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issue or give undue dignity to petitioner's argument by
reiterating what has been set forth above. As we stated in
Harris v. Commissioner, T.C. Memo. 1981-46, “To anyone * * * not
incorrigibly addicted to the ‘free lunch’ philosophy of life, the
entire scheme had to have been seen as a wholly transparent
sham."
Based upon the record in the instant case, we find that
petitioner’s actions do not approach the actions that a
reasonable and ordinarily prudent person would have taken under
the circumstances. See Chamberlain v. Commissioner, supra at
733. Accordingly, petitioner is liable for the additions to
taxdue to negligence under section 6653(a)(1) and (2) for the
taxable years at issue. Respondent is sustained on this issue.
To reflect the foregoing,
Decision will be entered
under Rule 155.
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Last modified: May 25, 2011