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No Substance Found To Homebuilders' $713M Tax Deduction

By Molly Moses ( February 23, 2026, 8:46 PM EST) -- The IRS was correct to disallow over $713 million of a San Diego partnership's positive basis adjustment in 2012, the U.S. Tax Court held Monday, finding a series of complex transactions were carried out to avoid tax rather than to minimize business risk....

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