Long-Term Capital Holdings v. United States
- Long-Term Capital Holdings v. United States
"Long Term Capital Holdings, et. al. v. United States" was a court case argued before the United States District Court for the District of Connecticut that concerned a tax shelter used by Long-Term Capital Management, a failed hedge fund.
The case was an appeal of an Internal Revenue Service denial of the plaintiffs' claim of $106,058,228 in capital losses during the 1997 tax year, and associated penalties. After a bench trial, Judge Janet Bond Arterton ruled that the transactions employed by Long-Term Capital Holdings did not have economic substance, and were disregarded for tax purposes.
External links
* [http://www.usdoj.gov/tax/082704JBALongTermUS.pdf Findings and Opinion in "Long Term Capital Holdings v. United States] , from the United States Department of Justice
* [http://www.globalpolicy.org/nations/launder/regions/2003/0714scholes.htm A Tax Shelter, Deconstructed] , a "New York Times" article about the case
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