- 21 -
judgment. Neonatology Associates, P.A. v. Commissioner, supra at
98-99.
Petitioner asserts a reliance defense as the basis for
relief from liability under section 6662(a). Petitioner hired
Mr. Isaacson, an attorney with an LL.M. in taxation who
specializes in Federal tax law, and provided him with all the
necessary and accurate information with respect to all items
reported on his returns. Using the information provided, Mr.
Isaacson prepared a tax opinion letter which represented to
petitioner there was a reasonable legal basis to fully deduct and
carry back AMT losses for the years at issue. Relying in good
faith upon this advice, petitioner hired Mr. Isaacson to prepare
his 2000 amended return, which respondent accepted; subsequent
2000 amended returns; 2001 return; and subsequent 2001 amended
return.
The deficiencies at issue were determined from the positions
reported in the returns Mr. Isaacson prepared on behalf of
petitioner. Petitioner is unsophisticated in Federal tax law.
For the foregoing reasons, the Court concludes petitioner
reasonably and in good faith relied on the advice of a competent
professional and holds petitioner is not liable for the section
6662(a) penalties.
Page: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 NextLast modified: May 25, 2011