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The Internal Revenue Service says famed UC, Berkeley business professor David J. Teece (below) used a sham tax shelter a decade ago to claim $21 million in bogus short-term capital losses and report no taxable income one year. Teece and his wife are in U.S. Tax Court fighting an IRS bill for $12 million in back taxes and penalties. They deny the charge and also say the IRS brought its challenge too late. The feds allege Teece used partnerships, in-the-money options, out-of-the-money options and Deutsche Bank stock to manufacture 1998 and 1999 losses, shielding other income from tax.