Klamath Strategic Investment Fund et al. v. United States, 2009 U.S. App. LEXIS 10456 (May 15, 2009)

Klamath Strategic Investment Fund et al. v. United States, 2009 U.S. App. LEXIS 10456 (May 15, 2009)

In a suit filed under 26 U.S.C.S. § 6226 by two investment fund partnerships seeking a readjustment of partnership items, a complex series of loan transactions were properly disregarded for tax purposes because, under the economic substance doctrine, the loans served no purpose beyond creating a massive tax benefit for the partnerships' founders.
 
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