al rule 9 ! ,f$]al ,regi/] on ! matt] 
describ$ 9 subp>agraph 7,a74  7#b7      
,exclusions ,! rule promulgat$ "u ?is   
subsection %all exclude f ! category (  
p]sons engag$ 9 ! bus9ess ( =m+ new     
corporations or o!r entities--  7,a7 any
 gov]nm5t ag5cy2 &  7,b7 any attorney or
 law firm t uses a paid =mation ag5t    
op]at+ )9 ! ,unit$ ,/ates to =m su*     
corporations or o!r entities4  #bje4    

,/r5g!n+ ,john ,doe summons proce$+s    
7a7 ,9 g5]al ,subsection 7f7 ( section  
#gfji is am5d$ to read z foll[s3  7f7   
,additional requirem5t 9 ! case ( a     
,john ,doe summons  7#a7 ,g5]al ,rule   
,any summons describ$ 9 subsection      
7c77#a7 :i* does n id5tify ! p]son )    
respect to ^: liability ! summons is    
issu$ may be s]v$ only aft] a c\rt      
proce$+ 9 :i* ! ,secret>y e/abli%es t-- 
7,a7 ! summons relates to ! inve/igation
 ( a p>ticul> p]son or asc]ta9able gr\p 
or class ( p]sons1  7,b7 !re is a       
reasonable basis = believ+ t su* p]son  
or gr\p or class ( p]sons may fail or   
may h fail$ to comply ) any provision ( 
any int]nal rev5ue law1 &  7,c7 !       
in=mation s\ght to be obta9$ f !        
exam9ation ( ! records or te/imony 7& ! 
id5tity ( ! p]son or p]sons ) respect to
 ^: liability ! summons is issu$7 is n  
readily available f o!r s\rces4  7#b7   
,exception ,p>agraph 7#a7 %all n apply  
to any summons :i* specifies t x is     
limit$ to in=mation reg>d+ a ,unit$     

,/ates correspond5t acc\nt 7z def9$ 9   
section #ecah;,a7e77#a77;,b7 ( title    
#ca1 ,unit$ ,/ates ,code7 or a ,unit$   
,/ates payable-?r\gh acc\nt 7z def9$ 9  
section #ecah;,a7e77#a77;,c7 ( su*      
title7 ( a f9ancial in/itution t is held
 at a non-,,fatca in/itution 7z def9$ 9 
section #ggja7;a77#ea774  7#c7          
,presumption 9 cases involv+ non-fatca  
in/itutions ,= purposes ( ?is section1 9
 any case 9 :i* ! p>ticul> p]son or     
asc]ta9able gr\p or class ( p]sons h    
f9ancial acc\nts 9 or transactions      
relat$ to a non-,,fatca in/itution 7z   
def9$ 9 section #ggja7;a77#ea771 !re    
%all be a presumption t !re is a        
reasonable basis = believ+ t su* p]son  
or gr\p or class ( p]sons may fail or   
may h fail$ to comply ) provisions (    
int]nal rev5ue law4  7#d7 ,project ,john
 ,doe summonses  7,a7 ,9 g5]al ,not)/&+ 
! requirem5ts ( p>agraph 7#a71 !        
,secret>y may issue a summons describ$ 9
 p>agraph 7#a7 if ! summons--  7i7      
relates to a project :i* is approv$ "u  

subp>agraph 7,b71  7ii7 is issu$ to a   
p]son :o is a memb] ( ! gr\p or class   
e/abli%$ "u subp>agraph 7,b77i71 &      
7iii7 is issu$ )9 #c ye>s ( ! date on   
:i* su* project 0 approv$ "u subp>agraph
 7,b74  7,b7 ,approval ( projects ,a    
project may only be approv$ "u ?is      
subp>agraph aft] a c\rt proce$+ 9 :i* ! 
,secret>y e/abli%es t--  7i7 any summons
 issues ) respect to ! project w be     
issu$ to a memb] ( an asc]ta9able gr\p  
or class ( p]sons1 &  7ii7 any summons  
issu$ ) respect to su* project w meet ! 
requirem5ts ( p>agraph 7#a74  7,c7      
,ext5sion ,^u application ( ! ,secret>y1
 ! c\rt may ext5d ! "t = issu+ su*      
summonses "u subp>agraph 7,a77i7 =      
additional #c-ye> p]iods1 b only if !   
c\rt cont9ues to ex]cise ov]sight ( su* 
project "u subp>agraph 7,d74  7,d7      
,ongo+ c\rt ov]sight ,dur+ any p]iod 9  
:i* ! ,secret>y is au?oriz$ to issue    
summonses 9 relation to a project       
approv$ "u subp>agraph 7,b7 7includ+    
dur+ any ext5sion "u subp>agraph 7,c771 

