Third Circuit -- Neal Crispin v. Commissioner of Internal Revenue

No clear error in Tax Court holding that a loan had no economic substance, as the deft never attempted to collect the proceeds and court findings on general credibility.

Penalty properly applied, as underreporting resulted from said insubstantiality.

Reliance on official opinion of no avail given the broad caveats in the opinion.

Neal Crispin v. Commissioner of Internal Revenue