KPMG has made available for download their article, “Ninth Circuit: Prior supervisory approval for penalty assessment for listed transaction; Tax Court reversed”, which discusses the mass consent procedure. The abstract is as follows:
The U.S. Court of Appeals for the Ninth Circuit today reversed the Tax Court’s grant of summary judgment to a taxpayer, in a case involving when an IRS supervisor must provide the written approval required by section 6751(b) before the IRS can assess certain penalties.
The case is: Laidlaw’s Harley Davidson Sales, Inc. v. Commissioner, No. 20-73420 (9th Cir. March 25, 2022). Read the Ninth Circuit’s decision [PDF 225 KB] that includes a dissenting opinion.
To see the full article, click: “Ninth Circuit: Prior supervisory approval for penalty assessment for listed transaction; Tax Court reversed”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.