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TAXATION

Does the Internal Revenue Code’s penalty for an underpayment of federal income tax that is “attributable to” an overstatement of basis in property apply to an un­derpayment resulting from an IRS determination that a transaction lacks economic substance? See “Court to decide if tax penalty applies to underpayment” U.S. v. Woods, No. 12-562. Certiorari granted: March 25, ...


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