Law360 (October 15, 2019, 4:09 PM EDT) — A former top executive of an investment firm lost his last chance to maintain a deduction of nearly $40 million in tax losses from foreign currency transactions when the U.S. Supreme Court declined Tuesday to hear his case.
The high court, without comment, let stand an April Fifth Circuit decision that the transactions, by former Waddell & Reed Financial Inc. CEO Keith Tucker, lacked economic substance and had no purpose beyond avoiding taxes.
“There was no reasonable possibility of profit and there was no actual economic effect,” the three-judge appeals court panel had said in its unanimous opinion.
The dispute arose after…
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!