Accuracy Related Penalty

Chiarelli v. Commissioner (T.C. Memo. 2021-27)

On March 3, 2021, the Tax Court issued a Memorandum Opinion in the case of Chiarelli v. Commissioner (T.C. Memo. 2021-27). The primary issues presented in Chiarelli were whether the petitioner was entitled to noncash charitable contribution deductions for the years at issue and whether the petitioner was liable for the IRC § 6662(a) accuracy-related penalties for 2012 and 2013. Incomplete Form 8283 The petitioner inherited valuable property from his late mother, had the items

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Charitable Contributions

Pankratz v. Commissioner (T.C. Memo. 2021-26)

On March 3, 2021, the Tax Court issued a Memorandum Opinion in the case of Pankratz v. Commissioner (T.C. Memo. 2021-26). The primary issue presented in Pankratz was whether the failure to attach appraisals can be due to reasonable cause when a taxpayer admits that he did not review his tax returns before filing. Introductory Notes: I cannot say for sure whether the return preparers were actually the fire chief and the village idiot, but

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Banana Pancake Syllogism

Substantiation of Charitable Contributions Under DEFRA

The deductibility of a charitable contribution depends on the donor-taxpayer meeting several conditions, which conditions are determined by the size and type of contribution.  The larger the contribution, the more stringent the documentation and substantiation that is needed.[1]  With respect to non-cash donations, the amount of the contribution is generally equal to the fair market value of the property at the time of contribution.[2] Determining the FMV, however, is the factor that taxpayers so often

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Discounts for Lack of Control and Marketability

Estate of Warne v. Commissioner (T.C. Memo. 2021-17)

On February 18, 2021, the Tax Court issued a Memorandum Opinion in the case of Estate of Warne v. Commissioner (T.C. Memo. 2021-17). The primary issue presented in Warne was whether the IRS erred in increasing the value of the estate and the LLCs and by denying a giant charitable deduction ($25 million).  Specifically, the issues in Warne concerned valuation of certain family LLCs, discounts for lack of marketability for interests in such LLCs, and

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Conservation Easements

Kissling v. Commissioner (T.C. Memo. 2020-153)

On November 12, 2020, the Tax Court issued a Memorandum Opinion in the case Kissling v. Commissioner (T.C. Memo. 2020-153). The primary issue before the court in Kissling was how the Tax Court gauges the marginal effect of an easement in light of local law.

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Charitable Contribution

Emanouil v. Commissioner (T.C. Memo. 2020-120)

On August 17, 2020, the Tax Court issued a Memorandum Opinion in the case of Emanouil v. Commissioner (T.C. Memo. 2020-120). The primary issues before the court in Emanouil were (1) whether the petitioners complied with the qualified appraisal requirements of IRC § 170(f)(11)(C); (2) whether the petitioners contributions were part of a quid pro quo exchange rather than a charitable gift; (3) what the fair market values were of the properties that the petitioners

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Charitable Contributions

Brannan Sand & Gravel Co. LLC v. Commissioner (T.C. Memo. 2020-76)

On June 4, 2020, the Tax Court issued a Memorandum Opinion in the case of Brannan Sand & Gravel Co., LLC v. Commissioner (T.C. Memo. 2020-76). The issue before the court in Brannan Sand & Gravel Co., LLC was whether the petitioner substantiated (as required by Treas. Reg. § 1.170A-13(c)) a $200,000 charitable contribution claimed for the donation of certain water storage rights.

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Chiarelli v. Commissioner (T.C. Memo. 2021-27)

On March 3, 2021, the Tax Court issued a Memorandum Opinion in the case of Chiarelli v. Commissioner (T.C. Memo. 2021-27). The primary issues presented in Chiarelli were whether the petitioner was entitled to noncash charitable contribution deductions for the years at issue and whether the petitioner was liable for

Read More »

Pankratz v. Commissioner (T.C. Memo. 2021-26)

On March 3, 2021, the Tax Court issued a Memorandum Opinion in the case of Pankratz v. Commissioner (T.C. Memo. 2021-26). The primary issue presented in Pankratz was whether the failure to attach appraisals can be due to reasonable cause when a taxpayer admits that he did not review his

Read More »

Substantiation of Charitable Contributions Under DEFRA

The deductibility of a charitable contribution depends on the donor-taxpayer meeting several conditions, which conditions are determined by the size and type of contribution.  The larger the contribution, the more stringent the documentation and substantiation that is needed.[1]  With respect to non-cash donations, the amount of the contribution is generally

Read More »

Estate of Warne v. Commissioner (T.C. Memo. 2021-17)

On February 18, 2021, the Tax Court issued a Memorandum Opinion in the case of Estate of Warne v. Commissioner (T.C. Memo. 2021-17). The primary issue presented in Warne was whether the IRS erred in increasing the value of the estate and the LLCs and by denying a giant charitable

Read More »

Kissling v. Commissioner (T.C. Memo. 2020-153)

On November 12, 2020, the Tax Court issued a Memorandum Opinion in the case Kissling v. Commissioner (T.C. Memo. 2020-153). The primary issue before the court in Kissling was how the Tax Court gauges the marginal effect of an easement in light of local law.

Read More »

Emanouil v. Commissioner (T.C. Memo. 2020-120)

On August 17, 2020, the Tax Court issued a Memorandum Opinion in the case of Emanouil v. Commissioner (T.C. Memo. 2020-120). The primary issues before the court in Emanouil were (1) whether the petitioners complied with the qualified appraisal requirements of IRC § 170(f)(11)(C); (2) whether the petitioners contributions were

Read More »