Utah Code Ann. § 59-1-1304 – Penalty for taxpayer failure to disclose a reportable transaction. | Midpage
§ 59-1-1304
Utah Code Ann. § 59-1-1304
Penalty for taxpayer failure to disclose a reportable transaction.
Enacted by Chapter 237, 2006 General Session
(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.
(2) A penalty imposed by this section is in addition to any other penalty imposed by this title.