In Uncategorized on 03/15/2016 at 15:02

And that’s directed to me, as my celebrated omniscience takes it on the chin once again.

I missed another one, as Sixth Circuit read Section 1256 literally, and found that a Euro put-call is a contract calling for settlement based on a foreign currency. Thus, the literal plain-language of Section 1256 lets Ter and Cher walk, despite the fact that they were pulling a major-minor no-substance dodge, and that letting them get away with it is not sound tax policy. Sixth Circuit lets Ter and Cher off the hook on a $603K deficiency and the 40% overvaluation chop, and tells IRS to tell Congress to fix the law or else promulgate a regulation.

The backstory in found in my blogpost “You’d Better Not Pout,” 12/23/11. The fast-forward is Terry L. Wright & Cheryl A. Wright, No. 15–1071, decided 1/7/16.

So today it’s back to Judge Foley in Terry L. Wright & Cheryl A. Wright, Docket No. 30957-09, filed 3/15/16 to enter decision.

And a Taishoff “good job, first class” to Adam H. Charnes, Esq., and his crew at Kilpatrick Townsend & Stockton, LLP, Winston–Salem, North Carolina.



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