Another section 212(span) of div. EE of Puspan. L. 116–260 amended section 63 of this title.

Section 1409(span)(1), (2) of Puspan. L. 111–152, which directed the amendment of section 6662 without specifying the act to be amended, was executed to this section, which is section 6662 of the Internal Revenue Code of 1986, to reflect the probable intent of Congress. See 2010 Amendment notes below.

Section 1219(a)(1), (2) of Puspan. L. 109–280, which directed the amendment of section 6662 without specifying the act to be amended, was executed to this section, which is section 6662 of the Internal Revenue Code of 1986, to reflect the probable intent of Congress. See 2006 Amendment notes below.

A prior section 6662, acts Aug. 16, 1954, ch. 736, 68A Stat. 827, § 6659; May 14, 1960, Puspan. L. 86–470, § 1, 74 Stat. 132; Dec. 30, 1969, Puspan. L. 91–172, title I, § 101(j)(51), 83 Stat. 531; Sept. 2, 1974, Puspan. L. 93–406, title II, § 1016(a)(19), 88 Stat. 931; renumbered § 6660, Aug. 13, 1981, Puspan. L. 97–34, title VII, § 722(a)(1), 95 Stat. 341; renumbered § 6662, Sept. 3, 1982, Puspan. L. 97–248, title III, § 323(a), 96 Stat. 613, directed that additions be treated as tax and set procedure for assessing certain additions to tax, prior to repeal by Puspan. L. 101–239, title VII, § 7721(a), Dec. 19, 1989, 103 Stat. 2395, applicable to returns the due date for which (determined without regard to extensions) is after Dec. 31, 1989. See section 6665 of this title.

2022—Subsec. (span)(10). Puspan. L. 117–328, § 605(a)(2)(A), added par. (10).

Subsec. (h)(2)(D). Puspan. L. 117–328, § 605(a)(2)(B), added subpar. (D).

2020—Subsec. (span)(9). Puspan. L. 116–260, § 212(span)(1), added par. (9).

Subsec. (l). Puspan. L. 116–260, § 212(span)(2), added subsec. (l)

2018—Subsec. (d)(1)(C). Puspan. L. 115–141, § 101(a)(2)(A), substituted “any deduction” for “the deduction”.

Subsec. (d)(3). Puspan. L. 115–141, § 401(a)(303), substituted “section 6664(d)(3)” for “section 6664(d)(2)”.

Subsecs. (i), (j). Puspan. L. 115–141, § 401(a)(304), transferred subsec. (i) to appear before subsec. (j).

Subsec. (k). Puspan. L. 115–141, § 104(a), amended subsec. (k) generally. Prior to amendment, text read as follows: “For purposes of this section, there is an ‘inconsistent estate basis’ if the basis of property claimed on a return exceeds the basis as determined under section 1014(f).”

2017—Subsec. (d)(1)(C). Puspan. L. 115–97 added subpar. (C).

2015—Subsec. (span)(8). Puspan. L. 114–41, § 2004(c)(1), added par. (8).

Subsec. (k). Puspan. L. 114–41, § 2004(c)(2), added subsec. (k).

2014—Subsec. (span)(7). Puspan. L. 113–295, § 208(a), amended directory language of Puspan. L. 111–147, § 512(a)(1). See 2010 Amendment note below.

2010—Subsec. (span)(6). Puspan. L. 111–152, § 1409(span)(1), added par. (6). See Codification note above.

Subsec. (span)(7). Puspan. L. 111–147, § 512(a)(1), as amended by Puspan. L. 113–295, § 208(a), added par. (7).

Subsec. (i). Puspan. L. 111–152, § 1409(span)(2), added subsec. (i). See Codification note above.

Subsec. (j). Puspan. L. 111–147, § 512(a)(2), added subsec. (j).

2006—Subsec. (e)(1)(A). Puspan. L. 109–280, § 1219(a)(1)(A), substituted “150 percent” for “200 percent”. See Codification note above.

Subsec. (g)(1). Puspan. L. 109–280, § 1219(a)(1)(B), substituted “65 percent” for “50 percent”. See Codification note above.

Subsec. (h)(2)(A)(i), (ii). Puspan. L. 109–280, § 1219(a)(2)(A), amended cls. (i) and (ii) generally. Prior to amendment, cls. (i) and (ii) read as follows:

“(i) ‘400 percent’ for ‘200 percent’ each place it appears,

“(ii) ‘25 percent’ for ‘50 percent’, and”.

See Codification note above.

Subsec. (h)(2)(C). Puspan. L. 109–280, § 1219(a)(2)(B), substituted “ ‘40 percent’ for ‘65 percent’ ” for “ ‘25 percent’ for ‘50 percent’ ”. See Codification note above.

