Tax Law

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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