Thursday, April 9, 2009
Shumacher Article on Boulware (4/9/09)
Scott Schumacher, co-author of the Tax Crimes book in the Lexis-Nexis series, has published an article in Tax Notes discussing the Ninth Circuit's decision in Boulware. Scott A. Schumacher, The Ninth Circuit Says Aloha to Boulware - Again, 121 Tax Notes 1631 (3/30/09). I have previously discussed the opinion here, but Scott's article adds nuances well beyond my previous discussion.
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It's hard to argue the loan theory when no loan documentation or interest provision - interest which would be income to the corporation thus increasing its E&P.
ReplyDeleteIf I were the defense attorney, here, I would actively seek to introduce evidence of return of capital because the average jury would not be aware of this concept. All they hear from the gov't is that money leaves the corporation and therfore it must be a dividend or income of some sort.
John