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DRIVE NE ATLANTA GA 30306 N/A PC OPERATIONS 5000 HOPE ATLANTA 458 PONCE DE LEON AVE NE ATLANTA GA 30308 N/A PC ASSISTANCE FOR HOMELESS SHELTERS 5000 KENNESAW STATE UNIVERSITY FOUNDATION 1000 CHASTAIN ROAD KENNESAW GA 30144 N/A PC SCHOLARSHIP FUNDS 8550000 L'ARCHE ATLANTA 500 S COLUMBIA DRIVE DECATUR GA 30030 N/A PC OPERATIONS 2500 MERCY CARE FOUNDATION 5134 PEACHTREE ROAD CHAMBLEE GA 30341 N/A PC MEDICAL SERVICES 25000 METROPOLITAN COUNSELING SERVICES INC 2801 BUFORD HWY NE 470 ATLANTA GA 30329 N/A PC OPERATIONS 15000 MOVING IN THE SPIRIT 4544 ANGIER AVE NE ATLANTA GA 30308 N/A PC MARTA CARDS 5000 MUST MINISTRIES 460 PAT MELL RD SE SMYRNA GA 30080 N/A PC PROVIDE ASSISTANCE TO HOMELESS AND STRUGGLING INDIVIDUALS DURING COVID-19 PANDEMIC 10000 OUR HOUSE INC 711 S COLUMBIA DRIVE DECATUR GA 30030 N/A PC CHILDHOOD EDUCATION SUPPORT SERVICES 275000 PHYSICIANS CARE CLINIC 440 WINN WAY DECATUR GA 30030 N/A PC OPERATIONS 5000 QUALITY CARE FOR CHILDREN 2751 BUFORD HWY NE 500 ATLANTA GA 30324 N/A PC OPERATIONS 10000 REACH OUT AND READ GEORGIA 89 SOUTH ST SUITE 201 BOSTON MA 02111 N/A PC OPERATIONS 10000 SAMARITAN COUNSELING CENTER OF ATLANTA 1328 W PEACHTREE ST NE ATLANTA GA 30309 N/A PC CLINICAL AND SPIRITUAL COUNSELING 5000 SCOTTDALE EARLY LEARNING 479 WARREN AVE SCOTTDALE GA 30079 N/A PC OPERATIONS 50000 VISION TO LEARN 12100 WILSHIRE BOULEVARD SUITE 1275 LOS ANGELES CA 90025 N/A PC OPERATIONS 15000 WELLSPRING LIVING 1040 BOULEVARD STE M ATLNATA GA 30312 N/A PC DMST RECOVERY OPERATIONS 10000 19362849 0 14 128868 14 604390 14 9360 18 821579 0 1564197 0 1564197 0 0 0 0 0 0 0 0 0 0 RETURN PREP AND TAX COMPLIANCE FEES 18054 4513 13541 COMPUTER 2019-01-22 1854 711 SL 5.000000000000 371 0 COMPUTER 2019-01-22 2413 925 SL 5.000000000000 483 0 COMPUTER 2019-09-16 1463 366 SL 5.000000000000 293 0 COMPUTER 2018-12-19 1622 648 SL 5.000000000000 324 0 COMPUTER 2021-02-15 1112 SL 5.000000000000 204 0 990PF PART I LINE 25: THE ORGANIZATION MADE NON-CASH DONATIONS OF PUBLICLY TRADED SECURITIES AND MUTUAL FUNDS TO KENNESAW STATE UNIVERSITY IN THE AMOUNT OF $2,234,209 ON 6/8/2021 AND $2,781,311 ON 6/17/2021 FOR A TOTAL OF $5,015,520. THE BOOK VALUE ON THE DONATED SECURITIES WAS $2,715,541.THE METHOD USED TO VALUE THE DONATED SECURITIES WAS THE AVERAGE OF THE HIGH AND LOW PRICE ON THE DATE OF THE GIFT. THE NON-CASH DONATIONS WERE MADE IN ADDITION TO CASH DONATIONS IN THE AMOUNT OF $3,534,480. TOTAL CHARITABLE DONATIONS REPORTED ON PART XIV WERE $8,550,000 MADE TO KENNESAW STATE UNIVERSITY. 