Supreme Court Jacks Up Penalties In $18M Tax Shelter Case

Law360, New York (January 13, 2014, 3:22 PM EST) -- The U.S. Supreme Court on Monday hammered another nail into the coffin of abusive tax shelters, tossing a Mississippi businessman's $18 million tax shelter case back to the Fifth Circuit for the imposition of further tax penalties.

The high court agreed with the Fifth Circuit's ruling that businessman James Kelley Williams had used an illegal tax shelter, but told the court to re-evaluate its decision to allow him to escape a tax understatement penalty, citing its recent decision in United States v. Woods.

The case is...
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