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provisions of section 6653 if he or she reasonably relied on
competent professional advice. United States v. Boyle, 469 U.S.
241, 250-251 (1985); Freytag v. Commissioner, 89 T.C. 849, 888
(1987), affd. 904 F.2d 1011 (5th Cir. 1990), affd. 501 U.S. 868
(1991). Reliance on professional advice, standing alone, is not
an absolute defense to negligence, but rather a factor to be
considered. Freytag v. Commissioner, supra. For reliance on
professional advice to excuse a taxpayer from the negligence
additions to tax, the taxpayer must show that such professional
had the expertise and knowledge of the pertinent facts to provide
informed advice on the subject matter. David v. Commissioner, 43
F.3d 788, 789-790 (2d Cir. 1995), affg. T.C. Memo. 1993-621;
Goldman v. Commissioner, 39 F.3d 402 (2d Cir. 1994), affg. T.C.
Memo. 1993-480; Freytag v. Commissioner, supra; Sacks v.
Commissioner, T.C. Memo. 1994-217, affd. 82 F.3d 918 (9th Cir.
1996); Kozlowski v. Commissioner, T.C. Memo. 1993-430, affd.
without published opinion 70 F.3d 1279 (9th Cir. 1995); Prohaska
v. Commissioner, T.C. Memo. 1991-306, affd. without published
opinion sub nom. Virovec v. Commissioner, 983 F.2d 1071 (6th Cir.
1992); Prohaska v. Commissioner, T.C. Memo. 1991-305, affd.
without published opinion sub nom. Virovec v. Commissioner, 983
F.2d 1071 (6th Cir. 1992); see also Stone v. Commissioner, T.C.
Memo. 1996-230; Reimann v. Commissioner, T.C. Memo. 1996-84.
Reliance on representations by insiders, promoters, or
offering materials has been held an inadequate defense to
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