Because the $8,163 understatement exceeds the greater of 10percentt of the tax required to be shown on the return for the year, i.e., $1,234 $12,339 ×.100) or $5,000, A has a substantial understatement of income tax for the year.
Only the $22,250 understatement for 1988 is a substantial understatement, i.e., it exceeds the greater of (a) $2,225 (10percentt of the tax required to be shown on the return for the taxable year (.10 × $22,250)) or (b) $10,000.
Because the understatement exceeds the greater of (a) $728 (10percentt of the tax required to be shown on the return (.10 × $7,279)) or (b) $5,000, the understatement is substantial.
Firms are subject to penalties not exceeding "the greater of [$1,525,000], or three times the amount of the profit gained or loss avoided as a result of such controlled person's violation". Securities Exchange Act § 21A(a)(3), 15 U.S.C. § 78U-1.
The amount, if any, by which the amount in the Federal unemployment account as of the close of any fiscal year exceeds the greater of the amounts specified in paragraphs (1) and (2) of subsection (a) shall be transferred to the employment security administration account as of the close of such fiscal year.
For each violation, the amount of the penalty shall not exceed the greater of (i) $5,000 for a natural person or $50,000 for any other person, or (ii) the gross amount of pecuniary gain to such defendant as a result of the violation.
To summarize, the aggregate sales price or fair value of the token-based awards made in reliance on Rule 701 during any consecutive 12-month period generally cannot exceed the greater of $1,000,000 or 15% of the issuer's assets as of its most recent balance sheet date.
For 2017, the standard deduction for a taxpayer who can be claimed as a dependent by another taxpayer cannot exceed the greater of (a) $1,050 or (b) $350 + the dependent's earned income.
For 2018, the standard deduction for a taxpayer who can be claimed as a dependent by another taxpayer cannot exceed the greater of (a) $1,050 or (b) $350 plus the dependent's earned income.
For 2019, the standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,100 or the sum of $350 and the individual's earned income (not to exceed the regular standard deduction amount).
