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Thursday, February 5, 2009

Proskauer Rose law firm dismissed from tax shelter case

Prominent Houston trial attorney brought a lawsuit against many parties, including the Proskauer Rose law firm, relating to a tax shelter sold by Ernst & Young.

The action filed by Fleming and his company, Pelican Trading, alleged that the Personal Investment Corporation (PICO) tax shelters, which Ernst & Young developed -- and which Proskauer Rose allegedly said were more likely than not permissible under the federal tax code -- resulted in huge losses when an audit by the Internal Revenue Service found them unlawful.

However, the Texas judge granted the dismissal of the law firm, on the grounds that the court had no personal jurisdiction over the firm.

Source: Click Here

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Son of BOSS Tax Shelter Flops

Two California real estate investors went down the tube in the defense of their Son of BOSS tax shelter, involving options sold by AIG.

Thomas, a former Internal Revenue Service (IRS) attorney, and Fox owned real estate, including interests in the Library Tower, the Gas Company Tower and the Wells Fargo Center, all located in Los Angeles. In 2001 they sought out an abusive tax shelter that has become known as "Son of BOSS." In the Son of BOSS scheme used by Thomas and Fox, they purchased an exotic form of a financial option that they claim would have protected them against a catastrophic decline in real estate values, which they feared in the immediate aftermath of the terrorist attacks of September 11.

Source: Click Here

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Sunday, January 18, 2009

National Heritage Foundation (NHF) it with $6.5 million civil jury award for abusive charitable split-dollar plan

According to this News Update dated October 15, 2008, in The Chronicle of Philanthropy, a jury in Texas awarded $6.5 million against The National Heritage Foundation (NHF) for a charitable tax shelter gone astray.

The NHF allegedly talked a Texas family into establishing a charitable split-dollar plan and funding it with life insurance to benefit the family's private charitable foundation. Later, the lawsuit alleges, the NHF changed itself to the beneficiary and allowed one of the policies to lapse. The NHF claimed that it later changed the beneficiaries to a convent, and claimed that the lawsuit and award was attributable to actions of the plaintiff's other advisors.

The IRS had ruled that charitable split-dollar plans such as were involved here are abusive tax shelters.

To go to the new update please Click Here


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