IRS Wins $62M GE Tax Shelter Case

You would expect a tax shelter designed to save General Electric $62 million in taxes to be complicated.  You would be right. The Second Circuit upheld a ruling against General Electric's financing arm that charged the conglomerate with understating its income. See TIFD III-E Inc. v. United States. The court said the IRS was right and IRS penalties were correctly applied. See General Electric Loses IRS Appeal on Dutch Bank Tax Benefits.