Law360, New York (April 21, 2014, 3:16 PM EDT) -- The U.S. Tax Court on Wednesday seemingly dealt a blow to the attorney-client privilege when it ordered two partnerships to release attorney opinion letters on the viability of tax shelter transactions, but attorneys say the ruling merely prevents taxpayers from using privilege as both a sword and a shield.
The partnerships — in a bid to dodge penalties over an Internal Revenue Service finding that they used a shelter to underpay taxes — tried to block the IRS from accessing the letters by citing the attorney-client privilege and their own good faith in entering the shelter transaction, but the court said...
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