- 18 - Commissioner, 60 T.C. 728, 740 (1973). The taxpayer’s reliance upon a qualified adviser is also a factor, and the specific expertise of the adviser is considered. Patin v. Commissioner, 88 T.C. 1086, 1130-1131 (1987), affd. sub nom. Hatheway v. Commissioner, 856 F.2d 186 (4th Cir. 1988), affd. sub nom. Skeen v. Commissioner, 864 F.2d 93 (9th Cir. 1989), affd. without published opinion 865 F.2d 1264 (5th Cir. 1989), affd. sub nom. Gomberg v. Commissioner, 868 F.2d. 865 (6th Cir. 1989). Mr. Greer had no prior experience in the recycling business. He relied upon the purported value of the Sentinal EPS Recyclers set forth in the offering memorandum. He made no attempt to verify the value of the recyclers. Given the nature of the tax benefits claimed, this omission supports respondent’s assertion of negligence. Rybak v. Commissioner, 91 T.C. 524, 565 (1988). Mr. Greer contacted his longstanding tax accountant, and the accountant warned Mr. Greer that the transaction was fairly aggressive. Rather than seek a written opinion from his accountant on the validity of the tax benefits, Mr. Greer relied upon HG, the investment brokerage firm that brought him the transaction. Obviously, the brokerage firm received a commission. In addition, the individuals at HG who sold the Madison transaction to Mr. Greer did not have specialized tax expertise. Mr. Greer asserts that HG came recommended by his employer. Regardless, Mr. Greer’s business experience prior to 1982 was suchPage: Previous 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 NextLast modified: November 10, 2007