Proceed with caution when valuing tax shelters

04/15/2013 | Tax Insider

The U.S. Tax Court has overturned a precedent holding individuals harmless from penalty when an asset claimed in a tax return is overvalued. Taxpayers can be liable for a penalty of as much as 40% for a valuation misstatement, and the ruling means there is little chance for an individual to find relief outside of going to trial.

View Full Article in:

Tax Insider