New York Tax Law (Consolidated Laws)
N.Y. Tax Law § 992
Addition to tax in the case of valuation understatement
§ 992. Addition to tax in the case of valuation understatement. In the case of any underpayment of a tax imposed by this article which is attributable to a valuation understatement, there shall be added to the tax an amount equal to the applicable percentage of the underpayment so attributed.
# (a)
For purposes of this section, the applicable percentage shall be determined under the following table:
If the valuation claimed is
| the following percent of the | The applicable |
|---|---|
| correct valuation: | percentage is: |
fifty percent or more but not more than sixty-six and two-thirds percent ten forty percent or more but less than fifty percent twenty less than forty percent thirty
# (b)
For purposes of this section, there is a valuation understatement if the claimed value of any property is sixty-six and two-thirds percent or less of the amount determined to be the correct amount of such valuation.
# (c)
This section shall not apply if the underpayment is less than one thousand dollars with respect to the estate of the decedent.
# (d)
The commissioner may waive all or any part of the addition to tax provided by this section on showing by the executor that there was a reasonable basis for the claimed valuation and that such claim was made in good faith.
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In this article (33 sections)
- 951 · Applicable internal revenue code provisions
- 951-A · General provisions and definitions
- 952 · Tax imposed
- 954 · Resident's New York gross estate
- 955 · Resident's New York taxable estate
- 957 · Modification for limited powers of appointment created prior to…
- 958 · Exemptions in other laws not applicable
- 960 · Nonresident's estate tax
- 960-A · Reciprocity
- 961 · Effect of federal determination
- 971 · Estate tax returns
- 971-A · Additional proceedings in estates of non-domiciliary decedents
- 972 · Time and place for filing returns
- 973 · Signing of returns and other documents
- 974 · Payment of tax
- 975 · Liability for tax
- 976 · Extensions of time
- 977 · Requirements concerning returns, notices, records and statements
- 978 · Compromise agreements in cases of disputed domicile
- 979 · Report of change in federal taxable estate, adjusted taxable…
- 979-A · Notification by surrogate to commissioner concerning tax
- 980 · Change of election
- 981 · Discharge from liability
- 982 · Lien for estate tax
- 983 · Surrogates; assistants and clerks; district tax attorneys
- 990 · Applicability of other tax law provisions
- 991 · Interest accrual relief for additional tax attributable to…
- 992 · Addition to tax in the case of valuation understatement
- 994 · Secrecy requirement and penalties for violation
- 997 · Extensions of time for payment of estate tax where estate…
- 998 · Petition to the surrogate's court and appeal
- 999 · Deposit and disposition of revenue
- 999-A · Appendix to article twenty-six