United States Federal Circuit
Alpha I, L.P. v. US, 2011-5024, 2011-5030
In a case arising from two so-called "Son-of-BOSS" transactions, as well as a transaction involving charitable remainder unitrusts (CRUTs), the Court of Federal Claims judgement is: 1) reversed as to dismissal on jurisdictional grounds, where the identity of the true partners in the partnership at issue appropriately is determined at the partnership level; 2) reversed as to summary judgement to taxpayers, where the court failed to determine whether the taxpayers' underpayment of tax was attributable to the alleged valuation misstatement; and 3) affirmed as to summary judgment for the US with respect to additional penalties for negligence, substantial under-statement, and failure to act reasonably and in good faith, where taxpayer's appeal is premature.
Appellate Information
- Decided 06/15/2012
- Published 06/15/2012
Judges
- O'MALLEY
Court
- United States Federal Circuit