Justices Toss Eyeglass Magnate's $5M Tax Shelter Case

Law360, New York (January 13, 2014, 5:36 PM EST) -- The U.S. Supreme Court refused Monday to review a Sixth Circuit ruling that held a complex $5.4 million foreign currency loan was really a tax shelter scheme subject to full taxation, rejecting a petition filed by eyeglass magnate Mark Kerman.

Kerman, owner of Louisville-based Kenmark Optical Inc., filed the petition in September, seeking a ruling from the high court that custom adjustable rate debt structure, or CARDS, transactions have economic substance, making them nontaxable.

The high court rejected the petition without stating its reasons, as is...
To view the full article, register now.

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.