Quellos Dodges $27M Fine In Abusive Tax Shelter Dispute

Law360, Los Angeles (November 20, 2013, 10:12 PM EST) -- A California appeals court upheld on Wednesday a lower court’s ruling that an investment firm and its related financial advisory would have to pay just $2,000 in fines for promoting an abusive tax shelter for a client, rather than the $27 million plus interest they would have faced if a current law applied.

The three-judge panel found that a 2003 law that imposes penalties of up to 50 percent of the gross income received could not be retroactively applied to Quellos Group LLC and Quellos Financial...
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