Will a payment of only tax, and not interest, with an amended return or with the election form (FTB 650) satisfy the payment requirement under R&TC section 19138(b)?
Yes. R&TC section 19138(b) provides that the taxpayer must file an amended return and pay the tax shown on the amended return on or before May 31, 2009. As the taxpayer is self-assessing and paying the tax shown on the amended return or election form (FTB 650), the requirements of R&TC section 19138(b) are satisfied and the base amount for measuring a future understatement will be increased by the amount of tax paid. Underpayment interest will be computed automatically by FTB when the amended return is processed and the taxpayer may receive a bill for any unpaid interest.
Related Questions
- Will a payment of only tax, and not interest, with an amended return or with the election form (FTB 650) satisfy the payment requirement under R&TC section 19138(b)?
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