59-1-1305 - Penalty for taxpayer underpayment of tax attributable to a reportable transaction. - Utah Statutes

59-1-1305. Penalty for taxpayer underpayment of tax attributable to a reportabletransaction.
(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 reportabletransaction after the day on which the commission contacts the taxpayer regarding theexamination of the income tax return, that change in the tax treatment of the reportabletransaction contained in the amended income tax return may not be considered in determining atax underpayment under this section.
(3) A penalty imposed by this section is in addition to any other penalty imposed by thistitle.

Enacted by Chapter 237, 2006 General Session