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KENNA TRADING, LLC v. COMMISSIONER

Docket Nos. 7551-08, 7552-08, 7553-08, 7554-08, 7555-08, 7556-08, 7618-08, 7625-08, 9021-08, 9035-08, 9036-08, 9037-08, 9038-08, 9039-08, 9040-08, 9041-08, 9042-08, 9121-08, 9122-08, 9123-08, 9124-08, 9125-08, 9126-08, 9127-08, 9128-08, 14094-08, 16796-08, 19924-08, 19925-08, 13980-09, 13981-09, 13982-09, 13983-09, 27636-09, 30586-09, 671-10.

143 T.C. 322 (2014)

KENNA TRADING, LLC, JETSTREAM BUSINESS LIMITED, TAX MATTERS PARTNER, ET AL., Petitioners. v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Tax Court.

Filed October 16, 2014.

Attorney(s) appearing for the Case

John E. Rogers (an officer), for petitioner Jetstream Business Limited.

John E. Rogers, for petitioners John E. and Frances L. Rogers.

Ronald S. Collins, Jr., Laurie A. Nasky, and Bernard J. Audet, Jr., for respondent.

Michael D. Hartigan (an officer), for participating partners in docket Nos. 7552-08, 9039-08, 9121-08, and 13982-09.

In 2003 John Rogers developed, marketed, and sold investments, which also allegedly provided potential tax shelter, whereby investors in a partnership structure could claim partially worthless bad debt deductions under section 1662 on certain distressed assets formerly owned by a Brazilian retailer. Those...

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