Jeffrey Webber's Cayman Insurance Shelter Nixed By Tax Court

So here is a truly brilliant, if slightly ghoulish tax plan.  Jeffrey Webber is a venture-capital investor and private-equity fund manager.  His advisor, William Lipkind,  came up with a vehicle that would not only defer gain on some of his investments, but also totally avoid income tax when he and his family members cashed in.  It's a real shame that the Tax Court agreed with the IRS that the scheme did not work.  My only consolation is that it illustrates a couple of Reilly's Laws of Tax ...