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Tifd Iii-E, Inc v. United States of America

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Argued: May 16, 2011

Before: LEVAL, CABRANES, SACK, Circuit Judges.

16 The United States appeals from a judgment of the United States District Court for the 17 District of Connecticut (Underhill, J.) invalidating two notices of Final Partnership 18 Administrative Adjustments issued by the Internal Revenue Service. The district court so ruled 19 because it concluded that the taxpayer-plaintiff’s characterization of two tax-exempt Dutch 20 banks as its partners in Castle Harbour LLC was proper under Internal Revenue Code 21 § 704(e)(1). The district court also concluded that, even if the banks did not qualify as partners 22 under § 704(e)(1), the government was not entitled to impose a penalty pursuant to Internal 23 Revenue Code § 6662. The Court of Appeals (Leval, J.) holds that the evidence compels the 24 conclusion that the banks do not qualify as partners under § 704(e)(1), and that the government 25 is entitled to impose a penalty on the taxpayer for substantial understatement of income. The 26 judgment of the district court is REVERSED.

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