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
“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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04-588