Bloomberg Bloomberg
Comprehensive Tax Research. Practitioner to Practitioner. ®

Internal Revenue Code, § 7270. Insurance Policies

Any person who fails to comply with the requirements of section 4374 (relating to liability for tax on policies issued by foreign insurers), with intent to evade the tax shall, in addition to other penalties provided therefor, pay a fine of double the amount of the tax.
(Aug. 16, 1954, ch. 736, 68A Stat. 865; Oct. 4, 1976, Pub. L. 94-455, title XIX, 1904(b)(5)(A), 90 Stat. 1815.)
Background Notes
1976--Pub. L. 94-455 substituted “liability for tax on policies issued by foreign insurers” for “the affixing of stamps on insurance policies, etc.”.
Effective Date of 1976 Amendment
Amendment by Pub. L. 94-455 effective on the first day of the first month which begins more than 90 days after Oct. 4, 1976, see section 1904(d) of Pub. L. 94-455, set out as a note under section 4041 of this title.
Cross References
Authorization for action to recover fine, see section 7401 of this title.
Jurisdiction of district court of the United States of proceeding for recovery or enforcement of fines, see section 1355 of Title 28, Judiciary and Judicial Procedure.