California Revenue and Taxation Code

§ 19164.5

RTC § 19164.5 Effective Oct 7, 2005Div. 2 · Part 10.2 · Ch. 4 · Art. 7

Statute text

(a)A reportable transaction accuracy-related penalty shall be imposed under this part and shall be determined in accordance with Section 6662A of the Internal Revenue Code, relating to the imposition of an accuracy-related penalty on understatements with respect to reportable transactions, except as otherwise provided.

(b)(1) The reportable transaction understatement, as determined under Section 6662A(b) of the Internal Revenue Code, is modified to not include amounts to which the penalty of Section 19774 is imposed.

(2)Section 6662A(b)(1)(A)(ii) of the Internal Revenue Code is modified to substitute the phrase “Sections 17041, 23151, 23181, or 23501” for “section 1 (section 11 in the case of a taxpayer which is a corporation).”

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Legislative history

Added by Stats. 2005, Ch. 691, Sec. 47.2. Effective October 7, 2005.