U.S. Court Rejects Two Prominent L.A. Real Estate Investors Attempt to Use Tax Avoidance Scheme
U.S. Court Rejects Two Prominent L.A. Real Estate Investors Attempt to Use Tax Avoidance Scheme
A federal court in Los Angeles invalidated an abusive tax shelter scheme engaged in by prominent real estate investors James Thomas and Edward Fox. U.S. District Judge John F. Walter also imposed the maximum penalty – forty percent – allowed by the tax code against them.