FCG Valuation Case E-Flash Mountanos v. Commissioner

Authored by Chris D. Treharne, ASA, MCBA, MAFF of Gibraltar Business Appraisals, Inc. a member firm of FCG Issue 15:3

Michael S. Mountanos, Petitioner v. Commissioner of Internal Revenue, Respondent 
TC Memo 2013-138, Docket No. 8158-10, Filing date June 3, 2013, Judge Kroupa

Citing two issues, the IRS asserted deficiencies exceeding $1.1 million for the taxpayer’s 2006, 2007, and 2008 personal income tax returns:

  • Taxpayer was not eligible for carryover deductions for a conservation easement charitable deduction, and
  • Taxpayer was liable for an accuracy related penalty for each of the three years.¬†

The Takeaway
While not a primary focus of the case facts or ruling, the court’s failure to recognize the testimony of an untrained expert having no relevant professional credentials provides taxpayers and their professional advisors valuable insight that should not be ignored.

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