New York § 992 Addition to tax in the case of valuation understatement

New York Statutes

§ 992 — Addition to tax in the case of valuation understatement

New York § 992

Law TAXTax

Part 4Procedure and Administration

Art. 26Estate Tax

This text of New York § 992 (Addition to tax in the case of valuation understatement) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Tax § 992 (2026).

Text

  § 992. Addition to tax in the case of valuation understatement. In the\ncase of any underpayment of a tax imposed by this article which is\nattributable to a valuation understatement, there shall be added to the\ntax an amount equal to the applicable percentage of the underpayment so\nattributed.\n  (a) For purposes of this section, the applicable percentage shall be\ndetermined under the following table:\n  If the valuation claimed is\n  the following percent of the               The applicable\n  correct valuation:                         percentage is:\n       fifty percent or more but\n       not more than sixty-six\n       and two-thirds percent ....................  ten\n       forty percent or more but\n       less than fifty percent ...................  twenty\n       less than f

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§ 992. Addition to tax in the case of valuation understatement. In the\ncase of any underpayment of a tax imposed by this article which is\nattributable to a valuation understatement, there shall be added to the\ntax an amount equal to the applicable percentage of the underpayment so\nattributed.\n (a) For purposes of this section, the applicable percentage shall be\ndetermined under the following table:\n If the valuation claimed is\n the following percent of the The applicable\n correct valuation: percentage is:\n fifty percent or more but\n not more than sixty-six\n and two-thirds percent .................... ten\n forty percent or more but\n less than fifty percent ................... twenty\n less than forty percent ................... thirty\n (b) For purposes of this section, there is a valuation understatement\nif the claimed value of any property is sixty-six and two-thirds percent\nor less of the amount determined to be the correct amount of such\nvaluation.\n (c) This section shall not apply if the underpayment is less than one\nthousand dollars with respect to the estate of the decedent.\n (d) The commissioner may waive all or any part of the addition to tax\nprovided by this section on showing by the executor that there was a\nreasonable basis for the claimed valuation and that such claim was made\nin good faith.\n