A federal appeals court has ruled against the founder of Buy.com in a case involving a tax shelter set up for him by KPMG.
The case involved Scott Blum, who appealed a U.S. Tax Court decision. The Tax Court had upheld the Internal Revenue Service commissioner’s determination to invalidate a financial transaction of Blum’s on the joint tax return he and his wife had filed as lacking economic substance and imposing two accuracy-related penalties for underpayment of taxes.
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