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GUSTASHAW v. C.I.R.

No. 11-15406.

696 F.3d 1124 (2012)

William E. GUSTASHAW, Jr., Nancy D. Gustashaw, Petitioners-Appellants, v. COMMISSIONER OF IRS, Respondent-Appellee.

United States Court of Appeals, Eleventh Circuit.

September 28, 2012.

Attorney(s) appearing for the Case

Harris LaRue Bonnette, Jr. , Fisher, Tousey, Leas & Ball, PA, Jacksonville, FL, William P. Gregory , Francis R. Lakel , Tampa, FL, for Petitioners-Appellants.

Ellen Page DelSole , Joan I. Oppenheimer , Tamara W. Ashford , Richard Farber , U.S. Dept. of Justice, Tax Div., App. Section, Robert R. Di Trolio , U.S. Tax Court, Washington, DC, Robert Walter Dillard , Stephen Rickio Takeuchi , Chief Counsel — IRS, Jacksonville, FL, for Respondent-Appellee.

Before HULL, MARCUS and HILL, Circuit Judges.

HULL, Circuit Judge:

Although a tax shelter can be legitimate, Petitioner William Gustashaw, Jr.,1 participated in one that was not. Gustashaw claimed substantial tax benefits from the shelter on four consecutive tax returns. The IRS later disallowed Gustashaw's claim and determined deficiencies in tax and accuracy-related penalties, including gross valuation misstatement penalties and a negligence penalty. Gustashaw conceded the deficiencies...

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