§323

ch. 736, § 6653(a), 68A Stat. 3, 822; Omnibus Budget Reconciliation Act of 1989 (OBRA 89), Pub. L. No. 101-239, § 7721, 103 Stat. 2106, 2395. 8 Congress created the substantial understatement of liability penalty in 1982 as section 6661 under TEFRA § 323, 96 Stat. at 614. The predecessor to section 6662(e) was created by the Economic Recovery Tax Act of 1981, Pub. L. No. 97-34, § 722, 95 Stat. 172, 341; see also H.R. Rep. No. 97-201, at 243 (1981), as reprinted in 1981-2 C.B. 352, 398. Section

ontinued . . ) - 36 - Thus, the IRS was required to issue Bang a deficiency notice to assert that Bang was liable for the 6653 (a) (2) negligence pena]t See former sec. 6662(a) (2); Tax Equity and Fiscal Responsibility Act of 1982, Pul$. L. 97-248, sec. 323(a), 96 Stat. 613 (r riumbering former section 6660 of the Internal Revenue CO e of 1954, stating in part that references to "tax" in the Code include additions to tax- and penalties, and additions to tax and penalt es must be collected in the

323.20 (West 1995), repealed by Laws 1997, ch. 174, art. 12, sec. 68, effective Jan. 1, 2002, but replaced by Minn. Stat.. Ann. secs. 323A.4-04 and 323A.4-05, effective Jan. 1, 1999 (West 2004). In addition, the ISA Trust trustees owed fiduciary duties to its beneficiaries. See Minn. Stat. Ann. sec. 501B.10 (West. Supp. 1990), repealed by Laws

The Economic Recovery Tax Act of 1981, Pub. L. 97-34, sec. 722(a)(1), 95 Stat. 172, 341, redesignated sec. 6659 as sec. 6660, applicable to returns filed after Dec. 31, 1981. The Tax Equity and Financial Responsibility Act of 1982, Pub. L. 97-248, sec. 323(a), 96 Stat. 324, 613, redesignated sec. 6660 as sec. 6662, applicable to returns the due date (determined without regard to extension) for filing of which was after Dec. 31, 1982. Lastly, the Omnibus Budget Reconciliation Act of 1989, Pub. L

67, 69 (1943) (“ANNOTATION. Merits of client’s cause of action or counterclaim as affecting attorney’s lien or claim for his compensation against adverse party, in case of compromise without attorney’s consent”) and 7 Am. Jur. 2d, Attorneys at Law, sec. 323 (1997) (“Right to continue action client has settled”). Our opinions distinguishing the decision of the Court of Appeals in Cotnam v. Commissioner, supra, on the basis of differences in State law have relied on Pennsylvania cases from 1852 a

67, 69 (1943) (“ANNOTATION. Merits of client’s cause of action or counterclaim as affecting attorney’s lien or claim for his compensation against adverse party, in case of compromise without attorney’s consent”) and 7 Am. Jur. 2d, Attorneys at Law, sec. 323 (1997) (“Right to continue action client has settled”). Our opinions distinguishing the decision of the Court of Appeals in Cotnam v. Commissioner, supra, on the basis of differences in State law have relied on Pennsylvania cases from 1852 a

dition to tax of 10 percent of the amount of any underpayment attributable to a substantial understatement of income tax liability, applicable to returns due after December 31, 1982. Tax Equity and Fiscal Responsibility Act of 1982, Pub. L. 97-248, sec. 323, 96 Stat. 324, 615. In 1986, Congress amended section 6661(a) and provided for an addition to tax of 25 percent, where the assessment is made after October 21, 1986. Omnibus Budget Reconciliation Act of 1986, Pub. L. 99-509, sec. 8002, 100 St

Computation of the Additions to Tax Under Section 6661 Section 6661, originally added to the Code by section 323(a) of the Tax Equity and Fiscal Responsibility Act of 1982, Pub.