Dow loses US tax shelter case

A federal judge in Baton Rouge, LA has ruled that two tax-shelter transactions entered into by Dow Chemical and designed by Goldman Sachs and law firm King & Spalding amounted to $1 billion in phony tax deductions, according to a press release issued today by the Department of Justice (DOJ). Chief Judge Brian A. Jackson rejected the tax benefits from the shelter transactions, and imposed penalties, although the DOJ statement does not give further details. The DOJ says the scheme involved creating a partnership that Dow operated out of its European...

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