Tax Basis

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Supreme Court Upholds a 40 Percent Valuation Misstatement Penalty Based on a Misrepresentation of Basis

In United States v. Woods, No. 12-562, 2013 U.S. LEXIS 8776 (December 3, 2013), the U.S. Supreme Court upheld the imposition of the 40 percent gross valuation misstatement penalty set forth in 26 U.S.C. § 6662 where the...more

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