« Ind. Decisions - Court of Appeals issues 4 today (and 6 NFP) | Main | Ind. Gov't. - "House Democrats packing bags, checking out of Urbana: Return means likely end to five-week walkout" »

Monday, March 28, 2011

Ind. Decisions - 7th Circuit issues tax law opinion involving Indiana attorney

In Scott C. Cole and Jennifer A. Cole v. Comm. IRS (U.S. Tax Court), a 33-page opinion, Judge Tinder writes:

Appellants Scott C. and Jennifer A. Cole (a married couple from Brownsburg, Indiana) ran into trouble with the Internal Revenue Service (IRS) in 2003, when a revenue agent began auditing their 2001 joint tax return. Through this audit, the agent discovered a web of corporate and partnership entities serving dubious purposes, undocumented financial transactions, and inconsistent reports regarding the Coles’ income. Incongruously, although Scott engineered much of the financial and legal tangle that landed him and Jennifer in hot water with the IRS, Scott is a licensed Indiana attorney with a practice focused on business planning and tax matters. We outline the confusing maze of entities and financial dealings below, but be forewarned that much of it makes little business or legal sense as the Coles fail to dispel the perception underlying the Tax Court’s finding that the perplexing arrangements served as nothing but after-the-fact attempts to avoid taxation on the substantial income Scott earned in 2001.
ILB: I just tried to look up Mr. Cole on the Indiana Roll of Attorneys, but can no longer locate the Roll on the court web site. Okay, now I've found it, but not easily. Mr. Cole is listed as "Active in Good Standing," although the Roll as indicates that he has concluded discipline in the past.

Posted by Marcia Oddi on March 28, 2011 01:07 PM
Posted to Ind. (7th Cir.) Decisions