The federal government has lost a Son of Boss tax shelter case involving taxpayers who invested in foreign currency options.
The case concerned a claim by Carlos E. Sala and his wife Tina for a refund on Sala's 2000 federal taxes. Sala had income in 2000 of more than $60 million, but he claimed a tax loss that essentially nullified his tax burden through his involvement in a foreign currency options investment transaction known as Deerhurst.
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