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  • Kearney Partners Fund, LLC v. United States, 11th Cir. (2015)

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    Kearney Partners Fund, LLC, Nebraska Partners Fund, LLC, and Lincoln Partners Fund, LLC challenged Notices of Final Partnership Administrative Adjustment issued by the IRS disallowing all items claimed on their partnership tax returns. The District Court upheld the IRS adjustments and found for the Government. On appeal, the partnerships questioned the court's jurisdiction over partnership and nonpartnership items and whether the transactions lacked economic substance. The Circuit Court affirmed the District Court's memorandum opinion, which correctly resolved these issues by finding jurisdiction and that the transactions lacked economic substance and must be disregarded for tax purposes.

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    Filed: 2015-10-13 Precedential Status: Precedential Docket: 14-14067

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    Kearney Partners Fund, LLC, Nebraska Partners Fund, LLC, and Lincoln Partners Fund, LLC challenged Notices of Final Partnership Administrative Adjustment issued by the IRS disallowing all items claimed on their partnership tax returns. The District Court upheld the IRS adjustments and found for the Government. On appeal, the partnerships questioned the court's jurisdiction over partnership and nonpartnership items and whether the transactions lacked economic substance. The Circuit Court affirmed the District Court's memorandum opinion, which correctly resolved these issues by finding jurisdiction and that the transactions lacked economic substance and must be disregarded for tax purposes.

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    15 views34 pages

    Kearney Partners Fund, LLC v. United States, 11th Cir. (2015)

    Uploaded by

    Scribd Government Docs
    Kearney Partners Fund, LLC, Nebraska Partners Fund, LLC, and Lincoln Partners Fund, LLC challenged Notices of Final Partnership Administrative Adjustment issued by the IRS disallowing all items claimed on their partnership tax returns. The District Court upheld the IRS adjustments and found for the Government. On appeal, the partnerships questioned the court's jurisdiction over partnership and nonpartnership items and whether the transactions lacked economic substance. The Circuit Court affirmed the District Court's memorandum opinion, which correctly resolved these issues by finding jurisdiction and that the transactions lacked economic substance and must be disregarded for tax purposes.

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    of 34

    Case: 14-14067

    Date Filed: 10/13/2015

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    [PUBLISH]

    IN THE UNITED STATES COURT OF APPEALS


    FOR THE ELEVENTH CIRCUIT
    __________________________
    No. 14-14067
    __________________________
    D.C. Docket No. 2:10-cv-00153-RBD-CM
    KEARNEY PARTNERS FUND, LLC,
    by and through Lincoln Partners Fund, LLC,
    Tax Matters Partner,
    KEARNEY PARTNERS FUND, LLC,
    by and through Delta Currency Management Company,
    Tax Matters Partner,
    NEBRASKA PARTNERS FUND, LLC.,
    LINCOLN PARTNERS FUND, LLC,
    by and through Bricolage Capital Management Company,
    Tax Matters Partner,
    LINCOLN PARTNERS FUND, LLC,
    by and through Nebraska Partners Fund, LLC,
    Tax Matters Partner,
    Plaintiffs - Appellants.

    versus
    UNITED STATES OF AMERICA,
    Defendant - Appellee.

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    __________________________
    Appeals from the United States District Court
    for the Middle District of Florida
    __________________________
    (October 13, 2015)
    Before TJOFLAT and HULL, Circuit Judges, and BARTLE, District Judge.
    PER CURIAM:
    Kearney Partners Fund, LLC, Nebraska Partners Fund, LLC, and Lincoln
    Partners Fund, LLC brought this action to challenge the Notices of Final
    Partnership Administrative Adjustment the Internal Revenue Service issued
    disallowing all items they claimed on their partnership returns on the ground that
    partnerships constituted an abusive tax shelter designed to generate artificial,
    noneconomic tax losses desired by the taxpayer. Following a bench trial, the
    District Court upheld the administrative adjustments to the partnerships returns
    and entered judgment for the Government. The partnerships appeal the judgment,
    questioning whether the District Court had jurisdiction to determine all partnership
    and nonpartnership items for the tax periods in question, and, if it had jurisdiction,
    whether it erred in determining that the transactions at issue lacked economic
    substance and therefore had to be disregarded for tax purposes.

    Honorable Harvey Bartle III, United States District Judge for the Eastern District of
    Pennsylvania, sitting by designation.

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    The District Courts Memorandum Opinion and Order, attached hereto as an


    Appendix, correctly resolved these questions. We therefore affirm the Courts
    judgment on the basis of the Memorandum Opinion and Order.

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