The Fifth Circuit affirmed the decision of the District Court (Northern District of Texas) denying the tax losses of Texas banker D. Andrew Beal. The Court of Appeals affirmed the lower court’s finding that the partnership through which the losses were generated was a sham and that the losses should be disallowed. However, the Circuit Court also affirmed the trial court’s determination that penalties should not be allowed.
Read the opinion here:
Southgate Master Fund v. US.
The hits keep on coming. The Fifth Circuit joins the growing chorus from the Courts of Appeals holding that an overstatement of basis does not equal an omission of income and the 6 year statute of limitations does not apply.
Read the opinion here:
Burks v. United States, No. 09-11061 (5th Cir. Feb. 9, 2011)
The Fifth Circuit Court of Appeals vacated the Tax Court’s valuation of an historic façade easement for charitable contribution purposes and remanded for further findings.
The Fifth Circuit Court of Appeals holds that a bankruptcy trustee is personally liable for failing to remit state sales taxes of the bankruptcy estate.
The Fifth Circuit vacates the district court’s ruling on assignment of tax liability pending resolution of the matter in Tax Court.
Verizon Business Network Services v. Day-Cartee, Docket 09-604070 (5th Cir. May 26, 2010).wpd
