Opinion
26532-17
09-12-2022
Wildwood, LLC, Francis J. Downey, Tax Matters Partner, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
ORDER AND DECISION
Joseph Robert Goeke, Judge.
Upon due consideration of respondent's Motion for Entry of Decision, filed July 15, 2022, it is ORDERED that respondent's Motion for Entry of Decision is granted. It is further
ORDERED and DECIDED that the following statement shows the adjustments to the partnership items of Wildwood, LLC, for the taxable period ending December 31, 2011:
Partnership Item
As Reported
As Determined
Charitable Contributions
$15,474,609.00
$36,609.00
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 $36,609.00.
That a 20 percent accuracy-related penalty applies to the portion of any underpayment of tax attributable to claiming the charitable contribution deduction in excess of $36,609.00 as such underpayment is attributable to negligence or disregard of rules or regulations under I.R.C. § 6662(a), (b)(1), and (c), and the partnership-level elements of the substantial understatement of income tax penalty under I.R.C. § 6662(a), (b)(2) and (d) and the substantial valuation misstatement penalty under I.R.C. § 6662(a), (b)(3) and (e).