A new ruling on the tax treatment of limited partners should benefit the US government, it told the the Fifth Circuit.
The IRS told the US Court of Appeals for the Fifth Circuit that Sirius Solutions, which has been contesting paying tax on its limited partners, ought to be constrained by the same functional analysis test established in a similar dispute by another firm, Denham Capital Management GP LLC, which the US Tax Court decided in the IRS’ favor Dec. 23.
The Sirius Solutions case, which is set to be argued Feb. 5, is the latest in a string of ...