The February issue of TAXES Magazine features an analysis of the recent Textron case, The Reversal in Textron: Anatomy of a Bad Decision by John Everett, Cheri Hennig, Sharon Lassar and Blaise Sonnier. In overturning a decision of the Court’s own three-judge panel, the First Circuit has made it infinitely more difficult for taxpayers to shield internal documents supporting aggressive and questionable tax positions from IRS scrutiny.
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This story is from the CCH’s monthly Focus on Tax newsletter, which provides advise and guidance on federal and state tax issues for tax and accounting professionals.
Read this article from CCH’s Journal of Taxation of Financial Products