BROKEN JADE
The IRS has won an across-the-board victory in the U.S. Court of Claims over the “Son of Boss” tax shelter. The case involved three Texans who together had $40 million in capital gains on which they...
View ArticleThe BOSS’s son is a ne’er do well
The “Son of Boss” tax shelter has had a rough time of it in court in the last few days. On Friday the Fifth Circuit Court of Appeals joined other appeals courts in ruling that the widely-marketed tax...
View ArticleTax Court: overstating basis doesn’t extend three-year tax collection statute...
The three-year statute of limitations for assessing taxes is what lets preparers get a good nights sleep, knowing that sins committed before we really understood that one code section early in our...
View ArticleTax Court finds Thighmaster’s tax shelter flabby
Suzanne Somers parleyed a long sitcom run into an infomercial empire with the Thighmaster. But firm thighs only get you so far in Tax Court. Ms. Somers and her husband got involved in a Son-of-Boss...
View ArticleJade still broken
The first big IRS “Son of Boss” tax shelter victory was upheld yesterday by the Federal Circuit Court of Appeals, reports the TaxProf. The Court abated the penalties on procedural grounds, but upheld...
View ArticleSon-of-Boss taxpayers: no straws left to grasp?
The only court decision upholding a “Son-of-Boss” tax shelter has been reversed on appeal. Things look bleak for the basis-shifting shelters of the 1990s tax shelter frenzy. Linda Beale has more.
View ArticleMurphy Farms hit with 40% penalty for tax shelter on their sale to Smithfield
When big hog farm operator Murphy Farms was acquired by even-bigger Smithfield Foods in 1999, the Murphy family faced a big capital gain tax. Like many taxpayers at the time, the family tried to avoid...
View ArticleTax Court: the salesman’s pitch isn’t going to get you out of tax shelter...
The Tax Court yesterday ruled that a taxpayer who invested in a bad tax shelter couldn’t rely on the opinion of his lawyer — who got a fee for selling the deal — to avoid penalties. Judge Holmes...
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