Alec Jeffrey Megibow - Page 15

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            V.  Negligence or Disregard of Rules or Regulations                                         
                  Respondent determined an accuracy-related penalty under                               
            section 6662 on the whole of petitioner’s underpayment of tax for                           
            1993 on account of petitioner’s negligence or disregard of rules                            
            or regulations.  In the petition, petitioner assigned error to                              
            that determination, but did not aver any facts in support of that                           
            determination.  In his trial memorandum, petitioner again                                   
            asserted that the section 6662 penalty was in dispute;                                      
            nevertheless, he did not further discuss the penalty.  Petitioner                           
            did not address the penalty in his posttrial filing.  We assume                             
            that petitioner’s defense to the section 6662 penalty is that                               
            there is no deficiency in tax.  Since we have sustained portions                            
            of respondent’s determination of a deficiency, to that extent,                              
            petitioner’s defense is unsuccessful, and petitioner has failed                             
            to carry his burden of showing that neither was he negligent nor                            
            did he disregard rules or regulations.  Respondent’s                                        
            determination of a penalty under section 6662 is sustained,                                 
            modified only to take into account respondent’s concessions.                                

                                                             Decision will be entered                   
                                                       under Rule 155.                                  












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