§516

sequent enactment of section 4965 two years later. Section 4965 imposes excise taxes on tax-exempt entities and their managers for participation in listed transactions. See Tax Increase Prevention and Reconciliation Act of 2005, Pub. L. No. 109-222, § 516, 120 Stat. 345, 368 (2006). At that time, in its description of then-present law, the conference report on this legislation described a listed transaction as follows: A listed transaction means a reportable transaction which is the same as, or

16 [*16] income under section 6501(e)(1)(A). For the purposes of section 6501(e)(1)(A), an omission from gross income is “substantial” if it is “in excess of 25% of the amount of gross income stated in the return”—the circumstance that the Lamprechts acknowledge exists here. Where there is a substantial omission from gross income, section 6

If the Department of Justice concludes that the lien is . not valid, then there is no apparent basis-for arguing that the Government is bound by the Office of Appeals' contrary determination sustaining the lien . 58See also H . Conf . Rept . 105-599 at 289 (1998 ), 1998-3 C .B . 747, 1020 (":A taxpayer could apply for consideration of