Dow loses US tax shelter case, considers appeal

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 the Department of Justice. Chief Judge Brian Jackson writes in his 74-page opinion that the schemes were designed to exploit perceived weaknesses in the tax code and not designed for legitimate business reasons. Dow says it had paid all taxes plus interest with respect to tax years 1993–2003 that were involved in this case, but...

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