PRACTICE AREAS
REPAYMENTS MADE IN RESTITUTION OF A CRIME MAY BE DEDUCTIBLE Cavaretta v. IRS, T.C. Memo 2010-4 (January 5, 2010) 01/16/2010 INDICTMENTS ISSUED RE: SLOTS TAX SHELTER Sale Leaseback of Tenant Improvements Strategy (October 22, 2009) 11/02/2009 ATTORNEY AND CLIENT SENTENCED FOR TAX CRIMES IN CONNECTION WITH PROMOTION OF LOSS OF INCOME OR GENERAL BUSINESS RISK INSURANCE TAX SHELTERS United States Department of Justice Press Release (November 2, 2009) 11/02/2009 COURT RULES THAT IRS CAN'T RELY ON FORM 1099-C McCormack v. IRS, T.C. Memo 2009-239 (October 21, 2009) 10/22/2009 FEDERAL COURT BARS FOUR MEN FROM PROMOTING 90% STOCK LOAN PROGRAM United States v. Derivium Capital, LLC, Veridia Solutions, LLC, et.al., 09/16/2009 CHECK-THE-BOX REGS WON'T STAND IN THE WAY OF DISCOUNTS APPLICABLE TO TRANSFERS OF INTERESTS IN SINGLE-MEMBER LLC Pierre v. IRS, 133 T.C. No. 2 (8/24/2009) 09/09/2009 E-MAIL FROM FINANCIAL PLANNER OUTLINING LLC DISCOUNT GIFTING STRATEGY LEADS TO APPLICATION OF STEP TRANSACTION DOCTRINE Heckerman v. United States, 2009 TNT 143-7 (W.D. Wash. 7/27/2009) 09/08/2009 POST TRIAL BRIEFS FILED IN G-I HOLDINGS PARTNERSHIP TAX CASE: WAS IT A DISGUISED SALE, OR DID THE GOVERNMENT OVERREACH? In Re G-I Holdings, Inc. (D. N.J. 2009) 09/07/2009 TAX COURT FINDS THAT LOSSES FROM LLP OR LLC OR TIC INTERESTS ARE NOT PASSIVE PER SE UNDER IRC SECTION 469(h)(2) Garnett v. Commissioner, 132 T.C. No. 19 (6/30/2009) 07/01/2009 NINTH CIRCUIT FINDS THAT OMISSION OF GROSS INCOME DOES NOT INCLUDE OVERSTATEMENT OF BASIS Bakersfield Energy Partners LP v. IRS, 9th Cir. 6/17/09 06/20/2009 J & G ATTORNEYS, BDO SEIDMAN ACCOUNTANTS AND BANKERS INDICTED IN GENERATING OVER $7 BILLION DOLLAR OF LOSSES FROM ABUSIVE TAX SHELTERS Purported Design and Marketing of Fraudulent Tax Shelters 06/09/2009 TAX COURT FINDS THAT TRUSTED ADVISER IS NOT A PROMOTER Countryside Ltd. P'ship v. IRS, 132 T.C. No. 17 (June 8, 2009) 06/08/2009 IRS ANNOUNCES AMNESTY PROGRAM FOR UNDISCLOSED FOREIGN BANK ACCOUNTS Amnesty Period (March 23, 2009--September 23, 2009) 06/08/2009 AMENDED RETURN IS NOT A PARTNER AAR UNDER TEFRA Samueli v. Commissioner, 132 T.C. No. 16 (5/18/2009) 05/27/2009 FIFTH CIRCUIT CLARIFIES ECONOMIC SUBSTANCE TEST ON KLAMATH BLIPS TAX SHELTER Klamath Strategic Investment Fund v. U.S. (Case No. 07-40861)(5th Cir. 5/15/09) 05/27/2009 Jury Finds 4 E&Y Partners Guilty of Selling Illegal Tax Shelters 05/08/2009 New Worker Classification Standard Out of DC Circuit? FEDEX Home Delivery v. NLRB (D.C.Cir. 4/21/09) 04/28/2009 GROUPING ELECTION ATTACKED C Corporation Bar and Structure of Transaction May Prevent Grouping Election 04/16/2009 Section 280F Attacks on Bonus Depreciation for Aircraft and Other Listed Property Focusing on Related Party Leasing and Qualfied Business Use 04/12/2009 BLISS Transaction Lacks Economic Substance, Penalties Apply, and Promoter's Legal Fees Not Deductible New Phoenix Sunrise Corp. v. Commissioner of Internal Revenue 04/09/2009 Theft Loss Deduction - Investments in Fraudulent Schemes A Victim of Madoff or Investment Fraud? 04/03/2009
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