Tax Court Upholds IRS Penalties On Decades Old Cattle Shelter Losses

Walter J. Hoyt III died in 2007 was serving a long prison term from a 2001 conviction for an "investment scam that defrauded about 4,000 people" Among the 4,000 or so was Clyde Arashiro who was recently in Tax Court over penalties assessed on his 1987, 1988 and 1989 returns.