Justices Won’t Review Ex-CEO’s $40M Tax Deduction Appeal

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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…

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