PERIOD FOR FILING QUALIFIED AMENDED RETURN TERMINATED AFTER IRS NOTIFICATION

In Bergmann, 137 TC No. 10, the Tax Court held that the taxpayers' amended return was not a qualified amended return because it was filed after the IRS served the tax promoter with a summons related to the taxpayers' transactions. Consequently, the taxpayers, Jeffrey Bergmann and his wife,...

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Bibliographic Details
Published inPractical Tax Strategies Vol. 87; no. 6; p. 274
Main Authors Cryan, T, Keenan, J, Woods, G
Format Trade Publication Article
LanguageEnglish
Published Boston Thomson Reuters (Tax & Accounting) Inc 01.12.2011
Subjects
Accounting firms
Accuracy
Capital losses
Court decisions
Disclosure
Federal court decisions
Fines & penalties
Income tax returns
Income taxes
Liability
Partnerships
State court decisions
Tax avoidance
Tax controversies
Tax court decisions
Tax courts
Tax planning
Tax shelters
Taxpayers
Valuation
United States > US
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Summary:In Bergmann, 137 TC No. 10, the Tax Court held that the taxpayers' amended return was not a qualified amended return because it was filed after the IRS served the tax promoter with a summons related to the taxpayers' transactions. Consequently, the taxpayers, Jeffrey Bergmann and his wife, had an underpayment of tax equal to the additional tax reported on the amended return and were liable for accuracy-related penalties under Section 6662(b)(2). On 10/5/11, the IRS issued chief counsel notice CC-2012-001, providing direction on how to handle concessions in already docketed Tax Court cases. The notice provides that concessions should be reviewed on a case-by-case basis and that "proposed concessions should be opposed in cases involving abusive tax shelter transactions if the application of valuation misstatement penalties is at issue."
ISSN:1523-6250