103 STAT. 2398 PUBLIC LAW 101-239—DEC. 19, 1989 "(c) SPECIAL RxnjE FOR JOINT RETURNS. — In the case of a joint return, this section shall not apply with respect to a spouse unless some part of the underpayment is due to the fraud of such spouse. ' SEC 6664. DEFINITIONS AND SPECIAL RULES. "(a) UNDERPAYMENT.—For purposes of this part, the term 'underpayment' means the amount by which any tax imposed by this tide 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 col- lected without assessment), over "(2) the amount of rebates made. For purposes of paragraph (2), the term 'rebate' means so much of an abatement, credit, refund, or other repayment, as was made on the ground that the tax imposed was less than the excess of the amount specified in paragraph (1) over the rebates previously made. "(b) PisALToa APPLICABLE ONLY WHERE RETURN FILED. —The penalties provided in this part shall apply only in cases where a return of tax is filed (other than a retiun prepared by the Secretary under the authority of section 6020(b)). "(c) REASONABLE CAUSE EXCEPTION.— "(1) IN GENERAL.—N O penalty shall be imposed under this part with respect to any portion of an underpavment if it is shown that there was a reasonable cause for such portion and that the taxpayer acted in good faith with respect to such portion. Gifts and "(2) SPECIAL RULE FOR CERTAIN VALUATION OVERSTATElifENTS. — property. JQ J^Q Q^g^ ^f g^y underpayment attributable to a substantial or gross valuation overstatement under chapter 1 with respect to charitable deduction property, paragraph (1) shall not apply unless— "(A) the claimed value of the property was based on a qualified appraisal made by a qualified appraiser, and "(B) in addition to obtaining such appraisal, the taxpayer made a good faith investigation of the value of the contrib* uted property. "(3) DEFDOTIONS.—For purposes of this subsection— " (A) CHARITABLE DEDUCTION PROPERTY. — The term 'chari- table deduction property* means any property contributed by the taxpayer in a contribution for which a deduction was claimed under section 170. For purposes of paragraph (2), such term shall not include any securities for which (as of the date of the contribution) market quotations are readily available on an established securities market. "(B) QUALIFIED APPRAISER.— The term 'qualified ap- praiser* means any appraiser meeting the requirements of the regulations prescribed under section 170(a)(l). "(C) QUALIFIED APPRAISAL. — The term 'qualified ap- praisal' means any appraisal meeting the requirements of the r^ulations prescribed under section 170(a)(l).
- TART III—APPLICABLE RULES
"Sec. 6665. Applicable rules.
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