In Uncategorized on 11/01/2018 at 14:49

Speaking of IRS’ regulatory overreach, here’s Good Fortune Shipping SA, Docket No. 25327-12, filed 11/1/18, with Ch J Maurice B (“Mighty Mo”) Foley bucking over to Judge Mary Ann (“She Abhors Cognomens”) Cohen DC Cir’s reversal of the Good Fortunates’ loss back in March, 2017.

For the skinny on bearer stock, unregistered type and the Section 883 largesse to certain maritime enterprises, see my blogpost “The Secret Sharer,” 3/28/17.

Notwithstanding subsequent changes in law, DC Cir comes down in favor of the Good Fortunates. See Good Fortunate Shipping SA v. Com’r, No. 17-1160 (DC Cir, 2018).

IRS’ categorical fling-out of bearer shares to satisfy the 50% test of ownership goes down, but the Good Fortunates must put in their proofs of who owned what where for the year at issue.

Take it away, Judge Cohen.

Edited to add, 2/21/20: The Good Fortunates have been a wee bit dilatory in providing their witnesses list for the trial next month. Now, when the list is due on Monday and trial is set for March 2, their trusty attorney wants to bail. But he doesn’t state his client’s contact info per Rule 24(c), and IRS objects (so would I). At all events, Judge Mary Ann (“S.E.C.” = She Eschews Cognomens) Cohen denies bail. This is gonna be quite a trial.

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