Source: https://development.code.dccouncil.us/dc/council/code/sections/47-4211.html
Timestamp: 2019-04-21 18:41:23+00:00

Document:
D.C. Law Library - § 47–4211. Imposition of accuracy-related penalty.
↪ § 47–4211. Imposition of accuracy-related penalty.
§ 47–4212. Imposition of fraud penalty.
§ 47–4211. Imposition of accuracy-related penalty.
(C) The taxpayer fails to keep adequate books and records or to substantiate items properly.
(2) “Gross valuation misstatement” means the reporting on any return for a tax imposed by this title of the value of a property or the adjusted basis of a property which is greater than or equal to 400%, or less than or equal to 25%, of the amount determined to be the correct amount of the valuation or adjusted basis.
(B) In the case of a taxpayer other than an individual or estate, subparagraph (A) of this paragraph shall be applied by substituting “$4,000” for “$2,000”.
(C)(i) For purposes of this section, the term “understatement” means the excess of the amount of tax required to be shown on a return less the tax shown on the return.
(bb) There is a reasonable basis for the tax treatment of the item by the taxpayer.
(4) “Substantial valuation misstatement” means the reporting on any return for a tax imposed by this title of the value of a property or the adjusted basis of a property which is greater than or equal to 200%, or less than or equal to 50%, of the amount determined to be the correct amount of the valuation or adjusted basis.
(C) A substantial valuation misstatement.
(2) There shall be added to the tax imposed by this title an amount equal to 40% of the portion of an underpayment which is attributable to a gross valuation misstatement.
(c)(1) Subsection (b) of this section shall not apply to the portion of an underpayment on which a penalty is imposed under § 47-4212.
(2) No penalty shall be imposed under subsection (b) of this section by reason of a substantial valuation misstatement or a gross valuation misstatement unless the portion of the underpayment for the taxable year attributable to the substantial valuation misstatement exceeds $5,000 ($10,000 in the case of a corporation).
This section is referenced in § 47-2763 and § 47-4221.
D.C. Law 14-282, in subsec. (a)(2), substituted “greater than or equal to 400%, or less than or equal to 25%, of” for “400% or more greater or less than”; and in subsec. (a)(4), substituted “greater than or equal to 200%, or less than or equal to 50%, of” for “200% or more greater or less than”.
For temporary (90 day) amendment of section, see § 12(fff) of Tax Clarity and Recorder of Deeds Emergency Act of 2002 (D.C. Act 14-381, June 6, 2002, 49 DCR 5674).
For temporary (90 day) amendment of section, see § 12(ggg) of Tax Clarity and Related Amendments Emergency Act of 2002 (D.C. Act 14-456, July 23, 2002, 49 DCR 8107).
For temporary (90 day) amendment of section, see § 12(ggg) of Tax Clarity and Related Amendments Congressional Review Emergency Act of 2002 (D.C. Act 14-510, October 23, 2002, 49 DCR 10247).
For temporary (225 day) amendment of section, see § 12(ggg) of Tax Clarity and Recorder of Deeds Temporary Act of 2002 (D.C. Law 14-191, October 5, 2002, law notification 49 DCR 9549).
For temporary (225 day) amendment of section, see § 12(ggg) of Tax Clarity and Related Amendments Temporary Act of 2003 (D.C. Law 14-228, March 23, 2003, law notification 50 DCR 2741).

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