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LOUISIANA
Dow Chemical Company Loses $1 Billion Tax Shelter Case
On Feb. 25, Chief Judge Brian A. Jackson of the United States District Court for the Middle District of Louisiana in Baton Rouge ruled against Dow Chemical Company (Dow) in a case addressing the validity of two tax-shelter transactions created for the company. The transactions, which included approximately $1 billion in deductions, involved the creation of a partnership via Dow's European headquarters in Switzerland, and were designed for the company by Goldman Sachs and King & Spalding, the international law firm. In ruling for the Government, Judge Jackson stated that the “tax law deals in economic realties, not legal abstractions.” In addition to affirming the denial of the deduction, Judge Jackson also levied a penalty against Dow and he further remarked that “Dow viewed its tax department as a profit center.”
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