Rajaratnam Shelter Promoter Liable For Separate Penalties

Law360, New York (March 18, 2014, 9:52 PM EDT) -- The U.S. Tax Court ruled Tuesday that a tax professional under scrutiny for promoting tax shelters to convicted insider trader Raj Rajaratnam and others is liable for accuracy-related penalties for his involvement in a separate scheme that was designed to skirt $25 million in taxes.

The court ruled James Haber, the sole shareholder of Humboldt Shelby Holding Corp., improperly claimed short-term capital loss deductions of more than $74 million during the 2003 tax year. The losses were generated through transactions that involved offsetting digital options that the...
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