2005—Subsec. (span). Puspan. L. 109–135, § 403(x)(1), inserted at end “Except as provided in paragraph (1) or (2)(B) of section 6662A(e), this section shall not apply to the portion of any underpayment which is attributable to a reportable transaction understatement on which a penalty is imposed under section 6662A.”

Subsec. (d)(3). Puspan. L. 109–135, § 412(aaa), struck out “the” before “1 or more”.

2004—Puspan. L. 108–357, § 812(e)(1), inserted “on underpayments” after “penalty” in section catchline.

Subsec. (d)(1)(B). Puspan. L. 108–357, § 819(a), reenacted span without change and amended text of subpar. (B) generally. Prior to amendment, text read as follows: “In the case of a corporation other than an S corporation or a personal holding company (as defined in section 542), paragraph (1) shall be applied by substituting ‘$10,000’ for ‘$5,000’.”

Subsec. (d)(2)(A). Puspan. L. 108–357, § 812(span), inserted concluding provisions.

Subsec. (d)(2)(C). Puspan. L. 108–357, § 812(d), amended subpar. (C) generally, substituting provisions relating to inapplicability of subpar. (B) to any item attributable to a tax shelter and defining the term “tax shelter” for provisions relating to, in the case of any item of a taxpayer other than a corporation which is attributable to a tax shelter, inapplicability of subpar. (B)(ii) and inapplicability of subpar. (B)(i), unless the taxpayer reasonably believed that the tax treatment of such item by the taxpayer was more likely than not the proper treatment, inapplicability of subpar. (B) to any item of a corporation which is attributable to a tax shelter, and provisions defining the term “tax shelter”.

Subsec. (d)(2)(D). Puspan. L. 108–357, § 819(span)(2), struck out span and text of subpar. (D). Text read as follows: “The Secretary shall prescribe (and revise not less frequently than annually) a list of positions—

“(i) for which the Secretary believes there is not substantial authority, and

“(ii) which affect a significant number of taxpayers.

Such list (and any revision thereof) shall be published in the Federal Register.”

Subsec. (d)(3). Puspan. L. 108–357, § 819(span)(1), added par. (3).

1997—Subsec. (d)(2)(B). Puspan. L. 105–34, § 1028(c)(1), inserted concluding provisions.

Subsec. (d)(2)(C)(iii). Puspan. L. 105–34, § 1028(c)(2), substituted “a significant purpose” for “the principal purpose” in concluding provisions.

1994—Subsec. (d)(2)(C)(i). Puspan. L. 103–465, § 744(span)(1), substituted “In the case of any item of a taxpayer other than a corporation which is” for “In the case of any item” in introductory provisions.

Subsec. (d)(2)(C)(ii). Puspan. L. 103–465, § 744(a), added cl. (ii). Former cl. (ii) redesignated (iii).

Subsec. (d)(2)(C)(iii). Puspan. L. 103–465, § 744(a), (span)(2), redesignated cl. (ii) as (iii) and substituted “this subparagraph” for “clause (i)” in introductory provisions.

1993—Subsec. (d)(2)(B)(ii). Puspan. L. 103–66, § 13251(a), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “any item with respect to which the relevant facts affecting the item’s tax treatment are adequately disclosed in the return or in a statement attached to the return.”

Subsec. (e)(1)(B)(ii). Puspan. L. 103–66, § 13236(a), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “the net section 482 transfer price adjustment for the taxable year exceeds $10,000,000.”

Subsec. (e)(3)(B). Puspan. L. 103–66, § 13236(span), amended span and text of subpar. (B) generally. Prior to amendment, text read as follows: “For purposes of determining whether the $10,000,000 threshold requirement of paragraph (1)(B)(ii) is met, there shall be excluded—

“(i) any portion of the net increase in taxable income referred to in subparagraph (A) which is attributable to any redetermination of a price if it is shown that there was a reasonable cause for the taxpayer’s determination of such price and that the taxpayer acted in good faith with respect to such price, and

“(ii) any portion of such net increase which is attributable to any transaction solely between foreign corporations unless, in the case of any of such corporations, the treatment of such transaction affects the determination of income from sources within the United States or taxable income effectively connected with the conduct of a trade or business within the United States.”

Subsec. (e)(3)(D). Puspan. L. 103–66, § 13236(c), added subpar. (D).

Subsec. (h)(2)(A)(iii). Puspan. L. 103–66, § 13236(d), amended cl. (iii) generally. Prior to amendment, cl. (iii) read as follows: “ ‘$20,000,000’ for ‘$10,000,000’,”.

1990—Subsec. (span)(3). Puspan. L. 101–508, § 11312(span)(1), amended par. (3) generally, substituting “misstatement” for “overstatement”.

