TaxProf Blog

Editor: Paul L. Caron
Pepperdine University School of Law

A Member of the Law Professor Blogs Network

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No. 04-5687-cv (2d Cir. 9/28/05) [Interestingly, the Second Circuit's decision is marked "THIS SUMMARY ORDER WILL NOT BE PUBLISHED IN THE FEDERAL REPORTER AND MAY NOT BE CITED AS PRECEDENTIAL AUTHORITY TO THIS OR ANY OTHER COURT."]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.

http://taxprof.typepad.com/taxprof_blog/2005/09/second_circuit_.html

New Cases | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341c4eab53ef00d83555155f69e2

Listed below are links to weblogs that reference Second Circuit Affirms Penalties Against Long-Term Capital: