Opinion
12519-16
08-26-2022
PLATEAU HOLDINGS, LLC, WATERFALL DEVELOPMENT MANAGER, LLC, TAX MATTERS PARTNER, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
ORDER AND DECISION
Albert G. Lauber, Judge
On November 30, 2021, the Court issued an Opinion in this case (T.C. Memo. 2021-133), which states at the end thereof that "[decision will be entered under Rule 155." On August 25, 2022, the parties jointly filed a Computation for Entry of Decision under Rule 155. Upon due consideration, and consistently with the parties' computation, it is
ORDERED and DECIDED: That the following statement shows the adjustments to the partnership items of Plateau Holdings, LLC, for the tax period ending December 31, 2012:
Partnership Item
As Reported
As Determined
Charitable Contributions
$25,472,000
$23,000
That a 40 percent accuracy-related penalty for gross valuation misstatement under I.R.C. § 6662(a), (b)(3), (e) and (h) applies to the portion of any underpayment of tax attributable to claiming the charitable contribution deduction in excess of $2,714,200; and
That no penalty under I.R.C. § 6662(a) applies to the portion of any underpayment of tax attributable to claiming the charitable contribution deduction up to $2,714,200.