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Tag Archives: U.S. Supreme Court

Supreme Court Oks McCombs tax-shelter penalty

The justices Tuesday unanimously backed the Internal Revenue Service’s interpretation of a provision that permits a 40 percent penalty on people who understate their capital-gains tax liability by inflating their “basis” -- that is, the cost of acquiring property that is later sold.

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Airline asks justices to pre-emptively ground passenger’s claim

In the latest case asking the U.S. Supreme Court to consider the pre-emptive effect of a federal law on a plaintiff’s civil lawsuit, the justices considered Tuesday whether the Airline Deregulation Act prevents a disgruntled airline passenger from suing because his frequent flier privileges were terminated.

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