Scott Blum, founder of Buy.com, got some bad news from the Tenth Circuit last week. The Tax Court's 2012 decision sustaining penalties of over $10,000,000 for his 1998 and 1999 income tax returns was affirmed. The Tenth Circuit was unconcerned that the Tax Court decision might allow KPMG to weasel out of civil liability to Blum for putting him into an OPIS transaction (Offshore Portfolio Investment Strategy). There is some interesting stuff in the case and we will get to that. As is ofte...
Scott Blum, founder of Buy.com, got some bad news from the Tenth Circuit last week. The Tax Court's 2012 decision sustaining penalties of over $10,000,000 for his 1998 and 1999 income tax returns was affirmed. The Tenth Circuit was unconcerned that the Tax Court decision might allow KPMG to weasel out of civil liability to Blum for putting him into an OPIS transaction (Offshore Portfolio Investment Strategy). There is some interesting stuff in the case and we will get to that. As is ofte...
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