Attorney-at-Law

TO BUILD A RECORD

In Uncategorized on 10/16/2014 at 22:54

Knowing that his analysis will be subject to Seventh Circuit’s scrutiny, including without in any way limiting the generality of the foregoing (as my high-priced colleagues say) the jaundiced eye of Judge Posner who previously rebuked his levity (see my blogpost “There Goes the Neighborhood”, 9/4/13), Judge Wherry spends 89 (count ‘em, 89) pages knocking out the Section 166 bad-debt claims of John E. Rogers, Frances Rogers, and the platoon of “deep-pocketed investors” who bought into Mr. Rogers’s neighborhood, and must now pay dearly for the privilege.

Well, you may ask, didn’t Seventh Circuit blow off Mr. Rogers last August in Superior Trading, et al. v. Com’r, referred to in my blogpost abovecited?

Yes, but here we deal with the Hydra-headed creations wherewith Mr. Rogers sought to profit from the shelter-seeking deep-pocketed. And a mere listing thereof occupy three of the aforementioned 89 pages.

Again we see the sham partnership and the phony trust exploded, the lack of economic substance exposed, the disguised sale and the artificially-enhanced basis in bad Brazilian debt again stripped bare.

I won’t reiterate the other blogposts that Mr. Rogers afforded me. I do thank him for some good copy.

Oh, by the way, today’s installment is Kenna Trading, LLC, Jetstream Business Limited, Tax Matters Partner, et al., 143 T. C. 18, filed 10/16/14.

No concurrences, no dissents.

Judge Wherry has built his record as solid as can be. Because Mr. Rogers will appeal.

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: