On October 6, 2011, the Internal Revenue Service (IRS) announced that its July 15, 2011 field directive (the “directive”) pertaining to the codified economic substance doctrine (the “doctrine”) should not be viewed as legal precedent because the IRS reserves the ability to modify the directive at any time.
https://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svg00admin_fidjhttps://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svgadmin_fidj2011-10-14 14:24:472025-12-09 15:36:24IRS Seeks to Reduce the Impact of Its Economic Substance Doctrine Field Directive by Stating it is Not Legal Precedent
In Healthpoint Ltd. v. Comr., T.C. Memo 2011-241 (10/3/11), available here, the Tax Court held that a company could not rely on a settlement agreement to recast a jury award […]
https://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svg00admin_fidjhttps://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svgadmin_fidj2011-10-11 13:08:482025-12-09 15:35:54Tax Court denies taxpayer’s attempt to recharacterize punitive damages as ordinary income
In WFC Holdings Corp. v. U.S., No. 0:07-cv-03320 (D. Minn. 9/30/11) a refund claim based on capital loss deduction was disallowed because the underlying transaction was a tax shelter with […]
https://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svg00admin_fidjhttps://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svgadmin_fidj2011-10-11 13:05:322025-12-09 15:31:36U.S. District Court Disallows $82 Million Refund Claim as Transaction was Tax Shelter
Fifth Circuit Court of Appeals affirms District Courts determination that Partnership Was a Sham In Southgate Master Fund LLC v. U.S., No. 09-11166 (5th Cir. 9/30/11), the Court held that […]
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On September 28, 2011, Floridas Second District Court of Appeal (“2nd DCA”) asked the Florida Supreme Court to rule on the constitutionality of Floridas Drug Abuse Prevention and Control law, […]
https://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svg00admin_fidjhttps://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svgadmin_fidj2011-10-10 10:22:422025-12-09 15:35:34Second DCA Asks Florida Supreme Court To Rule On Drug Statute’s Constitutionality
On October 7, 2011, federal prosecutors announced that California-based medical marijuana dispensaries cannot shelter themselves from criminal prosecutions under federal law by claiming they are compliant with the states Compassionate […]
https://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svg00admin_fidjhttps://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svgadmin_fidj2011-10-10 10:15:432025-12-09 15:33:37Recent Crackdown On “Commercial Marijuana Industry” A Concerted Effort By DOJ And IRS
On September 16, 2011, President Obama signed into law the Leahy-Smith America Invents Act (the “Act”) (H.R. 1249) which drastically reforms the U.S. patent system. Among other effects that the […]
https://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svg00admin_fidjhttps://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svgadmin_fidj2011-10-10 07:50:302025-12-09 15:33:27Patent Reform Bill Restricts Patents on Tax Strategies
On September 27, 2011, the U.S. Supreme Court granted certiorari to determine whether an understatement of gross income attributable to an overstatement of basis in property is an "omi[ssion] from […]
https://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svg00admin_fidjhttps://fidjlaw.com/wp-content/uploads/2007/02/FIDJ-Logo-Hero.svgadmin_fidj2011-10-10 07:46:362025-12-09 15:30:55US Supreme Court to Rule on 6 Year IRS Audit for Tax Shelter
On September 21, 2011, the Internal Revenue Service (IRS) announced that starting 2012, it will require certain tax preparers to undergo fingerprinting as part of the Return Preparer Initiative. For […]
On September 19, 2011, the U.S. Food and Drug Administration (FDA) published its Guidance document entitled “Marketed Unapproved Drugs – Compliance Policy Guide.” Found here, the document details the widespread availability of unapproved drugs on the market and explains the Agency’s priorities with respect to enforcement. Because of the large volume of these drugs on the market and the FDA’s limited resources, the Agency is forced to prioritize how it will exercise its enforcement discretion. Setting forth its highest priorities, the FDA intends to continue targeting unapproved drugs that pose significant health risks to consumers.
IRS Seeks to Reduce the Impact of Its Economic Substance Doctrine Field Directive by Stating it is Not Legal Precedent
On October 6, 2011, the Internal Revenue Service (IRS) announced that its July 15, 2011 field directive (the “directive”) pertaining to the codified economic substance doctrine (the “doctrine”) should not be viewed as legal precedent because the IRS reserves the ability to modify the directive at any time.
Tax Court denies taxpayer’s attempt to recharacterize punitive damages as ordinary income
In Healthpoint Ltd. v. Comr., T.C. Memo 2011-241 (10/3/11), available here, the Tax Court held that a company could not rely on a settlement agreement to recast a jury award […]
U.S. District Court Disallows $82 Million Refund Claim as Transaction was Tax Shelter
In WFC Holdings Corp. v. U.S., No. 0:07-cv-03320 (D. Minn. 9/30/11) a refund claim based on capital loss deduction was disallowed because the underlying transaction was a tax shelter with […]
Fifth Circuit Court of Appeals affirms District Court’s determination that Partnership Was a Sham
Fifth Circuit Court of Appeals affirms District Courts determination that Partnership Was a Sham In Southgate Master Fund LLC v. U.S., No. 09-11166 (5th Cir. 9/30/11), the Court held that […]
Second DCA Asks Florida Supreme Court To Rule On Drug Statute’s Constitutionality
On September 28, 2011, Floridas Second District Court of Appeal (“2nd DCA”) asked the Florida Supreme Court to rule on the constitutionality of Floridas Drug Abuse Prevention and Control law, […]
Recent Crackdown On “Commercial Marijuana Industry” A Concerted Effort By DOJ And IRS
On October 7, 2011, federal prosecutors announced that California-based medical marijuana dispensaries cannot shelter themselves from criminal prosecutions under federal law by claiming they are compliant with the states Compassionate […]
Patent Reform Bill Restricts Patents on Tax Strategies
On September 16, 2011, President Obama signed into law the Leahy-Smith America Invents Act (the “Act”) (H.R. 1249) which drastically reforms the U.S. patent system. Among other effects that the […]
US Supreme Court to Rule on 6 Year IRS Audit for Tax Shelter
On September 27, 2011, the U.S. Supreme Court granted certiorari to determine whether an understatement of gross income attributable to an overstatement of basis in property is an "omi[ssion] from […]
The IRS Requires Tax Preparer Fingerprinting
On September 21, 2011, the Internal Revenue Service (IRS) announced that starting 2012, it will require certain tax preparers to undergo fingerprinting as part of the Return Preparer Initiative. For […]
FDA Announces Enforcement Priorities
On September 19, 2011, the U.S. Food and Drug Administration (FDA) published its Guidance document entitled “Marketed Unapproved Drugs – Compliance Policy Guide.” Found here, the document details the widespread availability of unapproved drugs on the market and explains the Agency’s priorities with respect to enforcement. Because of the large volume of these drugs on the market and the FDA’s limited resources, the Agency is forced to prioritize how it will exercise its enforcement discretion. Setting forth its highest priorities, the FDA intends to continue targeting unapproved drugs that pose significant health risks to consumers.