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T.C. Memo. 2012-28 UNITED STATES TAX COURT SEAN S. BROWN, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 20223-09. Filed January 31, 2012. Sean S. Brown, pro SE. James R. Bamberg,

The record shows that the District Court of the United States for the District of Minnesota found and held that: (1) the Internal Revenue Code requires reportable interest on bonds purchased to finance a major league baseball stadium; (2) that amount of interest on bonds held for investment is not subject to Federal income tax, but that interest on bonds held for use or investment is; (3) that income tax assessment data is not available for all such bonds due to its limited scope to assess Federal tax, which may vary significantly from State tax; (4) that the record was not devoid of evidence that would have been sufficient to show the taxes were due; (5) that a substantial part of the deficiency and accuracy-related penalty for which the IRS sought restitution is offset by payments made by petitioner for 2006; and (6) that tax owed is attributable to the substantial understatement of income tax. Based on all the foregoing, it was proper for the District Court to find that the taxes are owed, the penalty, if any, is offset by those taxes, the interest not be collected, and the assessment of the 2006 taxes be null and void. The amount of the penalty assessed by the IRS is not large. In contrast, the amount of the tax owed is significant. The Internal Revenue Code requires that the gross income of a taxpayer for a particular tax year be reported at the time the taxpayer files her federal income tax return for such year, including a deduction for interest on debt payable during that year. Because the tax deficiency for 2008, which is an understatement of the taxes assessed for 2007, was 60,903, 23,534 of that deficiency reflects interest income and the remaining 19,947 reflects understatement tax.

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