The Supreme Court today unanimously reversed the Ninth Circuit and held that a taxpayer charged with criminal tax evasion can argue that the money he took from his closely-held corporation was a nontaxable return of capital without producing evidence that either he or the corporation intended a return of capital at the time of the distribution. Boulware v. United States, 06-1509 (3/3/08) (Souter, J.), rev’g 470 F.3d 931 (9th Cir. 2006).
Update:
3 responses to “Supreme Court: Shareholder Can Invoke Return of Capital Defense in Criminal Tax Prosecution Without Supporting Documentary Evidence”
NOT MUCH FOR TAX PLANNERS TO WORK WITH FROM THIS SUPREME COURT CASE
The U.S. Supreme Court yesterday issued a tax decision. It is always notable when the Supreme Court issues a tax…
NOT MUCH FOR TAX PLANNERS TO WORK WITH FROM THIS SUPREME COURT CASE
The U.S. Supreme Court yesterday issued a tax decision. It is always notable when the Supreme Court issues a tax…
NOT MUCH FOR TAX PLANNERS TO WORK WITH FROM THIS SUPREME COURT CASE
The U.S. Supreme Court yesterday issued a tax decision. It is always notable when the Supreme Court issues a tax…
NOT MUCH FOR TAX PLANNERS TO WORK WITH FROM THIS SUPREME COURT CASE
The U.S. Supreme Court yesterday issued a tax decision. It is always notable when the Supreme Court issues a tax…
NOT MUCH FOR TAX PLANNERS TO WORK WITH FROM THIS SUPREME COURT CASE
The U.S. Supreme Court yesterday issued a tax decision. It is always notable when the Supreme Court issues a tax…
NOT MUCH FOR TAX PLANNERS TO WORK WITH FROM THIS SUPREME COURT CASE
The U.S. Supreme Court yesterday issued a tax decision. It is always notable when the Supreme Court issues a tax…
NOT MUCH FOR TAX PLANNERS TO WORK WITH FROM THIS SUPREME COURT CASE
The U.S. Supreme Court yesterday issued a tax decision. It is always notable when the Supreme Court issues a tax…