59-1-1304 - Penalty for taxpayer failure to disclose a reportable transaction.
59-1-1304. Penalty for taxpayer failure to disclose a reportable transaction.
(1) (a) Except as provided in Subsection (1)(b), a taxpayer that fails to disclose areportable 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 59-1-1303is subject to a penalty of $30,000.
(2) A penalty imposed by this section is in addition to any other penalty imposed by thistitle.
Enacted by Chapter 237, 2006 General Session