! ,secret>y %all report annually to !   
c\rt on ! use ( su* au?ority1 provide   
copies ( all summonses ) su* report1 &  
comply ) ! c\rt's direction ) respect to
 ! issuance ( any ,john ,doe summons "u 
su* project4  4  7b7 ,jurisdiction (    
c\rt  7#a7 ,9 g5]al ,p>agraph 7#a7 (    
section #gfji7;h7 is am5d$ by ins]t+    
aft] ! fir/ s5t5ce ! foll[+ new s5t5ce3 
,any ,unit$ ,/ates di/rict c\rt 9 :i* a 
memb] ( ! gr\p or class to :i* a summons
 may be issu$ resides or is f\nd %all h 
jurisdiction to he> & det]m9e ! approval
 ( a project "u subsection              
7f77#b77;,b744  7#b7 ,con=m+ am5dm5t ,! 
fir/ s5t5ce ( section #gfji7;h77#a7 is  
am5d$ by /rik+ 7f7 & ins]t+ 7f77#a74    
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to summonses     
issu$ aft] ! date ( ! enactm5t ( ?is    
,act4  #bjf4 ,improv+ en=cem5t ( =eign  
f9ancial acc\nt report+  7a7 ,cl>ify+ ! 
connection ( =eign f9ancial acc\nt      
report+ to tax adm9i/ration ,p>agraph   
7#d7 ( section #fajc7;b7 is am5d$ by    

add+ at ! end ! foll[+ new s5t5ce3  ,=  
purposes ( subp>agraph 7,a77i71 section 
#ecad ( title #ca1 ,unit$ ,/ates ,code1 
& sections #ecba & #ecbb ( su* title 7z 
su* sections p]ta9 to su* section       
#ecad71 %all be consid]$ relat$ /atutes4
 4  7b7 ,simplify+ ! calculation ( =eign
 f9ancial acc\nt report+ p5alties       
,section #ecba7;a77#e77;,d77ii7 ( title 
#ca1 ,unit$ ,/ates ,code1 is am5d$ by   
/rik+ ! balance 9 ! acc\nt at ! "t ( !  
violation & ins]t+ ! highe/ balance 9 ! 
acc\nt dur+ ! report+ p]iod to :i* !    
violation relates4  7c7 ,cl>ify+ ! use (
 suspici\s activity reports "u ! ,bank  
,secrecy ,act = civil tax law en=cem5t  
,section #ecai ( title #ca1 ,unit$      
,/ates ,code1 is am5d$ by ins]t+ ! civil
 & crim9al en=cem5t divisions ( !       
,int]nal ,rev5ue ,s]vice1 aft] includ+4 
,,iii ,combat+ tax %elt] promot]s  #cja4
 ,p5alty = promot+ abusive tax %elt]s   
7a7 ,p5alty = promot+ abusive tax %elt]s
 ,section #fgjj is am5d$--  7#a7 by     
r$esignat+ subsections 7b7 & 7c7 z      