990PF PART I LINE 25: THE ORGANIZATION MADE A NON-CASH DONATION OF PUBLICLY TRADED SECURITIES AND MUTUAL FUNDS TO THE COMMUNITY FOUNDATION OF GREATER ATLANTA ON 4/26/2021 IN THE AMOUNT OF $4,453,333. THE BOOK VALUE OF THE DONATED SECURITIES WAS 2,885,102. THE METHOD USED TO VALUE THE DONATED SECURITIES WAS THE AVERAGE OF THE HIGH AND LOW PRICE ON THE DATE OF THE GIFT. THE NON-CASH DONATIONS WERE MADE IN ADDITION TO CASH DONATIONS IN THE AMOUNT OF $545,929. TOTAL CHARITABLE DONATIONS REPORTED ON PART XIV WERE $4,999,262 MADE TO COMMUNITY FOUNDATION OF GREATER ATLANTA. 990PF PART I LINE 25: THE ORGANIZATION MADE A NON-CASH DONATION OF PUBLICLY TRADED SECURITIES AND MUTUAL FUNDS TO BERRY COLLEGE IN THE AMOUNT OF $2,882,587 ON 12/2/2021 AND $1,692,993 ON 12/3/2021 A TOTAL OF $4,575,580. THE BOOK VALUE ON THE DONATED SECURITIES WAS $3,570,770.THE METHOD USED TO VALUE THE DONATED SECURITIES WAS THE AVERAGE OF THE HIGH AND LOW PRICE ON THE DATE OF THE GIFT. THE NON-CASH DONATIONS WERE MADE IN ADDITION TO CASH DONATIONS IN THE AMOUNT OF $420,507. TOTAL CHARITABLE DONATIONS REPORTED ON PART XIV WERE $4,996,087 MADE TO BERRY COLLEGE. FORM 990-PF PAGE 5, PART VI-B: PART VI-B, LINE 1A QUESTION 4 EXPLANATION- FOUNDATION TRUSTEE AUDREY B. MORGAN RECEIVED ANNUAL SALARY OF $129,996 DURING 2021 FOR FULL-TIME EMPLOYMENT SERVICES AS THE FOUNDATION'S MANAGER. SHE IS THE SISTER OF DISQUALIFIED PERSON M. BOBBIE BAILEY AND HER ESTATE. AMOUNT IS NECESSARY AND REASONABLE BASED ON MARKET COMPENSATION ANALYSIS FOR SIMILAR FOUNDATION SERVICE PROVIDERS. THUS, THE REG SECTION 53.4941(D)-3(C) EXCEPTION APPLIES, SUCH THAT NO TAX IS DUE UNDER IRC 4941, NOR IS FORM 4720 REQUIRED. EXPLANATION FOR FILING AMENDED RETURN 990-PF THE 2021 FORM 990-PF IS BEING AMENDED TO REPORT FORM 8865(RETURN OF US PERSONS WITH RESPECT TO CERTAIN FOREIGN PARTNERSHIPS) TO REPORT CAPITAL CONTRIBUTIONS IN THE AMOUNT OF $268,000 WHICH WERE MADE TO THE BCP VIII ACCESS FUND(OFFSHORE) LP.THE BOBBIE BAILEY FOUNDATION INADVERTENTLY OMITTED FILING FORM 8865 ON THE ORIGINAL FORM 990-PF. FAILURE TO REPORT THE FORM 8865 ON THE ORIGINAL FORM 990-PF WAS NOT DUE TO NEGLIGENCE OR WILLFULL NEGLECT. PLEASE SEE THE REASONABLE CAUSE STATEMENT FOR FILING A DELINQUENT FORM 8865.ONCE IT WAS DETERMINED THERE WAS A FILING REQUIREMENT FOR TAX YEAR 2021 TO REPORT THE INVESTMENT MADE IN THE BCP VIII ACCESS FUND (OFFSHORE) THE FOUNDATION EXERCISED ORDINARY BUSINESS CARE AND PRUDENCE AND TOOK STEPS TO REQUEST AN AMENDED FORM 990-PF BE FILED. STATEMENT OF REASONABLE CAUSE FOR DELINQUENT FILING FORM 8865 THE