The U.S. justice department said on Wednesday it has won a $1 billion tax shelter of DOW chemical co., LTD. (DOW) involving a Swiss cooperative partnership, the Wall Street financial giants Goldman sachs Goldman sachs (GS) and the international law firm king and Spalding.
The central region of the Louisiana in the United States court refused to conclude the dow chemical company, "says create about 1 billion dollars false tax deduction, the justice department said in a statement:" tax avoidance trading.
The chief judge Brian Jackson also make sanctions, the department said, in baton rouge court decision.
The dow Jones spokesman said in a statement, dow accused the United States government pays the tax year 1993 to 2003 tax return.
"Dow pay all problems, plus interest tax, but demand that the United States district court agreed to by the irs tax was mistakenly evaluation," the spokesman said.
"Dow is by the court's decision was disappointed... we believe that the facts and the application of the law opinion is not supported. Dow is explore all the options, including an appeal.
Circumstances, can be traced back to the dow Jones industrial average since 1993, involving patent transfer company subsidiary trading.
The irs in 2005 deny the dow deducted on the basis of trading, the debate over trade company has no legal economic interests. The dow Jones industrial average in 2005 the government to court, in order to maintain its tax deduction.
Involved in the transaction, the Goldman sachs and the king and Spalding, forming a partnership business, the dow its European headquarters in Switzerland, according to the court's ruling.
Jackson in his 74 - page wrote in the judgment, the government is correct, refused to "artificial create tax concessions, the purpose of the plan is to use the perception of the tax code of weakness, but is not designed for legitimate business reasons," according to the department of justice.
Assistant the United States attorney general Catherine will judge the tax department said: "this is offend all tax payers who pay their fair share, our big companies believe that they may require hundreds of millions of dollars in tax breaks, is manufacturing abuse tax plan."
Goldman sachs and Spalding refused to comment on the report.



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