Opinion
6299-21
08-19-2024
GLASSY MOUNTAIN HOLDINGS, LLC, EVRGREEN CAPITAL ADMINISTRATION, LLC, TAX MATTERS PARTNER, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
ORDER AND DECISION
KATHLEEN KERRIGAN, CHIEF JUDGE.
On June 11, 2024, respondent filed an unopposed Motion for Entry of Decision requesting, pursuant to Rule 248(b) of the Tax Court's Rules of Practice and Procedure, that the decision document respondent attached with this motion be entered as the decision in this case. The 60-day waiting period under Rule 248(b) has now expired, and no nonparticipating partner has moved for leave to intervene or participate in this case.
Upon due consideration, it is
ORDERED that respondent's Motion for Entry of Decision, filed June 11, 2024, is granted. It is further
ORDERED AND DECIDED: That the following statement shows the adjustments to the partnership items of Glassy Mountain Holdings, LLC, for the taxable period ending December 31, 2017:
Partnership Item
As Reported
As Determined
Charitable contributions 50 percent - Schedule K, line 13a
$22,681,333.00
$33,833.00
Other deduction - Schedule K, line 13(d)
$841,001.00
$4,637,351.00
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
Entered and Served 08/19/24 underpayment of tax resulting from the above adjustments to partnership items for the taxable year ending December 31, 2017; 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, 2017.