IRS HAS SET FORTH DELINQUENT INTERNATIONAL INFORMATION RETURN SUBMISSION PROCEDURES FOR TAXPAYERS SEEKING RELIEF FROM PENALTIES ASSOCIATED WITH THEIR DELINQUENT INTERNATIONAL INFORMATION RETURNS. THE DELINQUENT INTERNATIONAL INFORMATION RETURN SUBMISSION PROCEDURES APPLY TO TAXPAYERS THAT (1) HAVE NOT FILED ONE OR MORE REQUIRED INTERNATIONAL INFORMATION RETURNS, (2) HAVE REASONABLE CAUSE FOR NOT TIMELY FILING THE INFORMATION RETURNS, (3) ARE NOT UNDER A CIVIL EXAMINATION OR CRIMINAL INVESTIGATION BY THE IRS, AND (4) HAVE NOT ALREADY BEEN CONTACTED BY THE IRS ABOUT THE DELINQUENT INFORMATION RETURNS. TO SEEK RELIEF UNDER THE DELINQUENT INTERNATIONAL INFORMATION RETURN SUBMISSION PROCEDURES, TAXPAYERS ARE DIRECTED TO FILE THE DELINQUENT INFORMATION RETURNS WITH A STATEMENT OF ALL FACTS ESTABLISHING REASONABLE CAUSE FOR THE LATE FILING.BOBBIE BAILEY FOUNDATION, INC. ("BBF OR "THE FOUNDATION") HAS FILED A DELINQUENT FORM 8865 RETURN OF U.S. PERSONS WITH RESPECT TO CERTAIN FOREIGN PARTNERSHIPS FOR THE TAX YEAR ENDED DECEMBER 31, 2021 ("2021"). BBF SATISFIES EACH OF THE ABOVE REQUIREMENTS. BBF (1) HAS NOT FILED A REQUIRED INTERNATIONAL INFORMATION RETURN, (2) HAS REASONABLE CAUSE FOR NOT TIMELY FILING THE RETURN, (3) IS NOT UNDER A CIVIL EXAMINATION OR CRIMINAL INVESTIGATION BY THE IRS AND (4) HAS NOT ALREADY BEEN CONTACTED BY THE IRS ABOUT THE DELINQUENT INFORMATION RETURN. MOREOVER, THE ENTITY FOR WHICH THE INFORMATION RETURN IS BEING FILED WAS NOT ENGAGED IN TAX EVASION. FOR THE REASONS DISCUSSED BELOW, ANY POTENTIAL PENALTIES SHOULD NOT BE ASSESSED ON THE GROUNDS THAT THE DELINQUENT FILING OF BBF'S 2021 FORM 8865 AND WAS DUE TO REASONABLE CAUSE AND NOT WILLFUL NEGLECT.STATEMENT OF FACTSESTABLISHED IN 1994, BBF IS A PRIVATE FOUNDATION WHICH HAS AWARDED MILLIONS OF DOLLARS IN GRANTS TO VARIOUS PHILANTHROPIC ORGANIZATIONS, INCLUDING HIGHER EDUCATION INSTITUTIONS AND OTHER CHARITIES SUPPORTING A RANGE OF HEALTH AND HUMAN SERVICES, ARTS AND OTHER CHARITABLE CAUSES. TO HELP FUND THESE ENDEAVORS AND MAINTAIN LIQUID RESERVES, BBF HAS MAINTAINED INVESTMENTS IN MANAGED ACCOUNTS AT BANK OF AMERICA. BBF HAS RELIED ON INVESTMENT ADVISORS TO MAKE INVESTMENTS ON BEHALF OF THE FOUNDATION. IN 2021, BBF'S INVESTMENT ADVISORS MADE AN INVESTMENT IN THE BCP VIII ACCESS FUND (OFFSHORE) LP, WHICH IS LOCATED IN THE CAYMAN ISLANDS (THE "CAYMAN ISLANDS INVESTMENT"). THIS INVESTMENT CONSTITUTED LESS THAN 1% OF THE FOUNDATION'S TOTAL INVESTMENT VALUE DEPLOYED ACROSS HUNDREDS OF SECURITIES IN 11 MANAGED INVESTMENT ACCOUNTS. (CONTINUED.) STATEMENT OF