TaxProf Blog

Editor: Paul L. Caron
Pepperdine University School of Law

Wednesday, September 28, 2005

Second Circuit Affirms Penalties Against Long-Term Capital

The Second Circuit yesterday upheld the imposition of penalties (20% for substantial understatement of income and 40% for gross valuation misstatement) on Long-Term Capital Management for its tax shelter activities.  Long-Term Capital Management v. United States, No. 04-5687-cv (2d Cir. 9/28/05) [Interestingly, the Second Circuit's decision is marked "THIS SUMMARY ORDER WILL NOT BE PUBLISHED IN THE FEDERAL REPORTER AND MAY NOT BE CITED AS PRECEDENTIAL AUTHORITY TO THIS OR ANY OTHER COURT."]  Joe Kristan has more here.

For TaxProf Blog coverage of the district court's decision, see here.

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