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" ... A taxpayer makes a gross valuation misstatement when it claims a value for the donated property that is 200% or more of the correct amount. Sec. 6662(h). On its 2012 return Glade Creek claimed an easement deduction of $17,504,000. If we find that the easement’s fair market value is $8,752,000 or less, there is a gross valuation misstatement as the claimed deduction is more than 200% of the correct amount. Reasonable cause is not available as a defense to the gross valuation misstatement penalty for the deduction of donated property but is a defense to the alternative penalties respondent asserts. ... "
" ... I asked Ross if the CAM is as important as it seems to be for putting the spotlight on the financial impacts of climate change. Her reply was: “Critical audit matters are a valuable communication tool, especially in times of disruption and uncertainty. A good audit report should be the starting point for investors looking to understand the areas of the audit that required the most judgment and what the auditor did to ascertain whether the financial statements as a whole are free of material misstatement. Climate risks and the energy transition can have a pervasive effect on financial reporting today and may well trigger critical audit matters. This is so whether or not a company has made a climate pledge. ... "
" ... I think that the 40% gross valuation misstatement penalty in 6662(h) is to provide a stiff penalty based on overvaluation alone without the IRS having to prove fraud, a substantial burden under the clear and convincing standard. Using the 40% penalty in most cases preserves IRS and court resources that would be required by the fraud penalty. But the IRS should use the civil fraud penalty in some cases (increasing the penalty cost by 35%) just to let the community of promoters and taxpayer “investors” that the addition 35% cost (with interest from the due date of the return) may apply. ... "
" ... The study further illustrates that managers attempting fraud strategically choose to omit expenses because they believe this type of manipulation will be easier to explain away as a simple mistake if detected. “The fundamental distinction between an accounting error and fraud is the intent underlying the misstatement, so if managers perpetrate fraud in ways that appear unintentional, auditors may incorrectly believe the resulting misstatements are innocent errors rather than attempts at fraud,” says Smith. Managers in the study also chose to omit relevant information from the supporting documentation supplied to their auditor rather than provide misleading information. ... "