EXTENSION OF STATUTE OF LIMITATIONS FOR FOREIGN TRANSFERS.

SEC. 1145. EXTENSION OF STATUTE OF LIMITATIONS FOR FOREIGN TRANSFERS. (a) In General.—Paragraph (8) of section 6501(c) (relating to failure to notify Secretary under section 6038B) is amended to read as follows: “(8) Failure to notify secretary of certain foreign transfers.—In the case of any information which is required to be reported to the Secretary under section 6038, 6038A, 6038B, 6046, 6046A, or 6048, the time for assessment of any tax imposed by this title with respect to any event or period to which such information relates shall not expire before the date which is 3 years after the date on which the Secretary is furnished the information required to be reported under such section.”. (b) Effective Date.—The amendment made by subsection (a) shall apply to information the due date for the reporting of which is after the date of the enactment of this Act.111 STAT. 986