Can I file a VCI amended return reversing less than 100 percent of the potentially abusive tax transaction?
If you reverse only a portion of the potentially abusive tax transaction and it is not based on a determination issued by the IRS or the Franchise Tax Board, the portion not reversed is subject to penalties. The penalties include the noneconomic substance transaction penalty or the accuracy related penalty, the interest based penalty, and the fraud penalty.
Related Questions
- Can I file a Voluntary Compliance Initiative amended return reversing less than 100 percent of the potentially abusive tax transaction?
- Can a unitary group of taxpayers participate in the VCI if the member investing in the abusive tax transaction has no California nexus?
- Can I file a VCI amended return reversing less than 100 percent of the potentially abusive tax transaction?
