FOR IMMEDIATE RELEASE FRIDAY, AUGUST 27, 2004 WWW.USDOJ.GOV |
TAX (202) 514-2008 TDD (202) 514-1888 |
STATEMENT OF EILEEN J. O'CONNOR, ASSISTANT ATTORNEY GENERAL FOR THE DEPARTMENT OF JUSTICE TAX DIVISION, ON THE DISTRICT COURT'S RULING IN FAVOR OF THE UNITED STATES
IN LONG-TERM CAPITAL HOLDINGS, INC. v. UNITED STATES WASHINGTON, D.C. - "Today’s decision confirms that transactions entered into merely to shelter income from taxes will be disregarded for tax purposes and that unreasonable legal opinions will not protect investors from monetary penalties." |
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