- 7 - v. Commissioner, 99 T.C. 132, 179 (1992). On the record before us, we are unable to conclude that respondent abused his discretion. First, we are unable to find that petitioner ever asked respondent to exercise his discretion before he issued the notice of deficiency to her. Absent a timely request for a waiver, which we do not find was present here, we cannot hold that respondent abused his discretion in not waiving an addition to tax under section 6659. See Martin Ice Cream Co. v. Commissioner, 110 T.C. 189, 234-235 (1998); Haught v. Commissioner, T.C. Memo. 1993-58; cf. Lapin v. Commissioner, T.C. Memo. 1990-343, affd. without published opinion 956 F.2d 1167 (9th Cir. 1992). Even if petitioner had made such a timely request, we find nothing in the record to establish that she had the requisite reasonable basis for the overstated valuation to overcome respondent’s determination. The mere fact that she relied on Mr. Kanter, a tax professional, in choosing to participate in Degree does not mean that she reasonably reported the overstated valuation on her income tax return. Indeed, the facts of this case, including the facts that petitioner was aware of Mr. Kanter’s qualifications from their longtime close business relationship, that Mr. Kanter was not professionally qualified to evaluate or appraise the energy management systems equipment, that petitioner never read the PPM, and that petitioner neverPage: Previous 1 2 3 4 5 6 7 8 9 Next
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