Block on Trump's Asylum Ban Upheld by Supreme Court
In taxpayer-partnership's appeal from a tax court's decision that it had jurisdiction over several partnership-level determinations regarding the taxpayer and that valuation misstatement penalties applied, the order is affirmed in part where the tax court acted within its jurisdiction when it determined that the taxpayer was not a valid partnership and should be disregarded for tax purposes. However, the order is vacated in part where the partnership's outside basis was an affected item, not a partnership item, and therefore the tax court had no right to determine, or assess penalties based on the conclusion, that the partners' outside bases were zero.
Argued September 24, 2009
Decided January 12, 2010
Opinion by Judge Sentelle
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