High Court Passes On Sands Heirs Tax Penalty Appeal

Law360, New York (December 10, 2013, 8:49 PM EST) -- The U.S. Supreme Court on Monday passed on an appeal brought by heirs of Constellation Brand Inc. founder Marvin Sands who sought to nix hefty penalties tied to their participation in a series of transactions the government claims were designed to avoid paying taxes on over $125 million in capital gains income.

The high court denied a petition for writ of certiorari filed a year ago by Sands' heirs, who challenged whether the government properly applied the Internal Revenue Code's substantial understatement accuracy-related penalties to their case....
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