REASONABLE CAUSE FOR DELINQUENT FILING FORM 8865 BBF HAS RELIED ON ITS INVESTMENT ADVISORS AND TAX PREPARERS TO ENSURE CORRECT FILING AND REPORTING IN REGARD TO INVESTMENTS MADE ON BEHALF OF THE FOUNDATION. HOWEVER, DESPITE HAVING ACCESS TO ALL PERTINENT INFORMATION, THE INVESTMENT ADVISORS FAILED TO INFORM BBF OR ITS TAX PREPARER THAT THIS INVESTMENT WAS MADE INTO A FOREIGN PARTNERSHIP AND IN EXCESS OF THE FORM 8865 INVESTMENT THRESHOLD TO REPORT THIS INVESTMENT. CONSEQUENTLY, THE TAX PREPARER WHO PREPARED THE FOUNDATION'S 2021 FORM 990-PF WAS NOT AWARE OF THIS FILING REQUIREMENT AT THE TIME OF PREPARATION AND TIMELY FILING IN 2022 OF THE FOUNDATIONS 2021 TAX RETURN. THUS, THE ORIGINALLY FILED 2021 FORM 990-PF DID NOT INCLUDE FORM 8865 TO REPORT THIS INVESTMENT. IN 2023, BBF ENGAGED CHERRY BEKAERT ADVISORY LLC ("CHERRY BEKAERT") TO PREPARE ITS 2022 FORM 990-PF. DURING THAT PROCESS, CHERRY BEKAERT NOTED AN INVESTMENT ON A 2022 BROKERAGE STATEMENT THAT CAUSED THE TAX PREPARER TO INQUIRE FURTHER WITH THE BANK OF AMERICA ADVISORS ON POTENTIAL INVESTMENTS REQUIRING FOREIGN DISCLOSURES. THIS ANALYSIS AND CORRESPONDENCE RESULTED IN THE DETERMINATION THAT BCP VIII ACCESS FUND (OFFSHORE) LP WAS A FOREIGN PARTNERSHIP, AND INVESTMENTS MADE BY BBF IN A MANAGED ACCOUNT EXCEEDED THE THRESHOLD FOR FORM 8865 FILING REQUIREMENT FOR 2022. CHERRY BEKAERT SUBSEQUENTLY INFORMED BBF OF THIS REQUIREMENT AND PREPARED FORM 8865 TO INCLUDE WITH ITS TIMELY-FILED 2022 FORM 990-PF. CHERRY BEKAERT CONTINUED TO ANALYZE AND DISCUSS WITH BANK OF AMERICA PRIOR YEAR INVESTMENTS MADE INTO BCP VIII ACCESS FUND (OFFSHORE) LP TO DETERMINE IF PRIOR YEAR FORM 8865 FILING REQUIREMENTS MAY HAVE EXISTED WITH RESPECT TO THIS INVESTMENT BASED ON THE AMOUNTS OF PRIOR YEAR INVESTMENTS. THIS RESULTED IN A DETERMINATION THAT FORM 8865 WAS REQUIRED FOR 2021 ALSO. AT THAT POINT, BBF ENGAGED CHERRY BEKAERT, WHO WORKED DILIGENTLY TO PROPERLY PREPARE AND FILE AN AMENDED 2021 RETURN TOGETHER WITH A FORM 8865 AND THIS STATEMENT OF REASONABLE CAUSE. STATEMENT OF REASONABLE CAUSE FOR DELINQUENT FILING FORM 8865 LAW & ANALYSISSECTION 6038B OF THE CODE AND THE REGULATIONS THEREUNDER REQUIRE A UNITED STATES PERSON TO PROVIDE NOTICE WITH RESPECT TO CERTAIN TRANSFERS OF PROPERTY TO FOREIGN CORPORATIONS AND PARTNERSHIPS, INCLUDING TRANSFERS THAT QUALIFY UNDER SECTION 721. THIS REQUIREMENT IS SATISFIED BY FILING FORM 8865 WITH THE TRANSFEROR'S TIMELY FILED INCOME TAX RETURN FOR THE TAXABLE YEAR THAT INCLUDES THE DATE OF THE TRANSFER. SECTION 6038B(C) IMPOSES A PENALTY FOR NOT FURNISHING