of such property....” I.R.C. § 1012(a). Typically, the "cost” of an asset "is equal to the cost to the taxpayer of acquiring the asset.” Muserlian v. Comm'r, 932 F.2d 109, 114 (2d Cir.1991); see also Parsons v. United States, 227 F.2d 437, 438 (3d Cir.1955) (noting that "cost to the taxpayer [is] represented by the taxpayer’s outlay” (internal quotation marks omitted)); supra note 3 (recognizing that the taxpayer’s acquisition cost can under certain circumstances include the seller’s liabilities). 18 . Our sister circuits are divided as to whether the valuation misstatement penalty applies to tax deductions that have been totally disallowed under the economic substance doctrine. Compare Fidelity Int’l Currency Advisor A Fund, LLC v. United States, 661 F.3d 667, 671-75 (1st Cir.2011) (<HOLDING>), Zfass v. Comm'r, 118 F.3d 184, 190 (4th
holding that the burden is upon the state under the applicable federal rules of evidence holding rule applicable to witness holding that the death penalty is unconstitutional as applied to juvenile defendants holding that the penalty is applicable holding that leaning towards the death penalty is not the same as an automatic vote for the death penalty