Tax Court Asserts It Can Address Partners' Tax Deficiencies

By Ama Sarfo (May 21, 2014, 7:30 PM EDT) -- The U.S. Tax Court said Wednesday it has the authority to redetermine whether tax deficiencies apply to gains that several partners earned once their partnerships liquidated, because the court must consider the partners' specific facts — meaning the issue isn't solely limited to partnership-level proceedings....

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