Samueli, et al. v. Comm'r of Internal Revenue; Ricks, et al. v. Comm'r of Internal Revenue, No. 09-72457 (9th Cir. 2011)
Annotate this CaseThis case stemmed from a tax transaction involving Henry Samueli, the co-founder of Broadcom Corporation, and his investment advisor. At issue was whether a purported securities loan with a fixed term of at least 250 days and possibly as long as 450 days, entered into not for the purpose of providing the borrower with access to the lent securities, but instead for the purpose of avoiding taxable income for the lender, qualified for nonrecognition treatment as a securities loan pursuant to section 1058 of the Internal Revenue Code. The court agreed with the Tax Court's conclusion that the transaction did not meet the requirements of section 1058 and therefore affirmed the judgment of the Tax Court.
The court issued a subsequent related opinion or order on November 1, 2011.
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