Opinion ID: 554937
Heading Depth: 2
Heading Rank: 6

Heading: Additional Interest

Text: 56 Finally, taxpayer asserts that the tax court erred by imposing additional interest charges pursuant to I.R.C. Sec. 6621(c). The tax court held taxpayer liable for increased interest with respect to the partnership's overstatement of its depreciable basis in the film by more than 150% and with respect to deficiencies arising from claiming the advertising expense deduction through an accounting method that resulted in substantial distortion of income. 57 Taxpayer relies only upon his prior arguments that the notes were properly includible in basis and that the advertising fund constituted an ordinary business expense attributable to the partnership to establish that the tax court erred. However, we have previously determined that the tax court correctly resolved these issues. Thus, as taxpayer alleges no further grounds for relief, we must uphold the tax court's imposition of additional interest charges.