TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Friday, June 21, 2013

Shakow: Valuation Misstatement Penalties Require Valuation Misstatements

Tax AnalystsDavid J. Shakow (Pennsylvania), Valuation Misstatement Penalties Require Valuation Misstatements, 139 Tax Notes 1283 (June 10, 2013):

In this report, I argue that the valuation misstatement penalty has been misinterpreted by the IRS to apply to tax shelter transactions that have nothing to do with valuation. The penalty applies to taxpayers who claim deductions from inflated basis only when the basis was inflated as a result of an overvaluation. Properly understood, the penalty provision rarely raises the issue for which the government successfully sought certiorari in United States v. Woods.

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Articles like this should carry an asterisk to let readers know the author's law firm is presently litigating the precise issue the article discusses.

Posted by: Jake | Jun 21, 2013 5:05:20 PM

An anonymous commenter criticizes an author for not fully revealing information. Interesting.

Posted by: andy | Jun 22, 2013 2:03:11 PM