Applicable Penalty Standard definition

Applicable Penalty Standard means the standard under applicable Law for avoiding the imposition of penalties on the taxpayer and/or the tax return preparer.

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Examples of Applicable Penalty Standard in a sentence

• The preparing party’s return positions with respect to the disputed issues shall be upheld except for any such positions that the Tax Advisor concludes do not satisfy the Applicable Penalty Standard.

• The non-preparing party shall be liable for all fees and expenses of the Tax Advisor incurred under this Section 3.01(d); provided, however, that the preparing party shall be liable for all such fees and expenses incurred with respect to any Tax Return for which the Tax Advisor concludes a preparing party return position did not satisfy the Applicable Penalty Standard.

• The non-preparing party shall be liable for all fees and expenses of the Tax Advisor incurred under this Section 3.01(b); provided, however, that the preparing party shall be liable for all such fees and expenses incurred with respect to any Tax Return for which the Tax Advisor concludes a preparing party return position did not satisfy the Applicable Penalty Standard.

• The preparing party’s return positions with respect to the disputed issues will be upheld except for any such positions that the Tax Arbiter concludes do not satisfy the Applicable Penalty Standard.