Section 6662 Clause Samples
Section 6662 is a provision of the Internal Revenue Code that imposes accuracy-related penalties on taxpayers for underpayments attributable to negligence, substantial understatement of income tax, or other specified reasons. In practice, this clause applies when a taxpayer makes errors on their tax return, such as failing to report income or making improper deductions, and the resulting underpayment meets certain thresholds or is due to careless disregard of tax rules. The core function of Section 6662 is to encourage accurate tax reporting and compliance by penalizing negligent or substantial errors, thereby deterring improper tax filings and protecting government revenue.
Section 6662. Each Acquired Company has disclosed on its Tax Returns any Tax reporting position taken in any Tax Return which could result in the imposition of penalties under Section 6662 of the Code (or any comparable provisions of state, local or foreign law).
Section 6662. The Company has disclosed on its Tax Returns any Tax reporting position taken in any Tax Return which could, absent disclosure, reasonably be expected to result in the imposition of penalties under Section 6662 of the Code (or any comparable provisions of state, local or foreign law).
Section 6662. Each of the Companies has disclosed on its federal ------------ income Tax Return all positions taken therein that could give rise to a substantial understatement of federal income Tax within the meaning of Section 6662 of the Internal Revenue Code.
Section 6662. Each of Holding and the AAC Companies has disclosed on its federal income Tax Return all positions taken therein that could give rise to a substantial understatement of federal income Tax within the meaning of Section 6662 of the Internal Revenue Code.
Section 6662. Each Target Company has (i) disclosed on its Tax Returns all positions taken therein that could give rise to a substantial understatement of Tax within the meaning of Code Section 6662 (or any similar provision Law) and (ii) timely prepared or caused to be prepared all reports and other documentation necessary to avoid the imposition of any penalty under the provisions of Section 6662(e) of the Code.
Section 6662. The Company and each Enterprise has (i) disclosed on its Tax Returns all positions taken therein that could give rise to a substantial understatement of Tax within the meaning of Code Section 6662 (or any similar provision law) and (ii) timely (taxing into account valid extensions) prepared or caused to be prepared all reports and other documentation necessary to avoid the imposition of any material penalty under the provisions of Section 6662(e) of the Code.