Nbadan
12-03-2013, 11:04 PM
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McCombs loses in Supreme Court
By Patrick Danner | December 3, 2013 | Updated: December 3, 2013 1:15pm
SAN ANTONIO — The IRS can impose severe financial penalties on San Antonio billionaire B.J. “Red” McCombs and a business partner over what it called a sham tax shelter, the Supreme Court ruled Tuesday.
The Supreme Court unanimously upheld the IRS' 40 percent penalty against McCombs and partner Gary Woods.
A call to Woods, McCombs Enterprises president, was not immediately returned.
McCombs and Woods participated in a tax shelter designed to generate large paper losses to reduce their taxable income in 1999. McCombs, who was owner of the Minnesota Vikings at the time, was expecting high income from the expansion of the National Football League, Bloomberg News previously reported.
McCombs and Woods claimed losses of more than $45 million from two partnerships, even though they contributed about $3.2 million to the partnerships.
Read more: http://www.chron.com/business/local/article/McCombs-loses-in-Supreme-Court-5031278.php?cmpid=hpbn
Red trying to pull a fast one on the IRS. I wonder if he'll campaign against the judges on the wealthy friendly 5th court of appeals.
Here is a link to the actual opinion. http://www.supremecourt.gov/opinions/13pdf/12-562_k5fl.pdf
McCombs loses in Supreme Court
By Patrick Danner | December 3, 2013 | Updated: December 3, 2013 1:15pm
SAN ANTONIO — The IRS can impose severe financial penalties on San Antonio billionaire B.J. “Red” McCombs and a business partner over what it called a sham tax shelter, the Supreme Court ruled Tuesday.
The Supreme Court unanimously upheld the IRS' 40 percent penalty against McCombs and partner Gary Woods.
A call to Woods, McCombs Enterprises president, was not immediately returned.
McCombs and Woods participated in a tax shelter designed to generate large paper losses to reduce their taxable income in 1999. McCombs, who was owner of the Minnesota Vikings at the time, was expecting high income from the expansion of the National Football League, Bloomberg News previously reported.
McCombs and Woods claimed losses of more than $45 million from two partnerships, even though they contributed about $3.2 million to the partnerships.
Read more: http://www.chron.com/business/local/article/McCombs-loses-in-Supreme-Court-5031278.php?cmpid=hpbn
Red trying to pull a fast one on the IRS. I wonder if he'll campaign against the judges on the wealthy friendly 5th court of appeals.
Here is a link to the actual opinion. http://www.supremecourt.gov/opinions/13pdf/12-562_k5fl.pdf