- 11 - Commissioner, 902 F.2d 380, 383 (5th Cir. 1990), revg. T.C. Memo. 1988-408 (taxpayers held not negligent because they were unsophisticated with limited prior investment experience and had no formal education beyond high school). In Heasley v. Commissioner, supra at 381, the taxpayers sought the advice of an accountant who independently reviewed the prospectus and the accompanying tax and legal opinions and found everything to be in order. Because the taxpayers in Heasley previously had not employed an accountant, they hired an accountant referred to them by the promoter of the tax shelter. Id. There is no indication, however, that the accountant was an employee of the promoter or otherwise had any financial interest in the tax shelter. Id. Petitioners' situation is not like that in Heasley. Petitioners did not have a C.P.A. or other tax or business professional independently review their investment in Century. They did not investigate Dollar or Century before investing. Dollar was the promoter; he was not independent. There is no showing that he was a qualified tax professional. They relied on the advice of Dollar. It was not reasonable or prudent to have done so. Advice of the promoters or their agents is not advice of independent professionals. Pasternak v. Commissioner, 990 F.2d at 903; Gilman v. Commissioner, T.C. Memo. 1990-205, affd. 933 F.2d 143 (2d Cir. 1991) (lessees of computer software lackPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
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