in courts. The last major Tax Court decision on the securities trading safe harbor rules (InverWorld Inc. v. Commissioner) was issued in 1996, and the Tax Court's rather strict interpretation of the Code at that time caused many offshore hedge funds to reconsider how to carry on their US activities to avoid U

pecial deference." "Second, the willing buyer/willing seller test of fair market value is ubiquitous .... We therefore owe no enhanced deference to the Tax Court's application of that test." The Tax Court issued its opinion based upon "the preponderance of the evidence. ... But, when, as here, the only evidenc

future delivery of cash or shares under the terms of the modified contracts • The McKelvey case is not a panacea: — The IRS has not acquiesced to the Tax Court's decision and may appeal or litigate in another forum — The IRS believes that the decision is at odds with black-letter law in both the Internal Reve

of Treas. Reg. § 1.446-1(e)(2)(ii)(b)). But see Huffman, 518 F.3d 357, 363 (6th Cir. 2008) where the Sixth Circuit refused to either adopt or reject the Tax Court's definition. A "posting error" is an error in "the act of transferring an original entry to a ledger." Wayne Bolt & Nut Co. v. Commissioner, 93 T.C.

d it as a fall-back position in the Tax Court and adduced expert testimony of discrete discounts for the various works. We agree in large part with the Tax Court's underlying analysis and discrete factual determinations, including its rejection of the Commissioner's zero-discount position (which holding we affi