Altman v. Comr., No. 09-70936, 2012 U.S. App. LEXIS 4101 (9th Cir. Feb. 27, 2012)

(petitioner invested in Nevada limited partnership involved in growing jojoba beans and claimed a resulting loss on the investment (on petitioner’s 1982 return) which the Tax Court disallowed and held that petitioner negligent in claiming loss; appellate court reversed on basis that Tax Court committed clear error in determining that petitioner failed to engage in sufficient research to determine if investment had reasonable prospect of making a profit; petitioner not negligent under former version of I.R.C. §6653(a); Tax Court’s decision ordering additions to tax of $32,596 reversed; court implied that consultation with accountant sufficient to justify deduction; lengthy dissent). 

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