Tax Court Holds that Good Faith Reliance on Long-Time Attorney (Not a Tax Expert) is Sufficient to Establish Reasonable Cause and Avoid Penalties
In CNT Investors, LLC v. Commissioner, 114 T.C. No. 11 (2015), the Tax Court recently held that a retired mortician reasonably relied on the advice of his long-time corporate and estate planning attorney in participating in a Son-of-BOSS tax shelter transaction to divest real estate holdings. Although the court ruled that…