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[answered] List the trial courts that can hear and decide federal tax


List the trial courts that can hear and decide federal tax cases. For each of these courts, indicate the following:

  1. Is the court's jurisdiction limited to federal tax cases, or can it hear and decide other types of cases? If so, what other types of cases?
  2. Does the taxpayer have to pay the tax alleged to be due before initiating litigation in the court?


Remember from a prior homework the corporation Littlest Things, Inc., (LTI), made a charitable donation of a piano once owned by Elton John, and claimed a charitable deduction on its taxes, of the value of the piano.? The allowance of the deduction was not questioned by the IRS in an audit, for the full fair market value of the piano, since LTI donated it to a museum covering English musicians, and the museum exhibited the piano.? The appraiser hired by LTI, testified on LTI's behalf at trial in tax court to add substantiation to the valuation, as LTI deducted $ 70,000 as a charitable donation on its form 1120.? The tax court judge decided that the proper valuation for the piano was $ 40,000. Since LTI has a marginal tax rate of 34%, does LTI owe a penalty specifically for the now known to be improper valuation deduction amount?? If so, how much?

Please cite proper FASB/ GASB Codifications when answering questions

 


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