(a) In general
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).
(b) Failures subject to penalty
For purposes of subsection (a), the failures described in this subsection are—
(1) any failure to make a report under section 4101(d) on or before the date prescribed therefor, and
(2) any failure to include all of the information required to be shown on such report or the inclusion of incorrect information.
(c) Reasonable cause exception
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.
(Added Pub. L. 108–357, title VIII, §863(d)(1), Oct. 22, 2004, 118 Stat. 1620.)
Section 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.