ORS § 314.404 — Penalty for failure to report reportable transaction

# (1)

If a taxpayer fails to report to the Department of Revenue a reportable transaction as required by ORS 314.308, there shall be added to the tax liability of the taxpayer for the tax year a penalty as follows:

(a) Individual taxpayers, $3,300.

(b) Corporation taxpayers, $16,700.

# (2)

If the reportable transaction is a listed transaction, in lieu of the penalty provided in subsection (1) of this section, the penalty shall be as follows:

(a) Individual taxpayers, $33,000.

(b) Corporation taxpayers, $66,000.

# (3)

This section applies to tax years beginning on or after January 1, 2007.