AHG Invs., LLC v. Comm'r
United States Tax Court
R issued a notice of final partnership administrative adjustment (FPAA) determining adjustments to income on multiple grounds. The FPAA also determined an I.R.C. sec. 6662 40% gross valuation misstatement penalty, as well as other penalties.
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R issued a notice of final partnership administrative adjustment (FPAA) determining adjustments to income on multiple grounds. The FPAA also determined an I.R.C. sec. 6662 40% gross valuation misstatement penalty, as well as other penalties. P conceded the adjustments to income on grounds other than valuation or basis in an attempt to avoid the gross valuation misstatement penalty and filed a motion for partial summary judgment that this penalty does not apply as a matter of law. Held: A taxpayer may not avoid application of the gross valuation misstatement penalty merely by conceding on…
1Opinion of the Court
OPINION
Goeke, Judge:
This case is before the Court on petitioner’s motion for partial summary judgment filed pursuant to Rule 121,1 to which respondent objects. Respondent issued a notice of final partnership administrative adjustment (FPAA) to petitioner, a partner other than the tax matters partner (TMP) of AHG Investments, LLC (AHG Investments). The major adjustment in the FPAA was to disallow $10,069,505 in losses allocated to petitioner for taxable years 2001 and 2002. Petitioner conceded on grounds other than valuation or basis that the FPAA adjustments were correct in an attempt to…
2Cases cited25 opinions
- Vasquez v. HillerySupreme Court of the United States · 1986
- Sundstrand Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1994
- Sundstrand Corp. v. CommissionerUnited States Tax Court · 1992
- Burnet v. Coronado Oil & Gas Co.Supreme Court of the United States · 1932
- Richard J. Todd and Denese W. Todd v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1988
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- AHG Investments, LLC, Alan Ginsburg, A Partner Other Than the Tax Matters Partner v. CommissionerUnited States Tax Court · 2013
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