Rand v. Comm'r
United States Tax Court
Ps filed a joint income tax return for 2008 improperly claiming three refundable credits: an earned income credit, an additional child tax credit, and a recovery rebate credit.
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Ps filed a joint income tax return for 2008 improperly claiming three refundable credits: an earned income credit, an additional child tax credit, and a recovery rebate credit. As a result, they claimed a tax refund of $7,327. The parties agree that the correct tax liability was $144. The parties also agree that an accuracy-related penalty applies, but they dispute how the penalty should be calculated, specifically what should be used as the amount shown as the tax on the return. This number affects the amount of the underpayment that serves as the base upon which an accuracy-related penalty…
1Opinion of the Court
OPINION
Buch, Judge:
Respondent determined deficiencies, additions to tax, and penalties with respect to petitioners’ joint Federal income tax as follows:
Year Addition to tax Deficiency sec. 6651(a)(1) Penalty sec. 6662(a)
2006 $3,540 $100 $708.00
2007 3,901 100 780.20
2008 8,127 -0-1,625.40
Because the parties have resolved all other issues by stipulation, the only issue for the Court to decide is the amount of the penalty under section 6662(a)1 for 2008. Determining that amount requires us to first determine the “underpayment of tax required to be shown” on petitioners’ 2008 tax return. See sec.…
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