subsections 7d7 & 7e71 respectively1    
7#b7 by /rik+ a p5alty & all t foll[s   
?r\gh ! p]iod 9 ! fir/ s5t5ce (         
subsection 7a7 & ins]t+ a p5alty det]m9$
 "u subsection 7b71 &  7#c7 by ins]t+   
aft] subsection 7a7 ! foll[+ new        
subsections3  7b7 ,am\nt ( p5alty2      
calculation ( p5alty2 liability = p5alty
  7#a7 ,am\nt ( p5alty ,! am\nt ( !     
p5alty impos$ by subsection 7a7 %all n  
exce$ #aej p]c5t ( ! gross income d]iv$ 
7or to be d]iv$7 f su* activity by !    
p]son or p]sons subject to su* p5alty4  
7#b7 ,calculation ( p5alty ,! p5alty    
am\nt det]m9$ "u p>agraph 7#a7 %all be  
calculat$ ) respect to ea* in/ance ( an 
activity describ$ 9 subsection 7a71 ea* 
in/ance 9 :i* income 0 d]iv$ by ! p]son 
or p]sons subject to su* p5alty1 & ea*  
p]son :o p>ticipat$ 9 su* an activity4  
7#c7 ,liability = p5alty ,if m ?an #a   
p]son is liable "u subsection 7a7 )     
respect to su* activity1 all su* p]sons 
%all be jo9tly & sev]ally liable = !    
p5alty "u su* subsection4  7c7 ,p5alty n

 d$uctible ,! paym5t ( any p5alty impos$
 "u ?is section or ! paym5t ( any am\nt 
to settle or avoid ! imposition ( su*   
p5alty %all n be consid]$ an ord9>y &   
necess>y exp5se 9 c>ry+ on a trade or   
bus9ess = purposes ( ?is title & %all n 
be d$uctible by ! p]son :o is subject to
 su* p5alty or :o makes su* paym5t4  4  
7b7 ,con=m+ am5dm5t ,section #fgjj7;a7  
is am5d$ by /rik+ ! la/ s5t5ce4  7c7    
,effective date ,! am5dm5ts made by ?is 
section %all apply to activities aft] ! 
date ( ! enactm5t ( ?is ,act4  #cjb4    
,p5alty = aid+ & abett+ ! und]/atem5t ( 
tax liability  7a7 ,9 g5]al ,section    
#fgja7;a7 is am5d$--  7#a7 by ins]t+ !  
tax liability or aft] respect to1 9     
p>agraph 7#a71  7#b7 by ins]t+ aid1     
assi/ance1 procurem5t1 or advice )      
respect to su* be=e portion bo? places x
 appe>s 9 p>agraphs 7#b7 & 7#c71 &  7#c7
 by ins]t+ in/ance ( aid1 assi/ance1    
procurem5t1 or advice or ea* su* be=e   
docum5t 9 ! matt] foll[+ p>agraph 7#c74 
7b7 ,am\nt ( p5alty ,subsection 7b7 (   

section #fgja is am5d$ to read z foll[s3
  7b7 ,am\nt ( p5alty2 calculation (    
p5alty2 liability = p5alty  7#a7 ,am\nt 
( p5alty ,! am\nt ( ! p5alty impos$ by  
subsection 7a7 %all n exce$ #aej p]c5t (
 ! gross income d]iv$ 7or to be d]iv$7 f
 su* aid1 assi/ance1 procurem5t1 or     
advice provid$ by ! p]son or p]sons     
subject to su* p5alty4  7#b7            
,calculation ( p5alty ,! p5alty am\nt   
det]m9$ "u p>agraph 7#a7 %all be        
calculat$ ) respect to ea* in/ance (    
aid1 assi/ance1 procurem5t1 or advice   
describ$ 9 subsection 7a71 ea* in/ance 9
 :i* income 0 d]iv$ by ! p]son or p]sons
 subject to su* p5alty1 & ea* p]son :o  
made su* an und]/atem5t ( ! liability = 
tax4  7#c7 ,liability = p5alty ,if m ?an
 #a p]son is liable "u subsection 7a7 ) 
respect to provid+ su* aid1 assi/ance1  
procurem5t1 or advice1 all su* p]sons   
%all be jo9tly & sev]ally liable = !    
p5alty "u su* subsection4  4  7c7       
,p5alty n d$uctible ,section #fgja is   
am5d$ by add+ at ! end ! foll[+ new     

