Shasta Strategic Investment Fund LLC et al v. United States of America
Case Number:
3:04-cv-04264
Court:
Nature of Suit:
Judge:
Firms
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December 22, 2014
KPMG-Backed Tax Shelter Funds Can't Deduct Losses, Costs
A California federal judge on Friday granted summary judgment to the U.S., finding that tax shelter funds promoted by KPMG LLP should not be allowed tax deductions for losses and expenses associated with the transactions because they were integral to the scheme.
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December 17, 2014
Illegal Tax Shelter Traders Fight To Deduct Currency Losses
Two partnerships that operated illegal tax shelter funds urged a California federal judge on Wednesday to allow their tax deductions on losses from currency trades that were part of the scheme, arguing they qualify for the deduction because the trades were intended to yield profits.
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November 17, 2014
Tax Shelters Had No Biz Purpose, Can't Deduct Losses: US
The U.S. government told a California federal court on Monday that two partnerships found to have operated illegal tax shelter funds should not be granted tax deductions associated with those transactions because they had no business purpose.
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October 30, 2014
Tax Shelter Funds Ask Court To Approve Loss Deductions
Two partnerships found to have operated illegal tax shelter funds asked a California federal court Wednesday for summary judgment approving the deductibility of losses and interest expenses incurred in investments in bond-linked issue premium structures.
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September 08, 2014
Tax Shelter Funds Blast US Bid To 'Create New Law'
Two companies found to have operated illegal tax shelter funds blasted the U.S. government’s purported bid to seek more penalties in a suit over their bond-linked issue premium structures, saying that the government has asked the court to “create new law on partnership proceedings.”
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July 23, 2014
IRS Right To Penalize KPMG-Backed Tax Shelters, Gov't Says
The federal government argued Wednesday that the U.S. Internal Revenue Service correctly penalized a raft of sham tax-shelter funds promoted by KPMG, urging a California federal judge to end several long-running suits brought by investment funds who say they were unfairly taxed.