US Tax Court Rebuffs Taxpayer's Penalty Avoidance Ploy

Law360, New York (March 6, 2014, 5:47 PM EST) -- The U.S. Tax Court on Thursday dashed a taxpayer’s hopes of escaping an accuracy related penalty imposed after being denied a $5 million deduction for a charitable property easement, saying the taxpayer was trying to game the judicial system.

Judge Diane L. Kroupa said after previously losing his case, Michael S. Mountanos agreed that he overvalued his property, but improperly asked the court to alter its previous decision to cite different law that would allow him to circumvent the penalty.

“[Mountanos] now attempts to lose...
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