subsection3  7g7 ,p5alty n d$uctible ,! 
paym5t ( any p5alty impos$ "u ?is       
section or ! paym5t ( any am\nt to      
settle or avoid ! imposition ( su*      
p5alty %all n be consid]$ an ord9>y &   
necess>y exp5se 9 c>ry+ on a trade or   
bus9ess = purposes ( ?is title & %all n 
be d$uctible by ! p]son :o is subject to
 su* p5alty or :o makes su* paym5t4  4  
7d7 ,effective date ,! am5dm5ts made by 
?is section %all apply to activities    
aft] ! date ( ! enactm5t ( ?is ,act4    
#cjc4 ,prohibit$ fee arrangem5t  7a7 ,9 
g5]al ,section #fgja1 z am5d$ by ?is    
,act1 is am5d$--  7#a7 by r$esignat+    
subsections 7f7 & 7g7 z subsections 7g7 
& 7h71 respectively1  7#b7 by /rik+     
subsection 7a74 9 p>agraphs 7#b7 & 7#c7 
( subsection 7g7 7z r$esignat$ by       
p>agraph 7#a77 & ins]t+ subsection 7a7  
or 7f741 &  7#c7 by ins]t+ aft]         
subsection 7e7 ! foll[+ new subsection3 
7f7 ,prohibit$ fee arrangem5t  7#a7 ,9  
g5]al ,any p]son :o makes an agreem5t =1
 *>ges1 or collects a fee :i* is =      

s]vices provid$ 9 connection ) ! int]nal
 rev5ue laws1 & ! am\nt ( :i* is        
calculat$ accord+ to1 or is dep5d5t ^u1 
a project$ or actual am\nt (--  7,a7 tax
 sav+s or b5efits1 or  7,b7 losses :i* c
 be us$ to (fset o!r taxable income1    
%all pay a p5alty ) respect to ea* su*  
fee activity 9 ! am\nt det]m9$ "u       
subsection 7b74  7#b7 ,rules ,!         
,secret>y may issue rules to c>ry out ! 
purposes ( ?is subsection & may provide 
exceptions = fee arrangem5ts t are 9 !  
public int]e/4  4  7b7 ,effective date  
,! am5dm5ts made by ?is section %all    
apply to fee agreem5ts1 *>ges1 &        
collections made aft] ! date ( !        
enactm5t ( ?is ,act4  #cjd4 ,prev5t+ tax
 %elt] activities by f9ancial           
in/itutions  7a7 ,exam9ations  7#a7     
,developm5t ( exam9ation te*niques ,ea* 
( ! ,f$]al bank+ ag5cies & ! ,commission
 %all1 9 consultation ) ! ,int]nal      
,rev5ue ,s]vice1 develop exam9ation     
te*niques to detect pot5tial violations 
( section #fgjj or #fgja ( ! ,int]nal   

,rev5ue ,code ( #aihf1 by depository    
in/itutions1 brok]s1 deal]s1 & inve/m5t 
advis]s1 z appropriate4  7#b7           
,implem5tation ,ea* ( ! ,f$]al bank+    
ag5cies & ! ,commission %all implem5t ! 
exam9ation te*niques develop$ "u        
p>agraph 7#a7 ) respect to ea* ( !      
depository in/itutions1 brok]s1 deal]s1 
or inve/m5t advis]s subject to _!       
en=cem5t au?ority4 ,su* exam9ation %all1
 to ! ext5t possible1 be comb9$ ) any   
exam9ation by su* ag5cy o!rwise requir$ 
or au?oriz$ by ,f$]al law4  7b7 ,report 
to int]nal rev5ue s]vice ,9 any case 9  
:i* an exam9ation conduct$ "u ?is       
section ) respect to a f9ancial         
in/itution or o!r entity reveals a      
pot5tial violation1 su* ag5cy %all      
promptly notify ! ,int]nal ,rev5ue      
,s]vice ( su* pot5tial violation =      
inve/igation & en=cem5t by ! ,int]nal   
,rev5ue ,s]vice1 9 accordance )         
applicable provisions ( law4  7c7       
,report to congress ,! ,f$]al bank+     
ag5cies & ! ,commission %all submit a   

