Negligence

Negligence means:
a lack of due care or failure to do what a reasonable and ordinarily prudent person would do under the given circumstances. A lack of due care or failure to do what a reasonable and ordinarily prudent person would do under the given circumstances. The term covers (1) omission of something that a reasonable person, guided by the considerations that ordinarily regulate the conduct of human beings, would do, and (2) doing something that a prudent, reasonable person would not do. There are penalties for negligence in tax preparation or reporting matters. Further, deductions for casualty losses are barred if a loss was caused by negligence. Marcello v. Comm., 380 F. 2d. 509 (CA-5, 1967). IRC (check if this IRC provision is current here) §6662(c).