Legal Opinion
Stobie Creek Investments LLC v. United States
Court of Appeals for the Federal Circuit
Decided June 11, 2010No. 2008-5190PublishedCited by 90 opinions
1Opinion of the Court
PROST, Circuit Judge.
This tax refund suit concerns a series of transactions exemplifying the Son of BOSS 1 tax shelter, marketed here as the Jenkens & Gilchrist (“J & G”) strategy. The shelter took advantage of the fact that assets and contingent liabilities were treated differently for tax purposes when con tributed to a partnership, thus enabling the taxpayer to generate an artificial loss. See 26 U.S.C. §§ 722, 733, 752, 754; see also IRS Notice No.2000-44, 2000-2 C.B. 255, 2000 WL 1138430. This artificial loss is then used to offset income from other transactions.
In this case, the…
2Cases cited30 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- United States v. BoyleSupreme Court of the United States · 1985
- Higgins v. SmithSupreme Court of the United States · 1940
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
- The Black & Decker Corporation v. United StatesCourt of Appeals for the Fourth Circuit · 2006
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3Cited by90 opinions
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