December 28, 2011
10th Circuit Rejects Billionaire Philip Anschutz's Tax Shelter
The Tenth Circuit yesterday affirmed the Tax Court's disallowance of billionaire Philip Anschutz's use of variable prepaid forward contracts with Donaldson, Lufkin & Jenrette to avoid $144 million in capital gains taxes. Anschutz Co. v. Commissioner, No 11-9001 (Dec, 27, 2011).
Prior TaxProf Blog coverage:
- WSJ: IRS Targets Billionaire's Variable Prepaid Forward Contract Tax Strategy (June 9, 2008)
- Johnston: Anschutz and a 21st Century Tax System (May 10, 2010)
- Tax Court Rejects Billionaire Anschutz's Use of Variable Prepaid Forward Contracts to Avoid $144m Capital Gain (July 23, 2010)
- More on the Crackdown on the Anschutz Tax Shelter (Aug. 2, 2010)
- Johnston: Anschutz Will Cost Taxpayers More Than the Billionaire (Aug. 2, 2010)
TrackBack URL for this entry:
Listed below are links to weblogs that reference 10th Circuit Rejects Billionaire Philip Anschutz's Tax Shelter :
How nice to see Anschutz get his grimy knuckles whacked once in a while.
Posted by: Mary Hartnett Bicknese | Dec 28, 2011 3:45:36 PM