25.6694-3—Penalty for understatement due to willful, reckless, or intentional conduct.
(a) In general.
A person who is a tax return preparer of any return or claim for refund of gift tax under chapter 12 of subtitle B of the Internal Revenue Code (Code) shall be subject to penalties under section 6694(b) of the Code in the manner stated in § 1.6694-3 of this chapter.
(b) Effective/applicability date.
This section is applicable to returns and claims for refund filed, and advice provided, after December 31, 2008.