U.S. Tax Law: Internal Revenue Code
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U.S. Tax Law
Internal Revenue Code

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USC Title 26 enacted through 2008

§ 6702. Frivolous tax submissions

Civil penalty for frivolous tax returns
A person shall pay a penalty of $5,000 if -
such person files what purports to be a return of a tax imposed by this title but which -
does not contain information on which the substantial correctness of the self-assessment may be judged, or
contains information that on its face indicates that the self-assessment is substantially incorrect, and
the conduct referred to in paragraph (1) -
is based on a position which the Secretary has identified as frivolous under subsection (c), or
reflects a desire to delay or impede the administration of Federal tax laws.
Civil penalty for specified frivolous submissions
Imposition of penalty
Except as provided in paragraph (3), any person who submits a specified frivolous submission shall pay a penalty of $5,000.
Specified frivolous submission
For purposes of this section -
Specified frivolous submission
The term "specified frivolous submission" means a specified submission if any portion of such submission -
is based on a position which the Secretary has identified as frivolous under subsection (c), or
reflects a desire to delay or impede the administration of Federal tax laws.
Specified submission
The term "specified submission" means -
a request for a hearing under -
section 6320 (relating to notice and opportunity for hearing upon filing of notice of lien), or
section 6330 (relating to notice and opportunity for hearing before levy), and
an application under -
section 6159 (relating to agreements for payment of tax liability in installments),
section 7122 (relating to compromises), or
section 7811 (relating to taxpayer assistance orders).
Opportunity to withdraw submission
If the Secretary provides a person with notice that a submission is a specified frivolous submission and such person withdraws such submission within 30 days after such notice, the penalty imposed under paragraph (1) shall not apply with respect to such submission.
Listing of frivolous positions
The Secretary shall prescribe (and periodically revise) a list of positions which the Secretary has identified as being frivolous for purposes of this subsection. The Secretary shall not include in such list any position that the Secretary determines meets the requirement of section 6662(d)(2)(B)(ii)(II).
Reduction of penalty
The Secretary may reduce the amount of any penalty imposed under this section if the Secretary determines that such reduction would promote compliance with and administration of the Federal tax laws.
Penalties in addition to other penalties
The penalties imposed by this section shall be in addition to any other penalty provided by law.

Tax Code (Internal Revenue Code) Section Index

U.S. GAAP by Codification Topic
105 GAAP Hierarchy
105 GAAP History

205 Presentation of Financial Statements
205-20 Discontinued Operations
210 Balance Sheet
210-20 Offsetting
220 Comprehensive Income
225 Income Statement
225-20 Extraordinary and Unusual Items
230 Statement of Cash Flows
250 Accounting Changes and Error Corrections
260 Earnings per Share
270 Interim Reporting

310 Impairment of a Loan
320 Investment Securities
320 Other-Than-Temporary Impairments, FSP FAS 115-2
320-10-05 Overview of Investments in Other Entities
320-10-35 Reclassification of Investments in Securities
323-10 Equity Method Investments
323-30 Investments in Partnerships and Joint Ventures
325-20 Cost Method Investments
330 Inventory

340-20 Capitalized Advertising Costs
350-20 Goodwill
350-30 Intangibles Other than Goodwill
350-40 Internal-Use Software
350-50 Website Development Costs
360 Property, Plant and Equipment
360-20 Real Estate Sales

410 Asset Retirement and Environmental Obligations
420 Exit or Disposal Cost Obligations
450 Contingencies
450-20 Loss Contingencies
450-30 Gain Contingencies
480 Redeemable Financial Instruments

505-20 Stock Dividends, Stock Splits
505-30 Treasury Stock

605 SEC Staff Accounting Bulletin, Topic 13
605-25 Revenue Recognition - Multiple Element Arrangements

715-30 Defined Benefit Plans - Pension
718 Share-Based Payment
730 Research and Development
730-20 Research and Development Arrangements

805 Business Combinations
810 Consolidation
810 Noncontrolling Interests
810 Consolidation of Variable Interest Entities, SFAS 167

815 Derivatives and Hedging Overview

820 Fair Value Measurements
820 Fair value when the markets are not active, FSP FAS 157-4
825 Fair Value Option

830 Foreign Currency Matters
830-20 Foreign Currency Transactions
830-30 Translation of Financial Statements
835 Interest
835-20 Capitalization of Interest
835-30 Imputation of Interest

840 Leases
840-20 Operating Leases
840-30 Capital Leases
840-40 Sale-Leaseback Transactions
845 Nonmonetary Transactions

855 Subsequent Events
860-20 Sale of Financial Assets, SFAS 166
860-50 Servicing Assets and Liabilities, SFAS 156

985-20 Costs of software to be sold

U.S. GAAP Codification
Accounting Topics
Tax Code (Internal Revenue Code) Section Index

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