Laws, Regulations & Annotations

B

205.0000 BUSINESS INVENTORY EXEMPTION

Annotation 205.0055

205.0055 Escaped Property. The exemption applies to escaped property enrolled under Revenue and Taxation Code sections 531.3 (failure to report cost accurately), 531.4 (inaccurate statement), and 531.5 (inaccurate information) for the 1975-76 through 1979-80 fiscal years, but it is denied to escapes to which the section 504 (25 percent) penalty is applied.

An assessment pursuant to Revenue and Taxation Code section 501 (failure to furnish information) along with the Revenue and Taxation Code section 463 penalty (failure to file statement) is eligible for the exemption. The exemption is applied prior to addition of the ten percent penalty. LTA 4/25/1980. (No. 80/69).