A Detailed Look at Accuracy‐Related Penalties. Issue 3 (16th February 2018)

• Record Type: Journal Article
• Is Part Of: Bruce R. Hopkins' nonprofit counsel. Volume 35:Issue 3(2018)
• Page Start: 3
• Page End: 4
• Publication Date: 2018-02-16
• Subjects: Nonprofit organizations -- Law and legislation -- United States -- Periodicals; Nonprofit organizations -- Taxation -- Law and legislation -- Periodicals; 340
• DOI: 10.1002/npc.30436
• Languages: English
• ISSNs: 1542-8419

Abstract

Abstract : When the dust settled in this case, the petitioners, donors of a conservation easement, were found liable for the 40 percent accuracy‐related penalty for a gross valuation misstatement ( Roth v. Commissioner, US Tax Court, December 28). They claimed a charitable contribution deduction in the amount of $970, 000; the parties settled on a deduction amount of $30, 000. There was agreement that the donors had reasonable cause for the amount of the claimed deduction.