$18M Tax Shelter Battle Remanded By 5th Circ.

Law360, New York (February 25, 2014, 6:23 PM EST) -- The Fifth Circuit on Tuesday punted an $18 million tax shelter case involving investment losses back to a federal district court so it can determine whether certain penalties are even applicable, roughly a month after the U.S. Supreme Court told the Fifth Circuit to reconsider the case's penalties.

In January, the Supreme Court said the Fifth Circuit ruled correctly when it found that Mississippi businessman James Kelley Williams — who said he lost $18 million through investments offered by Bricolage Capital LLC — actually used an...
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