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Supreme Court Upholds 40 Percent Valuation Misstatement Penalty

The U.S. Supreme court recently upheld the 40 percent penalty in gross valuation misstatement when the partnerships involved were determined to be shams with no economic substance and as such, the partners’ outside basis in the partnership was zero.  The unanimous decision, written by Justice Scalia, resolved a split among the circuit courts as to whether the penalty applied.  The Fifth Circuit Court, where ...

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A Federal Appeals Court is Scheduled to Hear Arguments Today Over When Software is Patentable —Wall Street Journal, Seeking Alpha

"It's a Huge Case for the Patent-Law Community." On One Side: Google, Facebook, Intuit.  On the Other? IBM. "Because the patents are often unclear, there's no way to know whether an infringement claim by a competitor or a troll is legitimate until you've spent $8 million in litigation fees," said Mr. Schruers Ashby Jones in the Wall Street Journal  reports this morning that a federal appeals court in Washin ...

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