美国避税案例集锦（英文） Southgate_opinion.pdfVIP

Case: 09-11166 Document: 00511618581 Page: 1 Date Filed: 09/30/2011 IN THE UNITED STATES COURT OF APPEALS FOR THE FIFTH CIRCUIT United States Court of Appeals Fifth Circuit F I L E D September 30, 2011 No. 09-11166 Lyle W. Cayce Clerk SOUTHGATE MASTER FUND, L.L.C., by and through Montgomery Capital Advisors, LLC its Tax Matters Partner, Plaintiff–Appellant–Cross-Appellee v. UNITED STATES OF AMERICA, Defendant–Appellee–Cross-Appellant Appeals from the United States District Court for the Northern District of Texas Before JOLLY, HIGGINBOTHAM, and SMITH, Circuit Judges. PATRICK E. HIGGINBOTHAM, Circuit Judge: We affirm in all respects the district court’s judgment disposing of this petition for a readjustment of partnership tax items under 26 U.S.C. § 6226. The plaintiff, Southgate Master Fund, L.L.C., was formed for the purpose of facilitating the acquisition of a portfolio of Chinese nonperforming loans (“NPLs”). A partnership for tax purposes, Southgate’s disposition of its portfolio of NPLs generated more than $1 billion in paper losses, about $200 million of which were claimed as a deduction by one of its partners in tax year 2002. The Internal Revenue Service determined that Southgate was a sham partnership that need not be respected for tax purposes and that Southgate’s allocati