(United States Federal Circuit) - In a taxpayer's action seeking review of a decision of the Court of Federal Claims dismissing with prejudice their complaint for an income tax refund based on financial losses plaintiffs sustained as victims of a fraudulent investment scheme, the Claims Court decision is vacated and remanded where the court both misinterpreted Treas. Reg. section 1.165-1(d)(3) and improperly required abandonment of their arbitration claim.
Source: findlaw.com