jo9t writt5 report to ,congress 9 #bjac 
on _! progress 9 prev5t+ violations (   
sections #fgjj & #fgja ( ! ,int]nal     
,rev5ue ,code ( #aihf1 by depository    
in/itutions1 brok]s1 deal]s1 & inve/m5t 
advis]s1 z appropriate4  7d7 ,def9itions
 ,= purposes ( ?is section--  7#a7 !    
t]ms brok]1 deal]1 & inve/m5t advis] h !
 same mean+s z 9 section #c ( !         
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c72  7#b7 ! t]m           
,commission means ! ,securities &       
,ex*ange ,commission2  7#c7 ! t]m       
depository in/itution has ! same mean+ z
 9 section #c7;c7 ( ! ,f$]al ,deposit   
,insurance ,act 7#ab ,u4,s4,c4          
#ahac7;c772  7#d7 ! t]m ,f$]al bank+    
ag5cies has ! same mean+ z 9 section    
#c7q7 ( ! ,f$]al ,deposit ,insurance    
,act 7#ab ,u4,s4,c4 #ahac7q772 &  7#e7 !
 t]m ,secret>y means ! ,secret>y ( !    
,treasury4  #cje4 ,in=mation %>+ =      
en=cem5t purposes  7a7 ,promotion (     
prohibit$ tax %elt]s or tax avoidance   
s*emes ,section #fajc7;h7 is am5d$ by   

add+ at ! end ! foll[+ new p>agraph3    
7#g7 ,disclosure ( returns & return     
in=mation relat$ to promotion (         
prohibit$ tax %elt]s or tax avoidance   
s*emes  7,a7 ,writt5 reque/ ,^u receipt 
by ! ,secret>y ( a writt5 reque/ :i*    
meets ! requirem5ts ( subp>agraph 7,b7 f
 ! head ( ! ,unit$ ,/ates ,securities & 
,ex*ange ,commission1 an appropriate    
,f$]al bank+ ag5cy z def9$ "u section   
#ahac7q7 ( title #ab1 ,unit$ ,/ates     
,code1 or ! ,public ,company ,acc\nt+   
,ov]sight ,bo>d1 a return or return     
in=mation %all be disclos$ to su*       
reque/or's (fic]s & employees :o are    
p]sonally & directly engag$ 9 an        
inve/igation1 exam9ation1 or proce$+ by 
su* reque/or to evaluate1 det]m9e1      
p5alize1 or det] conduct by a f9ancial  
in/itution1 issu]1 or public acc\nt+    
firm1 or associat$ p]son1 9 connection )
 a pot5tial or actual violation (       
section #fgjj 7promotion ( abusive tax  
%elt]s71 #fgja 7aid+ & abett+           
und]/atem5t ( tax liability71 or        

activities relat$ to promot+ or         
facilitat+ inappropriate tax avoidance  
or tax evasion4 ,su* disclosure %all be 
solely = use by su* (fic]s & employees 9
 su* inve/igation1 exam9ation1 or       
proce$+4 ,9 ! discretion ( ! ,secret>y1 
su* disclosure may take ! =m ( !        
p>ticipation ( ,int]nal ,rev5ue ,s]vice 
employees 9 a jo9t inve/igation1        
exam9ation1 or proce$+ ) ! ,securities &
 ,ex*ange ,commission1 ,f$]al bank+     
ag5cy1 or ,public ,company ,acc\nt+     
,ov]sight ,bo>d4  7,b7 ,requirem5ts ,a  
reque/ meets ! requirem5ts ( ?is        
subp>agraph if x sets =?--  7i7 ! nature
 ( ! inve/igation1 exam9ation1 or       
proce$+1  7ii7 ! /atutory au?ority "u   
:i* su* inve/igation1 exam9ation1 or    
proce$+ is be+ conduct$1  7iii7 ! "n or 
names ( ! f9ancial in/itution1 issu]1 or
 public acc\nt+ firm to :i* su* return  
in=mation relates1  7iv7 ! taxable p]iod
 or p]iods to :i* su* return in=mation  
relates1 &  7v7 ! specific reason or    
reasons :y su* disclosure is1 or may be1

