7th Circ. Backs IRS Access To Valero Tax-Prep Docs

Law360, New York (June 17, 2009, 12:00 AM EDT) -- A federal appeals court has affirmed the Internal Revenue Service's right to access certain documents as part of its investigation into whether Valero Energy Corp. created an illegal tax shelter when it acquired Ultramar Diamond Shamrock Corp.

In affirming a lower court decision, the U.S. Court of Appeals for the Seventh Circuit found Wednesday that the federal agency had met its burden to overcome the tax practitioner-client privilege.

As a result, the IRS will be allowed to view documents containing financial data and estimates of tax...
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