Law360, New York (June 26, 2017, 2:55 PM EDT) -- In 2014, in AD Investment, the U.S. Tax Court held that by asserting penalty defenses, two partnerships waived the attorney-client privilege. Our purpose here is to examine the consequences and their effect on tax compliance and fairness in tax litigation.
From there, we offer a procedural solution to balance fairness to the IRS with fairness to the taxpayer, while fulfilling the congressional intent of using penalties to encourage voluntary compliance. Finally, we close with some best practices for taxpayers facing these issues.
The Case: AD Investment 2000 Fund
AD Investment was one of a series of cases involving so-called "Son-of-BOSS" transactions....
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