9th Circ. Mostly Sides Against Publishing Heirs In Tax Spat
By Jonathan Randles
Law360, New York (January 13, 2014, 7:43 PM EST) -- The Ninth Circuit on Monday sided mostly with the government in a dispute involving heirs of the founders of former California media conglomerate Chronicle Publishing Co. over a series of dubious transactions designed to eliminate the substantial tax liability related to the sale of the company's assets.
The appeals court ruled on the scope of agreements between the Internal Revenue Service and family trusts controlled by CPC heiress Consuelo Martin and her grandchildren that gave the government more time to assess federal taxes tied to the...