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Utah Code — Title 59 (Revenue and Taxation)

Utah Code § 59-1-1305

Penalty for taxpayer underpayment of tax attributable to a reportable transaction

Official textle.utah.gov

# (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:

# (a)

10%; and

# (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.

Last amended: Enacted by Chapter 237, 2006 General Session

Source: view the official text

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In this chapter (40 sections)
  1. 59-1-701 · Grounds for termination and jeopardy assessment -- Notice --…
  2. 59-1-702 · Jeopardy assessment -- Notice -- Amount
  3. 59-1-703 · Collection procedure -- Review -- Bond for stay -- Sale of…
  4. 59-1-704 · Restraint of collection restricted
  5. 59-1-705 · Payment and collection of penalties, interest, and other…
  6. 59-1-707 · Writ of mandate requiring taxpayer to file return
  7. 59-1-801.5 · Purpose of compact -- Definitions -- Elements of sales and…
  8. 59-1-808 · Interaudit provisions to apply
  9. 59-1-809 · Commission authority related to the Multistate Tax…
  10. 59-1-1001 · Statement of taxpayer rights
  11. 59-1-1002 · Audit interviews
  12. 59-1-1003 · Penalty waiver
  13. 59-1-1004 · Installment payments
  14. 59-1-1005 · Suits against commission and its employees
  15. 59-1-1006 · Application to jeopardy assessments and property tax
  16. 59-1-1101 · Private collection of tax -- Fee
  17. 59-1-1102 · Disclosure of tax information -- Confidentiality
  18. 59-1-1302 · Definitions
  19. 59-1-1303 · Taxpayer disclosure of reportable transactions
  20. 59-1-1304 · Penalty for taxpayer failure to disclose a reportable…
  21. 59-1-1305 · Penalty for taxpayer underpayment of tax attributable to a…
  22. 59-1-1306 · Material advisor disclosure of reportable transactions
  23. 59-1-1307 · Material advisor maintenance of list
  24. 59-1-1308 · Material advisor penalties
  25. 59-1-1309 · Penalty may be waived, reduced, or compromised for…
  26. 59-1-1402 · Definitions
  27. 59-1-1402.1 · Exceptions to applicability of this part
  28. 59-1-1403 · Commission to collect a tax, fee, or charge -- Receipt for…
  29. 59-1-1404 · Definition -- Mailing procedures -- Rulemaking authority --…
  30. 59-1-1405 · Notice of deficiency -- Notice of assessment -- Amended…
  31. 59-1-1406 · Record retention -- Commission estimates tax if person…
  32. 59-1-1407 · Mathematical errors
  33. 59-1-1408 · Assessments
  34. 59-1-1409 · Definition -- Recomputation of amounts due -- Refunds…
  35. 59-1-1410 · Action for collection of tax, fee, or charge -- Action for…
  36. 59-1-1411 · Notice and demand
  37. 59-1-1412 · Applicability of section -- Delinquent payment -- Notice to…
  38. 59-1-1413 · Lien for a liability
  39. 59-1-1414 · Warrant procedures -- Judgment -- Notice requirements after…
  40. 59-1-1415 · Release of lien
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