Tax Court Rejects DAT/DAD Tax Shelter

The Tax Court on Thursday became the second court to reject the Distressed Asset Trust (DAT)/Distressed Asset Debt (DAD) tax shelter pioneered by John E. Rogers, a former tax partner at Seyfarth Shaw (Chicago).  Superior Trading LLC v. Commissioner, 137 T.C. No. 6 (Sept. 1, 2011).

• ABA Journal
• ataxingmatter
• Bloomberg

(Hat Tip: Richard Jacobus.) Prior TaxProf Blog coverage:

• Court Rejects $1.1b Tax Losses Claimed by Andrew Beal in DAD Tax Shelter (Aug. 20, 2009)
• Andrew Beal Appeals Denial of $1.1b DAD Tax Shelter Losses (May 31, 2010)
• 5th Circuit to Hear Andrew Beal's Appeal of $1.1b DAD Tax Shelter Loss (Aug. 1, 2010)
• DOJ Sues Former Seyfarth Shaw Partner Over DAT/DAD Tax Shelters (Nov. 4, 2010)