WVC 11 - 10 E- 7
§11-10E-7. Promoting tax shelters.
Except as herein provided, the provisions of Section 6700 of
the Internal Revenue Code shall apply for purposes of this article
as if such section applied to a West Virginia deduction, credit,
exclusion from income, allocation or apportionment rule, or other
West Virginia tax benefit. Notwithstanding Section 6700(a) of the
Internal Revenue Code, if an activity with respect to which a
penalty imposed under Section 6700(a) of the Internal Revenue Code,
as applied for purposes of this article, involves a false or
fraudulent statement as described in Section 6700(a)(2)(A) of the
Internal Revenue Code, as applied for purposes of this article, the
amount of the penalty imposed under this section shall be fifty
percent of the gross income derived (or to be derived) from such
activity by the person upon which the penalty is imposed.
Note: WV Code updated with legislation passed through the 2012 1st Special Session