Accuracy-related penalty

ID:
UILC:
CCA-120514-14
6662.00-00
Number: 201504012
Release Date: 1/23/2015
From:
Sent: Monday, December 05, 2014 14:04
To: ---
Cc: ---
Bcc:
Subject: Re: 6662(h)(1) penalty question
Where the value of the property the taxpayers overvalued was not claimed on a return, neither the substantial valuation misstatement penalty nor the gross valuation misstatement penalty may be applied to the underpayment resulting from the disallowed interest expense deductions, pursuant to §6662(e)(1).
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Best,
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