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case of an individual if it exceeds the greater of 10 percent of
the tax required to be shown or $5,000, see sec. 6662(d)(1)(A).
The accuracy-related penalty under section 6662(a) does not
apply to any portion of an underpayment if it is shown that there
was reasonable cause for such portion and that the taxpayer acted
in good faith. See sec. 6664(c)(1). The determination of
whether the taxpayer acted with reasonable cause and in good
faith depends on the pertinent facts and circumstances. See sec.
1.6664-4(b)(1), Income Tax Regs.
Although petitioner asserted at trial that he should not be
held liable for the accuracy-related penalty under section
6662(a), he presented no evidence regarding that penalty. On the
record before us, we find that petitioner has failed to show that
he is not liable for the accuracy-related penalty under section
6662(a).
We have considered all of the contentions and arguments of
petitioner that he advanced at trial, which are not discussed
herein, and we find them to be without merit and/or irrelevant.
To reflect the foregoing and the concessions of respondent,
Decision will be entered under
Rule 155.
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Last modified: May 25, 2011