59-1-1304. Penalty for taxpayer failure to disclose a reportable transaction.
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/ut/title-59/chapter-1/59-1-1304·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
59-1-1304. Penalty for taxpayer failure to disclose a reportable transaction.
(a)Except as provided in Subsection (1)(b) , a taxpayer that fails to disclose a reportable transaction as required by Section 59-1-1303 is subject to a penalty of $15,000.
(b)A taxpayer that fails to disclose a listed transaction as required by Section 59-1-1303 is subject to a penalty of $30,000.
(2)A penalty imposed by this section is in addition to any other penalty imposed by this title.
Enacted by Chapter 237 , 2006 General Session