(Bloomberg) The U.S. Supreme Court will use a case involving billionaire Billy Joe “Red” McCombs to decide whether the federal government can impose hundreds of millions of dollars in penalties for the use of abusive tax shelters.
The justices said this week that they will hear an Obama administration appeal of a ruling favoring McCombs, the co-founder of Clear Channel Communications Inc. and former owner of the Minnesota Vikings and San Antonio Spurs.
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