West Ventures, L.P., et al v. CIR
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September 23, 2020
9th Circ. Won't Rehear Partnership's $62.4M Deduction Claim
The Ninth Circuit won't reconsider its decision that a Nevada partnership couldn't take a $62.4 million business loss deduction and that the Internal Revenue Service correctly issued adjustments to the partnership and not a subordinate partnership.
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August 31, 2020
9th Circ. Urged To Review Partnership's $62.4M Loss Deduction
The Ninth Circuit incorrectly concluded that a Nevada partnership, and not its subordinate partnership, first claimed a $62.4 million loss in disallowing the deduction, the partnership told the appeals court in asking it to reconsider the case.
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July 14, 2020
9th Circ. Nixes Partnership's $62.4M Loss Deduction Claim
An IRS administrative adjustment that disallowed a Nevada partnership's $62.4 million loss deduction was timely and issued to the correct entity, the Ninth Circuit said Tuesday in affirming a decision from the U.S. Tax Court.
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February 18, 2020
Tax Court Wrongly Axed $62.4M Loss Deduction, 9th Circ. Told
The U.S. Tax Court mistakenly rejected a Nevada partnership's $62.4 million loss claim by ignoring a statute of limitations that would have kept the IRS from issuing a final partnership administrative adjustment, the partnership has told the Ninth Circuit.
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December 13, 2019
Partnership's $62.4M Loss Correctly Nixed, 9th Circ. Told
A Nevada tiered partnership that participated in a so-called Son-of-Boss tax shelter is not entitled to a $62.4 million short-term capital loss deduction because the transaction lacked economic substance, the U.S. government has told the Ninth Circuit.
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September 12, 2019
Partnership's $62M Loss Wrongly Disallowed, 9th Circ. Told
The U.S. Tax Court wrongly disallowed a $62.4 million short-term capital loss claimed by a member of a Nevada tiered partnership because the IRS proposed adjustments to the wrong member of the partnership, the partnership told the Ninth Circuit.