Source: s3://data.kl3m.ai/documents/govinfo/USCOURTS/USCOURTS-ca11-14-14067/USCOURTS-ca11-14-14067-0/pdf.json

Nature of Suit Code: 870
Nature of Suit: Tax Suits
Cause of Action: 

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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.

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The District Court’s Memorandum Opinion and Order, attached hereto as an 

Appendix, correctly resolved these questions. We therefore affirm the Court’s 

judgment on the basis of the Memorandum Opinion and Order. 

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