 relevant to su* inve/igation1          
exam9ation or proce$+4  7,c7 ,f9ancial  
in/itution ,= ! purposes ( ?is p>agraph1
 ! t]m f9ancial in/itution means a      
depository in/itution1 =eign bank1      
insur$ in/itution1 indu/rial loan       
company1 brok]1 deal]1 inve/m5t company1
 inve/m5t advisor1 or o!r entity subject
 to regulation or ov]sight by ! ,unit$  
,/ates ,securities & ,ex*ange           
,commission or an appropriate ,f$]al    
bank+ ag5cy4  4  7b7 ,f9ancial & acc\nt+
 fraud inve/igations ,section #fajc7;i7 
is am5d$ by add+ at ! end ! foll[+ new  
p>agraph3  7#i7 ,disclosure ( returns & 
return in=mation = use 9 f9ancial &     
acc\nt+ fraud inve/igations  7,a7       
,writt5 reque/ ,^u receipt by !         
,secret>y ( a writt5 reque/ :i* meets ! 
requirem5ts ( subp>agraph 7,b7 f ! head 
( ! ,unit$ ,/ates ,securities & ,ex*ange
 ,commission or ! ,public ,company      
,acc\nt+ ,ov]sight ,bo>d1 a return or   
return in=mation %all be disclos$ to su*
 reque/or's (fic]s & employees :o are   

p]sonally & directly engag$ 9 an        
inve/igation1 exam9ation1 or proce$+ by 
su* reque/] to evaluate ! accuracy ( a  
f9ancial /atem5t or report1 or to       
det]m9e :e!r to require a re/atem5t1    
p5alize1 or det] conduct by an issu]1   
inve/m5t company1 or public acc\nt+     
firm1 or associat$ p]son1 9 connection )
 a pot5tial or actual violation ( audit+
 /&>ds or prohibitions aga9/ false or   
mislead+ /atem5ts or omissions 9        
f9ancial /atem5ts or reports4 ,su*      
disclosure %all be solely = use by su*  
(fic]s & employees 9 su* inve/igation1  
exam9ation1 or proce$+4  7,b7           
,requirem5ts ,a reque/ meets !          
requirem5ts ( ?is subp>agraph if x sets 
=?--  7i7 ! nature ( ! inve/igation1    
exam9ation1 or proce$+1  7ii7 ! /atutory
 au?ority "u :i* su* inve/igation1      
exam9ation1 or proce$+ is be+ conduct$1 
7iii7 ! "n or names ( ! issu]1 inve/m5t 
company1 or public acc\nt+ firm to :i*  
su* return in=mation relates1  7iv7 !   
taxable p]iod or p]iods to :i* su*      

return in=mation relates1 &  7v7 !      
specific reason or reasons :y su*       
disclosure is1 or may be1 relevant to   
su* inve/igation1 exam9ation or proce$+4
  4  7c7 ,effective date ,! am5dm5ts    
made by ?is section %all apply to       
disclosures & to in=mation & docum5t    
reque/s made aft] ! date ( ! enactm5t ( 
?is ,act4  #cjf4 ,disclosure ( in=mation
 to ,congress  7a7 ,disclosure by tax   
return prep>]  7#a7 ,9 g5]al            
,subp>agraph 7,b7 ( section             
#gbaf7;b77#a7 is am5d$ to read z foll[s3
  7,b7 pursuant to any "o ( ! foll[+    
docum5ts1 if cle>ly id5tifi$3  7i7 ,!   
ord] ( any ,f$]al1 ,/ate1 or local c\rt 
( record4  7ii7 ,a subpo5a issu$ by a   
,f$]al or ,/ate gr& jury4  7iii7 ,an    
adm9i/rative ord]1 summons1 or subpo5a  
:i* is issu$ 9 ! p]=mance ( its duties  
by--  7,i7 any ,f$]al ag5cy1 includ+    
,congress or any committee or           
subcommittee !re(1 or  7,,ii7 any ,/ate 
ag5cy1 body1 or commission *>g$ "u !    
laws ( ! ,/ate or a political           

