2010-12-28
Continuing our series on Famous Tax Quotes (quotes from court opinions with language that is colorful or that concisely states an important tax principle), today's tax quote is:
[A] reasonably prudent person should investigate claims when they are likely “too good to be true.”
Neonatology Associates v. Commissioner, 299 F.3d 221 (3rd Cir. 2002) (relating to a taxpayer’s obligation to make a proper investigation or exercise due diligence to verify a transaction’s tax legitimacy in order to avoid penalties under the reasonable cause exception)
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