The petitioner and his company were members of an LLC taxed as a partnership. The partnership experienced financial issues and the petitioner's company inquired of their attorney whether they could contribute promissory notes to the LLC. The attorney advised the petitioner that the notes would provide basis to the petitioner equal to the face value of the notes. Based on that advice, the petitioner contributed unsecured promissory notes without any assumption of the LLC's debt. The notes contained incorrect dates and incorrect values as to amounts payable. The court held that the petitioner's basis in the notes was zero. There was no evidence that the petitioner was personally obligated to contribute any fixed amount for a specific, preexisting LLC liability. No accuracy-related penalty was imposed. VisionMonitor Software, LLC v. Comr., T.C. Memo. 2014-182.