California Revenue and Taxation Code

§ 25112

RTC § 25112 Effective Jan 1, 2001Div. 2 · Part 11 · Ch. 17 · Art. 1.5

Statute text

(a)If a taxpayer electing to file under Section 25110 fails to supply any information described in subdivision (b), the taxpayer shall pay a penalty of one thousand dollars ($1,000) for each taxable year with respect to which the failure occurs.

(b)A taxpayer electing to file pursuant to Section 25110 shall do all of the following:

(1)Retain and make available to the Franchise Tax Board, upon request, the documents and information, including any questionnaires completed and submitted to the Internal Revenue Service or qualified states, that are necessary to audit issues involving attribution of income to the United States or foreign jurisdictions under Sections 482, 861, 863, 902, and 904, and Subpart F of Part III of Subchapter N, or similar sections of the Internal Revenue Code.

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Legislative history

Amended by Stats. 2000, Ch. 862, Sec. 220. Effective January 1, 2001.