High Court Skips Case Over Partnership Adjustments

Law360, New York (March 24, 2014, 10:39 PM EDT) -- The U.S. Supreme Court on Monday passed on an appeal raising jurisdictional questions that arise from partnership adjustments, closing the door on a 30-year old dispute involving Chicago-area physicians who invested in tax shelters that were popular in the 1980s.

The justices denied a petition filed by Acute Care Specialists II and its individual partners, who are seeking refunds for federal income tax related to investments they made in American Agri-Corp. tax shelters. The appeal sought to overturn the Seventh Circuit, which ruled last year that...
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