Opinion
6426-21.
11-01-2024
AIRLINE ROAD PROPERTY HOLDINGS LLC, AIRLINE ROAD MANAGER, LLC, TAX MATTERS PARTNER, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
ORDER AND DECISION
David Gustafson, Judge.
On October 7, 2024, we entered decision (Doc. 85), granting respondent's unopposed Motion for Entry of Decision filed July 26, 2024. On October 31, 2024, the parties filed a motion to vacate or revise pursuant to Rule 162 (Doc. 87) stating that the entered decision contains a typographical error, in that two numbers are transposed. Instead of the $2,178,100, the entered decision shows an adjustment to the partnership item "Other Deduction - Schedule K, line 13(d)," "as determined" in the amount of $2,187,100. Therefore, it is
ORDERED that the parties' motion to vacate or revise pursuant to Rule 162 is granted and that the decision (Doc. 85) entered October 7, 2024, is hereby vacated and set aside. It is further
ORDERED that respondent's Motion for Entry of Decision is granted pursuant to Rule 248(b). It is further
ORDERED AND DECIDED: That the following statement shows the adjustments to the partnership items of Airline Road Property Holdings, LLC, for the taxable period ending December 31, 2016:
Partnership Item
As Reported
As Determined
Charitable contributions 50 percent - Schedule K, line 13(a)
$9,983,080
$33,080
Other Deduction - Schedule K, line 13(d)
$153,000
$2,178,100
That a 10 percent accuracy-related penalty for gross valuation misstatement under I.R.C. § 6662(h) applies to any resulting underpayment of tax;
That no penalties pursuant to I.R.C. §§ 6662(c), (d) or (e) apply to any underpayment of tax resulting from the above adjustments to partnership items for the taxable year ending December 31, 2016; and
That no penalty pursuant to I.R.C. § 6662A applies to any understatement of tax resulting from the above adjustments to partnership items for the taxable year ending December 31, 2016.