California Revenue and Taxation Code

§ 19772

RTC § 19772 Effective Jan 1, 2017Div. 2 · Part 10.2 · Ch. 9.5 · Art. 4

Statute text

(a)Section 6707A of the Internal Revenue Code, relating to penalty for failure to include reportable transaction information with a return, shall apply, except as otherwise provided.

(b)(1) Section 6707A(b)(1) of the Internal Revenue Code, relating to amount of penalty, is modified by substituting the phrase “or which would have resulted from such transaction if such transaction were respected for state tax purposes” for the phrase “or which would have resulted from such transaction if such transaction were respected for Federal tax purposes.”

(2)The penalty amounts in Section 6707A(b)(2)(A) of the Internal Revenue Code are modified by substituting “$30,000 ($15,000” for “$200,000 ($100,000.”

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Legislative history

Amended by Stats. 2016, Ch. 86, Sec. 288. (SB 1171) Effective January 1, 2017.