U.S. Court of Appeals for the Fifth Circuit Joins Other Circuits in Invalidating Tax Losses Claimed in Son of Boss Tax Shelter
U.S. Court of Appeals for the Fifth Circuit Joins Other Circuits in Invalidating Tax Losses Claimed in Son of Boss Tax Shelter
On May 15, 2009, the Fifth Circuit, in Klamath Strategic Investment Fund v. United States (No. 07-40861), affirmed the district courts decision denying over $50 million in claimed tax losses arising from the taxpayers investment in a Son of Boss (BLIPS) tax shelter.