Bush TEFRA Claims Whacked for the Final Time

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May 29, 2012

Long-time readers of the blog may recall our coverage of the Federal Circuit’s stumbles through TEFRA in the Bush litigation, where a panel issued a surprising decision finding that a notice of deficiency was required to make what was previously understood as a mere TEFRA computational adjustment, but that the IRS’s failure to issue the notice was harmless error.  Both sides cried foul, and the en banc court overturned the panel’s decision.  The Supreme Court this morning today denied the taxpayers’ petition for certiorari, meaning that the case has reached the end of the line, which turns out to be … Read More

Bush(un)whacked

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August 24, 2011

The Federal Circuit’s en banc opinion is out.  It affirms the Court of Federal Claims on the reasoning set out in our prior posts and rejects the harmless error analysis of the prior panel opinion.  We are pleased to see the Federal Circuit safely emerge (albeit clutching map and compass) from the TEFRA forest.… Read More

Update on Bush-whacked

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May 13, 2011

The en banc Federal Circuit heard oral argument in the Bush TEFRA case on Wednesday the 10th of May.  For those still interested after reading this, you can listen to the argument here.  As we indicated in our prior analysis, we think the resolution of this case is simple.  Unfortunately, although the parties and the court almost escaped the weeds several times, with one of the judges asking a question very close to the mark, it was a dissatisfying oral argument (from our perspective).  The point that needed to be made is that an agreement to “no change” … Read More

Update 2 on Bush(whacked)

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February 22, 2011

We have added the taxpayer’s reply brief to the original post.  We will update you as soon as we hear what the en banc court does.… Read More

Update on Bush(whacked)

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February 2, 2011

We have added DOJ’s brief to the original post.  Nothing much surprising in it; the arguments adopted reflect the same approach taken in our initial post (and in the Court of Federal Claims).  A point of interest is that there are 30 related cases holding at the Court of Federal Claims that depend on its resolution.  We will update you as soon as we hear what the en banc court does.… Read More

Bush-whacked

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January 18, 2011

As can be seen by the sheer number of our posts that deal with it, the unified partnership audit procedures of the Tax Equity and Fiscal Responsibility Act (“TEFRA”) can cause confusion.  In fact, they can be downright bewildering.  It is particularly easy to get lost if one walks into the TEFRA wilderness without keeping one eye fixed at all times on the overarching purpose of TEFRA.  The case of Bush v. United States, et. al., Fed Cir. Nos. 2009-5008 and 5009, is a textbook example of what happens when you lose sight of that landmark.  An apparently innocuous … Read More