Tax Compliance Act of 1982

[AI summary unavailable — showing source text] Tax Compliance Act of 1982 - Title I: Crimes, Abusive Tax Shelters, Fraud, Etc. - Amends the Internal Revenue Code to set forth rules for taxpayer compliance with the tax law. Establishes a presumption of jeopardy (procedure for immediate assessment of tax liability) in cases where the Internal Revenue Service (IRS) finds that certain taxpayers possessing large sums of cash have engaged in illegal activities and where individuals possessing amounts of cash in excess of $10,000 have not been identified. Amends the Second Liberty Bond Act to require registration of every obligation of the United States or any of its agencies. Requires registration of tax-exempt securities as a condition for the tax exclusion of interest earned on such securities. Disallows income tax deductions for interest paid on unregistered securities and for losses with respect to such securities. Establishes a penalty for promoting abusive tax shelters. Sets such penalty at the greater of $1,000 or ten percent of the gross income derived from the tax shelter. Imposes such penalty if valuations of tax shelter property are grossly overstated (more than 200 percent). Permits the IRS to waive the penalty for overva…