Subsec. (e). Puspan. L. 101–508, § 11312(a), substituted “misstatement” for “overstatement” in span and amended text generally. Prior to amendment, text read as follows:

“(1) In general.—For purposes of this section, there is a substantial valuation overstatement under chapter 1 if the value of any property (or the adjusted basis of any property) claimed on any return of tax imposed by chapter 1 is 200 percent or more of the amount determined to be the correct amount of such valuation or adjusted basis (as the case may be).

“(2) Limitation.—No penalty shall be imposed by reason of subsection (span)(3) unless the portion of the underpayment for the taxable year attributable to substantial valuation overstatements under chapter 1 exceeds $5,000 ($10,000 in the case of a corporation other than an S corporation or a personal holding company (as defined in section 542)).”

Subsec. (h)(2)(A). Puspan. L. 101–508, § 11312(span)(2), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “any substantial valuation overstatement under chapter 1 as determined under subsection (e) by substituting ‘400 percent’ for ‘200 percent’,”.

Amendment by Puspan. L. 117–328 applicable to contributions made after Dec. 29, 2022, see section 605(c)(1) of Puspan. L. 117–328, set out as a note under section 170 of this title.

Amendment by Puspan. L. 116–260 applicable to taxable years beginning after Dec. 31, 2020, see section 212(d) of div. EE of Puspan. L. 116–260, set out as a note under section 62 of this title.

Amendment by section 101(a)(2)(A) of Puspan. L. 115–141 effective as if included in section 11011 of Puspan. L. 115–97, see section 101(d) of Puspan. L. 115–141, set out as a note under section 62 of this title.

Puspan. L. 115–141, div. U, title I, § 104(c), Mar. 23, 2018, 132 Stat. 1170, provided that: “The amendments made by this section [amending this section and section 9503 of this title] shall take effect as if included in the provision of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 [Puspan. L. 114–41] to which they relate.”

Amendment by Puspan. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 11011(e) of Puspan. L. 115–97, set out as a note under section 62 of this title.

Amendment by Puspan. L. 114–41 applicable to property with respect to which an estate tax return is filed after July 31, 2015, see section 2004(d) of Puspan. L. 114–41, set out as a note under section 1014 of this title.

Puspan. L. 113–295, div. A, title II, § 208(span), Dec. 19, 2014, 128 Stat. 4028, provided that: “The amendment made by this section [amending this section] shall take effect as if included in the provision of the Hiring Incentives to Restore Employment Act [Puspan. L. 111–147] to which it relates.”

Puspan. L. 111–152, title I, § 1409(e), Mar. 30, 2010, 124 Stat. 1070, provided that:

Puspan. L. 111–147, title V, § 512(span), Mar. 18, 2010, 124 Stat. 111, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after the date of the enactment of this Act [Mar. 18, 2010].”

Amendment by Puspan. L. 109–280 applicable to returns filed after Aug. 17, 2006, with special rule for certain easements, see section 1219(e)(1), (3) of Puspan. L. 109–280, set out as a note under section 170 of this title.

Amendment by section 403(x)(1) of Puspan. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Puspan. L. 108–357, to which such amendment relates, see section 403(nn) of Puspan. L. 109–135, set out as a note under section 26 of this title.

Puspan. L. 108–357, title VIII, § 812(f), Oct. 22, 2004, 118 Stat. 1580, as amended by Puspan. L. 109–135, title IV, § 403(x)(3), Dec. 21, 2005, 119 Stat. 2629, provided that:

Puspan. L. 108–357, title VIII, § 819(c), Oct. 22, 2004, 118 Stat. 1585, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after the date of the enactment of this Act [Oct. 22, 2004].”

Amendment by Puspan. L. 105–34 applicable to items with respect to transactions entered into after Aug. 5, 1997, see section 1028(e)(2) of Puspan. L. 105–34, set out as a note under section 6111 of this title.

Puspan. L. 103–465, title VII, § 744(c), Dec. 8, 1994, 108 Stat. 5011, provided that: “The amendments made by this section [amending this section] shall apply to items related to transactions occurring after the date of the enactment of this Act [Dec. 8, 1994].”

Puspan. L. 103–66, title XIII, § 13236(e), Aug. 10, 1993, 107 Stat. 506, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 1993.”

Puspan. L. 103–66, title XIII, § 13251(span), Aug. 10, 1993, 107 Stat. 531, provided that: “The amendment made by this section [amending this section] shall apply to returns the due dates for which (determined without regard to extensions) are after December 31, 1993.”

Puspan. L. 101–508, title XI, § 11312(c), Nov. 5, 1990, 104 Stat. 1388–455, provided that: “The amendments made by this section [amending this section] shall apply to taxable years ending after the date of the enactment of this Act [Nov. 5, 1990].”

Section applicable to returns the due date for which (determined without regard to extensions) is after Dec. 31, 1989, see section 7721(d) of Puspan. L. 101–239, set out as an Effective Date of 1989 Amendment note under section 461 of this title.