Tax Court Holds Estate Not Liable For Accuracy-Related Penalty

The Tax Court recently held that an estate was not liable for section 6662 accuracy-related penalty because it acted reasonably and in good faith by relying on appraiser to value its partnership interest in a land and timber limited partnership.

See "Tax Court Determines Value of Estate's Partnership Interest; No Penalty Applied." 2011 TNT 121-10, June 22, 2011.

Posted by Brian Spring, Associate Editor, Wealth Strategies Journal.