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KLAMATH STRATEGIC INVESTMENT FUND v. U.S.

No. 07-40861.

568 F.3d 537 (2009)

KLAMATH STRATEGIC INVESTMENT FUND, by and through ST. CROIX VENTURES (Managing member), Plaintiff-Appellee-Cross-Appellant, v. UNITED STATES of America, Defendant-Appellant-Cross-Appellee. Kinabalu Strategic Investment Fund, by and through Rogue Ventures LLC (Managing member), Plaintiff-Appellee-Cross-Appellant, v. United States of America, Defendant-Appellant-Cross-Appellee.

United States Court of Appeals, Fifth Circuit.

May 15, 2009.

Attorney(s) appearing for the Case

Kent Jones, Sutherland, Asbill & Brennan, Washington, DC, N. Jerold Cohen, Thomas A. Cullinan (argued), Sutherland, Asbill & Brennan, Atlanta, GA, for Plaintiffs-Appellees-Cross-Appellants.

Arthur Thomas Catterall (argued), Richard Bradshaw Farber, Gilbert S. Rothenberg, U.S. Dept. of Justice, Tax Div., App. Section, Washington, DC, for U.S.

Before GARWOOD, GARZA and OWEN, Circuit Judges.

EMILIO M. GARZA, Circuit Judge:

In this tax case, Plaintiffs Klamath Strategic Investment Fund ("Klamath") and Kinabalu Strategic Investment Fund ("Kinabalu") (collectively, the "Partnerships") filed suit against defendant the United States of America for readjustment of partnership items. Both parties appeal various aspects of the district court's readjustment determination. For the following reasons, we affirm in part, vacate in part, and remand.

I

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