Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.
I can't tell you what the consequences will be, but I can tell you the possibilities.
If it was on purpose it could be a criminal act, the most likely possible is one of the sections at http://www.leginfo.ca.gov/cgi-bin/displaycode?section=pen&group=00001-01000&file=470-483.5 although there are problems with proving most of those offenses.
It can be a form of fraud as well. In addition, there is a tax provision that I can't find for some reason but which carries a penalty as well.
However, the most likely result is that you have to pay additional taxes plus fees and penalties.
If it was an accident then almost certainly it would be, at the most, penalties, interest and additional taxes. Likewise if it was a minimal amount of difference between the wrong sale price and the correct one.
If your question has been answered then I'd offer my best wishes to you and ask that you please not forget to leave a Positive Rating so I receive credit for my work.
Of course, please feel free to ask any follow up questions in this thread. I want to be sure that all of your questions are answered. In addition, once you issue your Positive Rating the question will lock open and no longer time out so you can come back to it anytime in the future if you think of any follow ups.