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TODD v. C.I.R.

No. 88-4118.

862 F.2d 540 (1988)

Richard J. TODD and Denese W. Todd, Petitioners-Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Fifth Circuit.

December 16, 1988.

Attorney(s) appearing for the Case

Nancy Morgan, Gary R. Allen, William S. Rose, Jr., Jonathan S. Cohen, Asst. Attys. Gen., Tax Div., Dept. of Justice, Washington, D.C., for respondent-appellant.

Charles Baume, William Marc Weintraub, Los Angeles, Cal., for petitioners-appellees.

Before THORNBERRY, RUBIN and HIGGINBOTHAM, Circuit Judges.

PATRICK E. HIGGINBOTHAM, Circuit Judge:

Taxpayers Richard and Denese Todd appealed deficiencies and penalties assessed by the Commissioner of Internal Revenue. The Tax Court denied the taxpayers' claimed depreciation deductions and investment tax credits. In a later opinion, the Tax Court refused to impose the Commissioner's requested penalties under Internal Revenue Code § 6659 for tax underpayments attributable to valuation overstatements. The Commissioner...

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