underpayment
Defined in 5 places across 2 titles of the United States Code.
For purposes of this part, the term “underpayment” means the amount by which any tax imposed by this title exceeds the excess of—
(1) the sum of—
(A) the amount shown as the tax by the taxpayer on his return, plus
(B) amounts not so shown previously assessed (or collected without assessment), over
(2) the amount of rebates made.
Source
- 1994–present26 U.S.C. § 6664Internal Revenue Code · Definitions and special rules · for purposes of this part
In the case of any failure by any partnership to pay on the date prescribed therefor any amount required by subsection (a)(2) or (b)(1)(A), there is hereby imposed on such partnership a penalty of 10 percent of the underpayment. For purposes of the preceding sentence, the term “underpayment” means the excess of any payment required under this section over the amount (if any) paid on or before the date prescribed therefor.
Source
- 1997–present26 U.S.C. § 6242Internal Revenue Code · Procedures for taking partnership adjustments into account · in this section
In the case of any failure by any person to pay on the date prescribed therefor any amount required by this section, there shall be imposed on such person a penalty of 10 percent of the underpayment. For purposes of the preceding sentence, the term “underpayment” means the excess of the amount of the payment required under this section over the amount (if any) of such payment paid on or before the date prescribed therefor.
Source
- 1994–199726 U.S.C. § 7519Internal Revenue Code · Required payments for entities electing not to have required taxable year · under this section
In the case of any failure by any person to pay on the date prescribed therefor any amount required by this section, there shall be imposed on such person a penalty of 10 percent of the underpayment. For purposes of the preceding sentence, the term “underpayment” means the excess of the amount of the payment required under this section over the amount (if any) of such payment paid on or before the date prescribed therefor. No penalty shall be imposed under this subparagraph on any failure which is shown to be due to reasonable cause and not willful neglect.
Source
- 1997–present26 U.S.C. § 7519Internal Revenue Code · Required payments for entities electing not to have required taxable year · under this section
The term “underpayment” means the excess of the amount of the tax required to be deposited over the amount, if any, thereof deposited on or before the date prescribed therefor.
Source
- 1994–present26 U.S.C. § 6656Internal Revenue Code · Failure to make deposit of taxes · under this title
“underpayment” means any payment or nonpayment by a lessee or its designee that is less than the amount legally required to be paid on an obligation; and
Source
- 1996–present30 U.S.C. § 1702Mineral Lands and Mining · Definitions · for the purposes of this chapter