Case: 14-14067 Date Filed: 10/13/2015 Page: 1 of .3 . The District Court’s Memorandum Opinion and

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  • [PUBLISH]

    IN THE UNITED STATES COURT OF APPEALS

    FOR THE ELEVENTH CIRCUIT __________________________

    No. 14-14067

    __________________________

    D.C. Docket No. 2:10-cv-00153-RBD-CM

    KEARNEY PARTNERS FUND, LLC, by and through Lincoln Partners Fund, LLC, Tax Matters Partner, KEARNEY PARTNERS FUND, LLC, by and through Delta Currency Management Company, Tax Matters Partner, NEBRASKA PARTNERS FUND, LLC., LINCOLN PARTNERS FUND, LLC, by and through Bricolage Capital Management Company, Tax Matters Partner, LINCOLN PARTNERS FUND, LLC, by and through Nebraska Partners Fund, LLC, Tax Matters Partner, Plaintiffs - Appellants. versus UNITED STATES OF AMERICA, Defendant - Appellee.

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    __________________________

    Appeals from the United States District Court for the Middle District of Florida __________________________

    (October 13, 2015)

    Before TJOFLAT and HULL, Circuit Judges, and BARTLE, District Judge. PER CURIAM:

    Kearney Partners Fund, LLC, Nebraska Partners Fund, LLC, and Lincoln

    Partners Fund, LLC brought this action to challenge the Notices of Final

    Partnership Administrative Adjustment the Internal Revenue Service issued

    disallowing all items they claimed on their partnership returns on the ground that

    partnerships constituted an abusive tax shelter designed to generate artificial,

    noneconomic tax losses desired by the taxpayer. Following a bench trial, the

    District Court upheld the administrative adjustments to the partnerships returns

    and entered judgment for the Government. The partnerships appeal the judgment,

    questioning whether the District Court had jurisdiction to determine all partnership

    and nonpartnership items for the tax periods in question, and, if it had jurisdiction,

    whether it erred in determining that the transactions at issue lacked economic

    substance and therefore had to be disregarded for tax purposes.

    Honorable Harvey Bartle III, United States District Judge for the Eastern District of Pennsylvania, sitting by designation.

    Case: 14-14067 Date Filed: 10/13/2015 Page: 2 of 34

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    The District Courts Memorandum Opinion and Order, attached hereto as an

    Appendix, correctly resolved these questions. We therefore affirm the Courts

    judgment on the basis of the Memorandum Opinion and Order.

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