Supreme Court Upholds Partner’s Tax-Shelter Penalty ¦bizlawnews.com

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The U.S. Supreme Court on Dec. 3 held that the 40 percent gross valuation misstatement penalty applies to partnerships that understate their capital-gains tax liability by inflating the cost of acquiring property that is later sold.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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