Page:United States Statutes at Large Volume 98 Part 1.djvu/743

 PUBLIC LAW 98-369—JULY 18, 1984 "If the valuation claimed is the following percent of the correct valuation— 50 percent or more but not more than 66% percent 40 percent or more but less than 50 percent Less than 40 percent

98 STAT. 695 The applicable percentage is: 10 20 30.

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"(c) VALUATION UNDERSTATEMENT DEFINED.—For purposes of this section, there is a valuation understatement if the value of any property claimed on any return is 66% percent or less of the amount determined to be the correct amount of such valuation. "(d) UNDERPAYMENT MUST B E AT LEAST $1,000.—This section shall not apply if the underpayment is less than $1,000 for any taxable period (or, in the case of the tax imposed by chapter 11, with respect 26 USC 2001 et to the estate of the decedent). ^^Q"(e) AUTHORITY TO WAIVE.—The Secretary may waive all or any part of the addition to the tax provided by this section on a showing by the taxpayer that there was a reasonable basis for the valuation claimed on the return and that such claim was made in good faith." (B) CLERICAL AMENDMENT.—The table of sections for subchapter A of chapter 68 is amended by inserting after the item relating to section 6659 the following new item: "Sec. 6660. Addition to tax in the case of valuation understatement for purposes of estate or gift taxes." (d) EFFECTIVE DATES.— (1) SUBSECTIONS (a) AND (b).—The amendments made by

26 USC 6050L subsections (a) and O> shall apply to contributions made after note. t) December 31, 1984, in taxable years ending after such date. (2) SUBSECTION (C).—The amendments made by subsection (c) 26 USC 6659 shall apply to returns filed after December 31, 1984. note.

SEC. 156. AUTHORIZATION TO DISREGARD APPRAISALS OF PERSONS PENALIZED FOR AIDING IN UNDERSTATEMENTS OF TAX LIABILITY.

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(a) IN GENERAL.—Section 330 of title 31, United States Code, is amended by adding at the end thereof the following new subsection: "(c) After notice and opportunity for a hearing to any appraiser with respect to whom a penalty has been assessed under section 6701(a) of the Internal Revenue Code of 1954, the Secretary may— 26 USC 6701. "(1) provide that appraisals by such appraiser shall not have any probative effect in any administrative proceeding before the Department of the Treasury or the Internal Revenue Service, and "(2) bar such appraiser from presenting evidence or testimony in any such proceeding." (b) EFFECTIVE DATE.—The amendment made by subsection (a; 31 USC 330 note, shall apply to penalties assessed after the date of the enactment of this Act. SEC. 157. LIMITATION ON MAILING OF DEPOSITS OF TAXES. (a) IN GENERAL.—Subsection (e) of section 7502 (relating to mail- 26 USC 7502. ing of deposits) is amended by adding at the end thereof the following new paragraph: "(3) N O APPLICATION TO CERTAIN DEPOSITS.—Paragraph (1)

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shall not apply with respect to any deposit of $20,000 or more by any person who is required to deposit the tax more than once a month." (b) EFFECTIVE DATE.—The amendment made by this section shall 26 USC 7502 apply to deposits required to be made after July 31, 1984. note.

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