Owners of Oil and Gas Properties Win Tax Challenge by the IRS in Ninth Circuit Opinion

摘要

The U.S. Court of Appeals for the Ninth Circuit last month concluded that the Internal Revenue Service (IRS) waited too long to reassess a taxpayer holding oil and gas properties for misapplied funds and a deceptive tax shelter strategy. A three-judge panel comprised of Andrew Kleinfleld, Carlos Bea and Sandara Ikuta concluded that the IRS had only three years to assess the tax deficiency at issue in this case, and it failed to do so, in an opinion issued 6/17/09. The Court of Appeals thus upheld the Tax Court's judgment in favor of the taxpayer - Bakersfield. Bakersfield Energy Partners, LLP, et al. v. Commissioner of Internal Revenue Service, No. 07-74275.