Fite v. Comr., T.C. Sum. Op. 2013-12

(petitioner purchased home on Nov. 11, 2009, and claimed FTHBC of $8,000; IRS disallowed the credit and assessed accuracy-related penalty; IRS claimed that petitioner purchased the residence from his father, a related person, which automatically disqualified the purchase from being eligible for the FTHBC; petitioner paid FMV for the home, but court agreed with IRS without analyzing that the statute actually only bars an acquisition of a home from a related party via gift or inheritance and not in a FMV sale transaction; accuracy-related penalty not imposed).