Section 1304 - Penalty for taxpayer failure to disclose a reportable transaction.

UT Code § 59-1-1304 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(1) (a) Except as provided in Subsection (1)(b), a taxpayer that fails to disclose a reportable 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 59-1-1303 is subject to a penalty of $30,000.

(a) Except as provided in Subsection (1)(b), a taxpayer that fails to disclose a reportable 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 59-1-1303 is subject to a penalty of $30,000.

(2) A penalty imposed by this section is in addition to any other penalty imposed by this title.