Shout out to a Mayer Brown team led by appellate partner Timothy Bishop, Brian Kittle, the co-head of the firm’s tax practice, and tax partner Geoffrey Collins. The D.C. Circuit this week upheld a tax court decision finding that client Fidelity Investments was a bona fide partner in a business formed to produce refined coal, which produces fewer emissions than unrefined coal, even though that business wouldn’t have turned a profit without tax credits. The appellate court held that partnerships formed to conduct activity made profitable by tax credits “engage in legitimate business activity for tax purposes.” The Mayer Brown team included partner Joel Williamson and associates Colleen Campbell, Maria Critelli and John Horne.
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