5th Circ. Rejects Ranchers' Tax Appeal For Cattle Losses

By James Nani (December 21, 2017, 8:05 PM EST) -- A Fifth Circuit panel on Wednesday upheld a U.S. Tax Court ruling that agreed with the Internal Revenue Service's determination that Texas taxpayers wrongfully reported a corporate loss from their cattle ranch company on their personal tax returns, noting "inconsistent" theories of what the ranching company did "changed greatly" between the taxpayers' Tax Court and appeals court claims....

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