Court Rules Against Mississippi Businessman’s Tax Shelter Promoted by KPMG
May 4th, 2010
U.S. DOJ--A federal court in Jackson, Miss., has ruled in favor of the United States involving a businessman’s attempt to use a KPMG- marketed tax shelter to avoid paying income tax on approximately $18 million in capital gains. According to the opinion, in 2001, J. Kelley Williams of Jackson became aware that he would have $18 million in capital gains from one of his investments. His KPMG accountant suggested that he use a marketed tax shelter strategy by the name of "Family Office Customized" or "FOCUS" to avoid paying tax on that gain. The tax shelter involved a series...
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