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U.S. Supreme Court

Apr. 27, 2012

IRS quest for tax shelter money denied

The U.S. Supreme Court denied the Internal Revenue Service's bid for more time to go after money that's held in a certain type of tax shelter in a ruling handed down Wednesday.

By Robert Iafolla
Daily Journal Staff Writer

WASHINGTON -- In a ruling handed down Wednesday, the U.S. Supreme Court denied the Internal Revenue Service's bid for more time to go after money that's held in a certain type of tax shelter. In the 5-4 decision, the court held that the government must demand payment for income kept off of a tax return and in the tax shelter in question -- a shelter known in the tax trade as a "Son of Boss" -- within three years of the return bein...

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