Dow Challenges $1B Tax Shelter Ruling In 5th Circ.

Law360, New York (November 21, 2013, 7:24 PM EST) -- Some Dow Chemical Co. entities urged the Fifth Circuit on Wednesday to overturn a district court ruling that the company entered two investment partnerships to create about $1 billion in phony tax deductions, saying tax law doesn't ban transactions that have tax and nontax benefits.

In February, U.S. District Judge Brian A. Jackson sided with the Internal Revenue Service in finding that the transactions and partnerships should be disregarded for tax purposes and hit Dow with a walloping 20 percent penalty. But on appeal before the...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Chemtech Royalty Associates LP, et al v. USA


Case Number

13-30887

Court

Appellate - 5th Circuit

Nature of Suit

2870 Tax Suits (Tax from DC)

Date Filed

August 21, 2013

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.