Andrew Mitchel LLC

International Tax Blog - New and Interesting International Tax Issues


Too Good To Be True . . .

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)

Tags: Other - Famous Tax Quotes