SUCH INFORMATION IN A TIMELY MANNER, UNLESS THE TAXPAYER ESTABLISHES THAT SUCH FAILURE IS DUE TO REASONABLE CAUSE AND NOT WILLFUL NEGLECT. SEE ALSO TREAS. REG. 1.6038B-1(F)(3).REASONABLE CAUSENEITHER SECTION 6038B NOR THE TREASURY REGULATIONS THEREUNDER PROVIDE CLEAR GUIDELINES FOR DETERMINING WHETHER REASONABLE CAUSE EXISTS IN A PARTICULAR INSTANCE. FOR OTHER PENALTIES, THE REGULATIONS PROVIDE THAT A FAILURE TO FILE WILL BE CONSIDERED TO BE DUE TO REASONABLE CAUSE TO THE EXTENT THAT THE TAXPAYER MAKES A SATISFACTORY SHOWING THAT IT EXERCISED ORDINARY BUSINESS CARE AND PRUDENCE IN PROVIDING FOR FILING OF THE RETURN OR STATEMENT. SEE TREAS. REG. 301.66511(C). WHETHER A FAILURE TO COMPLY WAS DUE TO REASONABLE CAUSE SHALL BE DETERMINED UPON CONSIDERATION OF ALL THE FACTS AND CIRCUMSTANCES. SEE TREAS. REG. 301.66511(C). SEE ALSO IRM 20.1.1.3.2.COURTS HAVE ALSO DEFINED THE TERM REASONABLE CAUSE IN INTERPRETING VARIOUS PROVISIONS OF THE CODE. THE SUPREME COURT HAS RECOGNIZED THAT A TAXPAYER MAY GENERALLY ESTABLISH REASONABLE CAUSE BY THE EXERCISE OF ORDINARY BUSINESS ARE AND PRUDENCE. SEE UNITED STATES V. BOYLE, 469 U.S. 241 (1985). OTHER COURT CASES EXPLAIN THAT A DETERMINATION OF REASONABLE CAUSE IS TO BE MADE ON A CASEBYCASE BASIS, TAKING INTO ACCOUNT ALL PERTINENT FACTS AND CIRCUMSTANCES. REYNOLDS V. COMM'R, 296 F.3D 607, 618 (7TH CIR. 2002); WILLIAMS V. COMM'R, 123 T.C. 144, 153 (2004).WHILE THE FACTS AND CIRCUMSTANCES OF EACH CASE ARE UNIQUE, COURTS HAVE CONSIDERED VARIOUS FACTORS, WHICH, IF PRESENT, SHOULD BE TAKEN INTO ACCOUNT IN DETERMINING REASONABLE CAUSE. GENERALLY, THE MOST IMPORTANT FACTOR IS THE EXTENT OF THE TAXPAYER'S EFFORT TO REPORT THE PROPER TAX LIABILITY. CONGDON V. UNITED STATES, NO. 4:09CV289, 2011 U.S. DIST. LEXIS 98024, AT *1011 (E.D. TEX. AUG. 11, 2011) (ADDRESSING REASONABLE CAUSE FOR THE FAILURE TO FILE A FORM 5471). (CONTINUED.) STATEMENT OF REASONABLE CAUSE FOR DELINQUENT FILING FORM 8865 TAKING INTO CONSIDERATION ALL THE FACTS AND CIRCUMSTANCES, INCLUDING BBF'S EFFORTS TO REPORT THE PROPER TAX LIABILITY FOR 2021, ITS EXERCISE OF ORDINARY BUSINESS CARE AND PRUDENCE, AND ITS RELIANCE ON ITS INVESTMENT AND TAX ADVISORS, BBF ACTED REASONABLY AND IN GOOD FAITH AND IS THEREFORE ENTITLED TO REASONABLE CAUSE RELIEF.BBF REPORTED THE PROPER TAX LIABILITYAS EXPLAINED ABOVE, THE MOST IMPORTANT FACTOR IN DETERMINING REASONABLE CAUSE IS THE TAXPAYER'S EFFORT TO REPORT THE PROPER TAX LIABILITY. IN THIS CASE, BBF PROPERLY CALCULATED AND REPORTED ITS PROPER TAX LIABILITY FOR 2021. ALTHOUGH FORM 8865 REPORTING