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Tax Shelters, the Reportable Transaction Penalty, and the Graev’ Supervisory Approval Requirement for IRS Penalties

In 6707A, 6751, listed transaction by Jason B. FreemanLeave a Comment

The Tax Court’s recent decision in Laidlaw’s Harley Davidson Sales, Inc. v. Commissioner, 154 T.C. No. 4 (2020), addresses section 6751(b)’s requirement for supervisory approval in the context of a section 6707A penalty for reportable transactions.  The Tax Court addressed the question of whether section 6751(b)(1)’s supervisory approval requirement applies to a section 6707A assessable penalty.  The answer: Yes, it …