COURT ORDERS $3.5 MILLION TAX REFUND AFTER TRIAL AGAINST I.R.S.

G.I.C. Corporation, Inc. v. United States of America

 

U.S. District Court for the Southern District of Florida and affirmed on appeal by the 11th Circuit Court of Appeals

When the owner of GIC Corp. approached us about suing the U.S. Government for a tax refund that turned on the allowance of a $7.2 million capital loss, the first thing we told him was that we were not tax lawyers. He knew. He wanted trial lawyers, not tax lawyers. We could learn a little tax.

 

He was right. The issues at trial were framed by a confluence of tax, divorce, contract and corporate law, but at bottom it was a trial, and when it was over the district judge awarded GIC a $3.5 million refund. The Eleventh Circuit affirmed.