Any person required to furnish any information under section 6018 who fails to furnish such information on the date prescribed therefor (determined with regard to any extension of time for filing) shall pay a penalty of $10,000 ($500 in the case of information required to be furnished under section 6018 (b)(2)) for each such failure.

Any person required to furnish in writing to each person described in section 6018 (e) or 6019 (b) the information required under such section who fails to furnish such information shall pay a penalty of $50 for each such failure.

No penalty shall be imposed under subsection (a) or (b) with respect to any failure if it is shown that such failure is due to reasonable cause.

If any failure under subsection (a) or (b) is due to intentional disregard of the requirements under sections 6018 and 6019 (b), the penalty under such subsection shall be 5 percent of the fair market value (as of the date of death or, in the case of section 6019 (b), the date of the gift) of the property with respect to which the information is required.

Subchapter B of chapter 63 (relating to deficiency procedures for income, estate, gift, and certain excise taxes) shall not apply in respect of the assessment or collection of any penalty imposed by this section.