THE CAYMAN ISLANDS INVESTMENT WAS NOT ORIGINALLY INCLUDED WITH THE FORM 990-PF, ALL INVESTMENTS OF BBF AND ANY REVENUE EARNED FROM THOSE INVESTMENTS WAS PROPERLY REPORTED ON THE 2021 FORM 990-PF. AS A RESULT, BBF SATISFIES THE MOST IMPORTANT FACTOR IN A REASONABLE CAUSE DETERMINATION, AND NO PENALTIES SHOULD BE ASSESSED DUE TO THE FILING OF THE FORM 8865. BBF EXERCISED ORDINARY BUSINESS CARE AND PRUDENCEREASONABLE CAUSE RELIEF IS GENERALLY GRANTED WHEN TAXPAYERS EXERCISED ORDINARY BUSINESS CARE AND PRUDENCE IN DETERMINING THEIR TAX OBLIGATIONS, BUT NEVERTHELESS FAILED TO COMPLY WITH THOSE OBLIGATIONS. SEE IRM 20.1.1.3.2.1. THE MAIN FACTORS THE IRS CONSIDERS WHEN EVALUATING ORDINARY BUSINESS CARE AND PRUDENCE INCLUDE THE TAXPAYER'S REASON FOR NOT TIMELY FILING THE REQUIRED RETURNS AND THE LENGTH OF TIME BETWEEN THE NONCOMPLIANCE AND COMPLIANCE. SEE IRM 20.1.1.3.2.2(2).(CONTINUED.) STATEMENT OF REASONABLE CAUSE FOR DELINQUENT FILING FORM 8865 IN THIS CASE, BBF'S REASON FOR NOT TIMELY FILING THE 2021 FORM 8865 IS THAT IS THAT IT WAS NOT PROPERLY ADVISED BY ITS INVESTMENT ADVISORS, WHO FAILED TO NOTIFY BBF AND ITS TAX PREPARER THAT IT NEEDED TO FILE THESE FORMS AFTER THE CAYMAN ISLANDS INVESTMENT WAS MADE IN EXCESS OF THE FORM 8865 REPORTING THRESHOLD. AS SOON AS BBF LEARNED FROM CHERRY BEKAERT THAT ITS INVESTMENT ADVISORS FAILED TO PROPERLY ADVISE ON THE REPORTING REQUIREMENT, IT SOUGHT IMMEDIATE HELP FROM CHERRY BEKAERT TO GET THE FORM 8865 FILED CORRECTLY AND REMEDY THE SITUATION TO ENSURE THE TIMELY AND CORRECT FILINGS FOR FUTURE RETURNS.THEREFORE, BBF EXERCISED ORDINARY BUSINESS CARE AND PRUDENCE WITH RESPECT TO ITS FEDERAL TAX OBLIGATIONS, AND IT SHOULD NOT BE ASSESSED PENALTIES FOR THE LATE FILING OF THE FORM 8865.BBF REASONABLY RELIED ON ITS INVESTMENT AND TAX ADVISORSRELIANCE ON THE ADVICE OF PROFESSIONALS IS TANTAMOUNT TO ACTING IN A REASONABLE MANNER IF "UNDER ALL THE CIRCUMSTANCES, SUCH RELIANCE IS REASONABLE AND THE TAXPAYER ACTED IN GOOD FAITH." SEE, E.G., VORSHECK V. COMM'R, 933 F.2D 757, 759 (9TH CIR. 1991); SHELTON V. COMM'R, 105 T.C. 114, 125 (1995). A TAXPAYER'S RELIANCE ON AN ADVISOR'S GUIDANCE REGARDING SUBSTANTIVE LEGAL ISSUES MAY CONSTITUTE REASONABLE CAUSE EVEN WHEN SUCH ADVICE MAY BE INCORRECT. SEE UNITED STATES V. BOYLE, 469 U.S. 241, 250251 (1985); MCMAHAN V. COMM'R, 114 F.3D 366, 369 (2D CIR. 1997). IN BOYLE, THE SUPREME COURT RECOGNIZED THAT "COURTS HAVE FREQUENTLY HELD THAT 'REASONABLE CAUSE' IS ESTABLISHED WHEN A TAXPAYER SHOWS THAT HE REASONABLY RELIED ON THE ADVICE OF AN ACCOUNTANT OR