FOR IMMEDIATE RELEASE |
FRIDAY, AUGUST 27, 2004
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."