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Supreme Court Won’t Take Up $5 Million Tax Shelter Ruling Appeal

Oct. 3, 2022, 6:17 PM

The Supreme Court declined to take up a challenge to a ruling that upheld a nearly $5 million tax bill from a tax shelter scheme.

William Goddard petitioned the high court in May after the US Court of Appeals for the Ninth Circuit tossed his challenge last December to a 2018 ruling from the US Tax Court, finding that Goddard owed the taxes from a tax shelter he operated while running California partnership GG Capital. Known as a Son-of-BOSS transaction, the scheme allowed taxpayers to transfer assets with significant liabilities to the partnership in a way that allowed partners ...