Utah Statutes
§ 59-1-1305 — Penalty for taxpayer underpayment of tax attributable to a reportable transaction.
Utah·Title 59 Revenue and Taxation·Ch. 59-1 General Taxation Policies·Part 59-1-13 Reportable Transactions Act
(1)If the underpayment of a tax by a taxpayer is attributable to a reportable transaction, the taxpayer is subject to a penalty that is equal to the product of:
(1)(a) 10%; and
(1)(b) the amount of the tax underpayment attributable to the reportable transaction.
(2)If a taxpayer amends an income tax return to change the tax treatment of a reportable transaction after the day on which the commission contacts the taxpayer regarding the examination of the income tax return, that change in the tax treatment of the reportable transaction contained in the amended income tax return may not be considered in determining a tax underpayment under this section.
(3)A penalty imposed by this section is in addition to any other penalty imposed by this title.
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Utah § 59-1-1305 (Penalty for taxpayer underpayment of tax attributable to a reportable transaction.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Enacted by Chapter 237, 2006 General Session
Nearby Sections
15
§ 59-1-1001
Statement of taxpayer rights.§ 59-1-1002
Audit interviews.§ 59-1-1003
Penalty waiver.§ 59-1-1004
Installment payments.§ 59-1-1005
Suits against commission and its employees.§ 59-1-101
Definitions.§ 59-1-103
Income Tax Surplus Restricted Account.§ 59-1-1101
Private collection of tax -- Fee.§ 59-1-1302
Definitions.