Fiscalini v. Commissioner: Court Finds Part Gift Part Sale in Home Transfer

In Fiscalini v. Commissioner, the Tax Court examined three issues: 1) was the petitioner required to recognize some long-term capital gain on the sale of his home, 2) was he liable under section 6651(a)(1) for the addition to tax, and 3) was the petitioner liable under 6662(a) for the accuracy-related penalty. The court held in the affirmative for all three issues.

See Lewis J. Saret, Fiscalini v. Commissioner: Court Finds Part Gift Part Sale in Home Transfer, Wealth Strategies Journal, August 28, 2017.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.