ATTORNEYEVEN WHEN SUCH ADVICE TURNED OUT TO HAVE BEEN MISTAKEN." BOYLE, 469 U.S. AT 250. ACCORDING TO THE COURT:WHEN AN ACCOUNTANT OR ATTORNEY ADVISES A TAXPAYER ON A MATTER OF TAX LAWIT IS REASONABLE FOR THE TAXPAYER TO RELY ON THAT ADVICE. MOST TAXPAYERS ARE NOT COMPETENT TO DISCERN ERROR IN THE SUBSTANTIVE ADVICE OF AN ACCOUNTANT OR ATTORNEY. TO REQUIRE THE TAXPAYER TO CHALLENGE THE ATTORNEY, TO SEEK A "SECOND OPINION, OR TO TRY TO MONITOR COUNSEL ON THE PROVISIONS OF THE CODEWOULD NULLIFY THE VERY PURPOSE OF SEEKING THE ADVICE OF A PRESUMED EXPERT IN THE FIRST PLACE. ORDINARY BUSINESS CARE AND PRUDENCE" DO NOT DEMAND SUCH ACTIONS. ID. (INTERNAL CITATIONS OMITTED).IN ORDER TO ESTABLISH THAT RELIANCE ON AN ADVISOR WAS REASONABLE, THE TAXPAYER MUST SHOW THAT ALL REQUIRED INFORMATION WAS SUPPLIED TO A COMPETENT ADVISOR AND THAT GOOD FAITH RELIANCE ON THE ADVISOR'S ADVICE RESULTED IN THE FAILURE TO FILE. SPECIFICALLY, THE TAXPAYER SHOULD ESTABLISH THREE ELEMENTS: (1) ITS ADVISOR HAD SUFFICIENT EXPERTISE TO JUSTIFY THE RELIANCE; (2) THE TAXPAYER PROVIDED THE NECESSARY AND ACCURATE INFORMATION TO THE ADVISOR; AND (3) THE TAXPAYER ACTUALLY RELIED IN GOOD FAITH ON THE ADVISOR'S JUDGMENT. SEE NEONATOLOGY ASSOCS., P.A. V. COMM'R, 115 T.C. 43, 98 (2000), AFF'D 299 F.3D 221 (3D CIR. 2002). SEE ALSO FLUME, T.C. MEMO. 2017-21. [CONTINUED ON PDF ATTACHMENT] BOA INVESTMENT GRADE TAXABLE 5596673 5581478 BOA INTERNATIONAL DEVELOPED BONDS 580018 577625 BOA GLOBAL HIGH YIELD TAXABLE 864514 901567 BOA US LARGE CAP 5477958 10542801 BOA US MID CAP 2286507 3790035 BOA US SMALL CAP 1695778 2423015 BOA INTERNATIONAL DEVELOPMENT 1385398 2195886 BOA EMERGING MARKETS 1026866 1512925 BOA HEDGE FUNDS AT COST 2702914 2945216 BOA PRIVATE EQUITY SPECIFIC STRATEGY AT COST 284000 291741 BOA REAL ESTATE PRIVATE OWNERSHIP AT COST 849050 1091909 BOA COMMODITIES AT COST 634822 644476 COMPUTER 1854 1082 772 772 COMPUTER 2413 1408 1005 1005 COMPUTER 1463 659 804 804 COMPUTER 1622 972 650 650 COMPUTER 1112 204 908 908 GENERAL COUNSEL & INVESTMENT SETTLEMENT 28071 7840 20231 LOAN TO SOUTHERNAIRE 2800 LOAN TO SOUTHERNAIRE COMPUTER MAINT/INFO TECH 4250 0 4250 GA SEC OF STATE ANNUAL REGISTRATION 80 0 80 INSURANCE 621 0 621 OFFICE CLEANING AND MAINTENANCE 7846 0 7846 POSTAGE, MAILING SERVICE 1419 0 1419 PROFESSIONAL DUES 15 0 15 SUPPLIES 3482 0 3482 OTHER INVESTMENT EXPENSE 40418 40418 0 OTHER INCOME 9360 9360 9360 BOOK VALUE (COST) < FMV ON CURRENT YEAR GRANTS PAID 4873019 INVESTMENT MGMT FEES 268673 268673 0 FEDERAL ESTIMATED TAXES 8233 0 0 OTHER TAXES 139 139 0