Son of BOSS Case Highlights Ongoing Dispute Over Application Of The Valuation Misstatement Penalty

By Phil Karter The recent decision in Bemont Investments, LLC v. United States, USDC E.D. Tex., No. 4:07-cv-00009 (March 9, 2010) is another burr in the IRS’s saddle when it comes to enforcement of the substantial valuation and gross valuation misstatement penalties.  These two penalties, particularly the 40% gross valuation misstatement penalty, are powerful weapons … Continue reading Son of BOSS Case Highlights Ongoing Dispute Over Application Of The Valuation Misstatement Penalty