Treasury Regulations (26 C.F.R.)
26 CFR § 1.6662-5T
Substantial and gross valuation misstatements under chapter 1 (temporary).
(a)-(e)(3) [Reserved]. For further information, see § 1.6662-5(a) through (e)(3).
(e)(4) Tests related to section 482—(i) Substantial valuation misstatement. There is a substantial valuation misstatement if there is a misstatement described in § 1.6662-6 (b)(1) or (c)(1) (concerning substantial valuation misstatements pertaining to transactions between related persons).
(ii) Gross valuation misstatement. There is a gross valuation misstatement if there is a misstatement described in § 1.6662-6 (b)(2) or (c)(2) (concerning gross valuation misstatements pertaining to transactions between related persons).
(iii) Property. For purposes of this section, the term property refers to both tangible and intangible property. Tangible property includes property such as money, land, buildings, fixtures and inventory. Intangible property includes property such as goodwill, covenants not to compete, leaseholds, patents, contract rights, debts, choses in action, and any other item of intangible property described in § 1.482-4(b).
(f)-(h) [Reserved]. For further information, see § 1.6662-5 (f) through (h).
(i) [Reserved]
(j) Transactions between persons described in section 482 and net section 482 transfer price adjustments. For rules relating to the penalty imposed with respect to a substantial or gross valuation misstatement arising from a section 482 allocation, see § 1.6662-6.
[T.D. 8656, 61 FR 4879, Feb. 9, 1996; T.D. 8656, 61 FR 14248, Apr. 1, 1996]
Source: view the official text
In this part (40 sections)
- 1.6654-4 · [Reserved]
- 1.6654-5 · Payments of estimated tax.
- 1.6654-6 · Nonresident alien individuals.
- 1.6654-7 · Applicability.
- 1.6655-0 · Table of contents.
- 1.6655-1 · Addition to the tax in the case of a corporation.
- 1.6655-2 · Annualized income installment method.
- 1.6655-2T · Safe harbor for certain installments of tax due before July…
- 1.6655-3 · Adjusted seasonal installment method.
- 1.6655-4 · Large corporations.
- 1.6655-5 · Short taxable year.
- 1.6655-6 · Methods of accounting.
- 1.6655-7 · Addition to tax on account of excessive adjustment under…
- 1.6655(e)-1 · (e)-1 Time and manner for making election under the…
- 1.6662-0 · Table of contents.
- 1.6662-1 · Overview of the accuracy-related penalty.
- 1.6662-2 · Accuracy-related penalty.
- 1.6662-3 · Negligence or disregard of rules or regulations.
- 1.6662-4 · Substantial understatement of income tax.
- 1.6662-5 · Substantial and gross valuation misstatements under chapter…
- 1.6662-5T · Substantial and gross valuation misstatements under chapter…
- 1.6662-6 · Transactions between persons described in section 482 and…
- 1.6662-7 · Omnibus Budget Reconciliation Act of 1993 changes to the…
- 1.6662-9 · Inconsistent estate basis reporting.
- 1.6664-0 · Table of contents.
- 1.6664-1 · Accuracy-related and fraud penalties; definitions, effective…
- 1.6664-2 · Underpayment.
- 1.6664-3 · Ordering rules for determining the total amount of penalties…
- 1.6664-4 · Reasonable cause and good faith exception to section 6662…
- 1.6664-4T · Reasonable cause and good faith exception to section 6662…
- 1.6694-0 · Table of contents.
- 1.6694-1 · Section 6694 penalties applicable to tax return preparers.
- 1.6694-2 · Penalty for understatement due to an unreasonable position.
- 1.6694-3 · Penalty for understatement due to willful, reckless, or…
- 1.6694-4 · Extension of period of collection when tax return preparer…
- 1.6695-1 · Other assessable penalties with respect to the preparation…
- 1.6695-2 · Tax return preparer due diligence requirements for certain…
- 1.6696-1 · Claims for credit or refund by tax return preparers or…
- 1.6709-1T · Penalties with respect to mortgage credit certificates…
- 1.6851-1 · Termination assessments of income tax.