The Supreme Court declined to hear Textrons appeal in a key tax case, letting stand a lower court decision that allows the Internal Revenue Service to demand legal and tax work papers from companies.
The company had appealed a ruling by the First Circuit Court in the case (see Textron Case Endangers Tax Workpaper Protection). The IRS had requested tax accrual workpapers from the corporate jet manufacturer, including a spreadsheet compiled by its attorneys showing potential items of contention with the IRS and its chances of winning them. The company asserted a work product privilege and won two rulings against the IRS, including by a three-judge panel at the First Circuit Court. But when the full "en banc" court heard the appeal, it ruled in the IRSs favor. The Supreme Court let that decision stand on Monday.
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