10th Circ. Sides With IRS On Buy.com Founder's Back Taxes

Law360, Los Angeles (December 18, 2013, 6:07 PM EST) -- The Tenth Circuit found Wednesday that a U.S. Tax Court rightly upheld an Internal Revenue Service head’s imposing penalties on Buy.com's founder for underpayment of taxes, ruling that an offshore transaction was designed to produce nothing more than tax advantages.

Last year the tax court found deficiencies in income tax due from Scott A. Blum and Audrey R. Blum for 1998, 1999 and 2002 in the amounts of $9,279,861, $373,641 and $18,737 respectively. The tax court also said the IRS commissioner rightly invalidated an Offshore Portfolio...
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