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It's a big deal for tax lawyers -- U.S. Court of Appeals for the First Circuit grants rehearing en banc in United States v. Textron Inc.

It's a big deal for tax lawyers -- U.S. Court of Appeals for the First Circuit grants rehearing en banc in United States v. Textron Inc. On January 23, 2009, The New York Times contained an article headlined "I.R.S. Is Thwarted as Court Shields Textron Tax Papers" that begins:

The Internal Revenue Service suffered a setback late Wednesday in its crusade against corporate tax shelters when an appeals court ruled that Textron, the maker of Cessna airplanes, did not have to turn over internal papers detailing its use of aggressive tax shelters.

According to the article, "The case has been closely watched by large corporations and their lawyers and accountants, who fear having to disclose potentially damaging deliberations regarding shelters that the I.R.S. considers abusive."

The article reported on a ruling that a three-judge panel of the U.S. Court of Appeals for the First Circuit issued on January 21, 2009. In other coverage of that ruling, Reuters reported that "U.S. court rules Textron can keep paperwork from IRS."

Today, however, the First Circuit entered an order granting rehearing en banc in the case, which means that all five active First Circuit judges are slated to rehear this appeal at an oral argument scheduled for June 2, 2009.

Full post as published by How Appealing on March 25, 2009 (boomark / email).