The United States Supreme Court does not hear many tax related cases; however, it is scheduled to hear an appeal involving a Texas billionaire and millions of dollars in tax penalties. The case involves the 40-percent penalty that the IRS assesses against taxpayers who are involved in some alleged tax shelters. The current cases concerns transactions from 2009 that the IRS alleges were done solely to offset gains by the taxpayer to avoid owing more in taxes.
For more details about the case read, “Supreme Court to weigh IRS penalties on alleged tax dodges.”