In AHG Investments LLC v. Commissioner of Internal Revenue, 140 T.C. No. 7 (3/14/2013), the U.S. Tax Court reversed its previously established position in holding that a taxpayer may not avoid application of the gross valuation misstatement penalty, imposed under Section 6662 of the Internal Revenue Code, merely by conceding the Internal Revenue Service asserted adjustments to income on alternative grounds unrelated to valuation. By holding that the gross valuation misstatement penalty may not be so easily avoided, the Tax Court adopted what has become the majority position of those circuit courts that have considered this issue.
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