Tax Owed on Full Sale Price Where Taxpayer Won?t Provide Cost Basis Information

The Eleventh Circuit upheld a deficiency notice of more than $5 million against a taxpayer who reported adjusted gross income of $22,921 and taxable income of $13,221 on his late-filed 2006 return.

Source: http://feedproxy.google.com/~r/AICPA_Tax/~3/Q6RO2ID7kRw/20140505.aspx

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