(United States moment Circuit) - In a tax case relating to taxpayer-plaintiff's underreporting of income in his 2003 tax return,principally in connection with a $2 million payment plaintiff received for his role in a now‐defunct tax‐shelter scheme, the Tax Court's judgment is: 1) affirmed in part as to the portion of the Tax Court's order upholding the self‐employment tax deficiency; 2) reversed in part as to the portion of the Tax Court's order upholding the accuracy‐related penalty; and 3) vacated in part as to the Tax Court's jurisdictional ruling where plaintiff concedes that the $2 million payment is fully taxable.
Source: findlaw.com