The taxpayer has applied for special leave to appeal to the High Court from the decision of the Full Federal Court in FCT v Resource Capital Fund IV LP  FCAFC 51. In that case, the Full Federal Court upheld the Commissioner’s appeal in relation to the tax treatment of profits made by two US private equity limited partnerships in an Australian Mining company – in a long and difficult decision. Tax Technical covered the Full Federal Court decision in this Article. There would be plenty for the High Court to deal with, if they gave the taxpayer leave.
[LTN 90, 14/5/19; Tax Month – May 2019]