On April 30, the U.S. Supreme Court entered an order in favor of a firm client. The client had entered into an investment that was challenged by the IRS. In April 2007, the IRS issued a Notice of Deficiency to the client. Arnstein & Lehr Chicago Partners Robert E. McKenzie and Adam S. Fayne filed suit in the U. S. Tax Court alleging that the IRS notice was tardy. The Tax Court ruled in favor of the taxpayer and found that the statute had expired in August 2009. In September 2009, the IRS issued a retroactive regulation that purported to overrule the order of the Tax Court. The government then filed an appeal of the Tax Court decision and the 7th Circuit subsequently ruled against the client in January 2011. An appeal was taken on behalf of the client to the Supreme Court. Several other appeals with similar issues also sought relief from the Court. The client and the other taxpayers each filed briefs of the case issues. The Supreme Court chose the Home Concrete case to hear for oral argument on the issues. In April 2012, the Court ruled favorably in that case and then issued a favorable ruling for the client, receiving relief from millions of dollars of taxes and penalties. Mr. McKenzie and Mr. Fayne are also representing three other taxpayers with similar issues and the savings for the clients total more than $40 million as a result of the Supreme Court decision. In June, the Tax Court entered favorable orders for our firm in two of the three matters.