subdivision ( ! ,/ate ) ! lic5s+1       
regi/ration1 or regulation ( tax return 
prep>]s4  4  7#b7 ,effective date ,!    
am5dm5t made by ?is subsection %all     
apply to disclosures made aft] ! date ( 
! enactm5t ( ?is ,act pursuant to any   
docum5t 9 effect on or aft] su* date4   
7b7 ,disclosure by ,secret>y ,p>agraph  
7#b7 ( section #fajd7;a7 is am5d$ to    
read z foll[s3  7#b7 ,inspection by     
,congress  7,a7 ,9 g5]al ,^u receipt ( a
 writt5 reque/ f a committee or         
subcommittee ( ,congress1 copies (      
docum5ts relat$ to a det]m9ation by !   
,secret>y to grant1 d5y1 revoke1 or     
re/ore an organization's exemption f    
taxation "u section #eja %all be provid$
 to su* committee or subcommittee1      
includ+ any application1 notice ( /atus1
 or support+ in=mation provid$ by su*   
organization to ! ,int]nal ,rev5ue      
,s]vice2 any lett]1 analysis1 or o!r    
docum5t produc$ by or = ! ,int]nal      
,rev5ue ,s]vice evaluat+1 det]m9+1      
expla9+1 or relat+ to ! tax exempt /atus

 ( su* organization 7o!r ?an returns1   
unless su* returns are available to !   
public "u ?is section or section #fajc  
or #faaj72 & any communication betwe5 ! 
,int]nal ,rev5ue ,s]vice & any o!r p>ty 
relat+ to ! tax exempt /atus ( su*      
organization4  7,b7 ,additional         
in=mation ,section #fajc7;f7 %all apply 
) respect to--  7i7 ! application =     
exemption ( any organization describ$ 9 
subsection 7c7 or 7d7 ( section #eja :i*
 is exempt f taxation "u section        
#eja7;a7 = any taxable ye> & any        
application ref]r$ to 9 subp>agraph 7,b7
 ( subsection 7a77#a7 ( ?is section1 &  
7ii7 any o!r pap]s :i* are 9 !          
possession ( ! ,secret>y & :i* relate to
 su* application1  z if su* pap]s       
con/itut$ returns4  4  7c7 ,effective   
date ,! am5dm5ts made by ?is section    
%all apply to disclosures & to in=mation
 & docum5t reque/s made aft] ! date ( ! 
enactm5t ( ?is ,act4  #cjg4 ,tax op9ion 
/&>ds = tax practition]s ,section       
#ccj7;d7 ( title #ca1 ,unit$ ,/ates     

,code1 is am5d$ to read z foll[s3  7d7  
,! ,secret>y ( ! ,treasury %all impose  
/&>ds applicable to ! r5d]+ ( writt5    
advice ) respect to any li/$ transaction
 or any entity1 plan1 arrangem5t1 or o!r
 transaction :i* has a pot5tial = tax   
avoidance or evasion4 ,su* /&>ds %all   
address1 b n be limit$ to1 ! foll[+     
issues3  7#a7 ,indep5d5ce ( !           
practition] issu+ su* writt5 advice f   
p]sons promot+1 m>ket+1 or recomm5d+ !  
subject ( ! advice4  7#b7 ,collaboration
 among practition]s1 or betwe5 a        
practition] & o!r p>ty1 :i* c\ld result 
9 su* collaborat+ p>ties hav+ a jo9t    
f9ancial int]e/ 9 ! subject ( ! advice4 
7#c7 ,avoidance ( conflicts ( int]e/ :i*
 w\ld impair auditor indep5d5ce4  7#d7  
,= writt5 advice issu$ by a firm1 /&>ds 
= review+ ! advice & ensur+ ! cons5sus  
support ( ! firm = positions tak54  7#e7
 ,reliance on reasonable factual        
repres5tations by ! taxpay] & o!r       
p>ties4  7#f7 ,appropriat5ess ( ! fees  
*>g$ by ! practition] = ! writt5 advice4

  7#g7 ,prev5t+ practition]s & firms f  
aid+ or abett+ ! und]/atem5t ( tax      
liability by cli5ts4  7#h7 ,bann+ !     
promotion ( pot5tially abusive or       
illegal tax %elt]s4  4