Current through November 30, 2024
Section 1.6664-0 - Table of contentsThis section lists the captions in §§ 1.6664-1 through 1.6664-4T .
§ 1.6664-1 Accuracy-related and fraud penalties; definitions and special rules. (b) Effective date. (2) Reasonable cause and good faith exception to section 6662 penalties.(i) For returns due after September 1, 1995.(ii) For returns filed after December 31, 2002.(3) Qualified amended returns.§ 1.6664-2 Underpayment.(a) Underpayment defined.(b) Amount of income tax imposed.(c) Amount shown as the tax by the taxpayer on his return.(2) Effect of qualified amended return.(3) Qualified amended return defined.(ii) Undisclosed listed transactions.(d) Amounts not so shown previously assessed (or collected without assessment).(f) Underpayments for certain carryback years not reduced by amount of carrybacks.§ 1.6664-3 Ordering rules for determining the total amount of penalties imposed. (b) Order in which adjustments are taken into account.(c) Manner in which unclaimed prepayment credits are allocated.§ 1.6664-4 Reasonable cause and good faith exception to section 6662 penalties.(b) Facts and circumstances taken into account.(c) Reliance on opinion or advice. (1) Fact and circumstances; minimum requirements.(i) All facts and circumstances considered.(ii) No unreasonable assumptions.(iii) Reliance on the invalidity of a regulation.(d) Underpayments attributable to reportable transactions.(f) Special rules for substantial understatement penalty attributable to tax shelter items of corporations.(1) In general; facts and circumstances.(2) Reasonable cause based on legal justification.(i) Minimum requirements.(A) Authority requirement.(ii) Legal justification defined.(3) Minimum requirements not dispositive.(g) Transactions between persons described in section 482 and net section 482 transfer price adjustments. [Reserved](h) Valuation misstatements of charitable deduction property.(2) Definitions. (i) Charitable deduction property.(ii) Qualified appraisal.(iii) Qualified appraiser.§ 1.6664-4T Reasonable cause and good faith exception to section 6662 penalties(d) Transactions between persons described in section 482 and net section 482 transfer price adjustments.T.D. 8381, 56 FR 67505, Dec. 31, 1991, as amended by T.D. 8519, 59 FR 4799, Feb. 2, 1994; T.D. 8617, 60 FR 45666, Sept. 1, 1995; T.D. 8656, 61 FR 4885, Feb. 9, 1996; T.D. 8790, 63 FR 66435, Dec. 2, 1998; T.D. 9109, 68 FR 75128 , Dec. 30, 2003; T.D. 9309, 72 FR 903 , Jan. 9, 2007