Skip to Main Content
 

Forbes Quotes Charles Ruchelman: Supreme Court Sides With IRS In Tax Shelter Penalty Case

December 3, 2013, Forbes

Forbes spoke with  Charles M. Ruchelman concerning the U.S. Supreme Court's unanimous decision to uphold a 40% gross valuation misstatement penalty on a taxpayer who participated in a Son-of-Boss tax shelter. For the complete article, please visit Forbes' website.

Excerpt taken from the article.

"We have resolution now of an uncertainty in interpreting these complicated tax partnership provisions and their interplay with the penalty provisions," says Charles Ruchelman, a tax controversy lawyer with Caplin & Drysdale in Washington, D.C. who was not involved in the case before the Supreme Court. "There's a lot of money involved, and there are a lot of cases waiting out there across the country," he added.

Since these are partnership level proceedings, and the tax is determined at the partner level, it's hard to determine the amount of tax and penalty at issue for the partners, Ruchelman says, but suffice it to say, we're talking about millions of dollars in just this one case.

________________________________________________

About Caplin & Drysdale
Having celebrated our 50th Anniversary in 2014, Caplin & Drysdale continues to be a leading provider of legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.

The firm's reputation over the years has earned us the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on our broad knowledge of the law and our keen insights into their business concerns and personal interests. Our lawyers' strong tactical and problem-solving skills -- combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment -- make us one the nation's most distinctive law firms.

With offices in New York City and Washington, D.C., Caplin & Drysdale's core practice areas include:
For more information, please visit us at www.caplindrysdale.com.
Washington, DC Office:
One Thomas Circle NW
Suite 1100
Washington, DC 20005
202.862.5000
New York, NY Office:
600 Lexington Avenue
21st Floor
New York, NY 10022
212.379.6000

___________________________

Disclaimer
This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.
© 2019 Caplin & Drysdale, Chartered
All Rights Reserved.

Related Professionals

Related Practice Area(s)