On February 10, 2021, the Tax Court issued a Memorandum Opinion in the case of Complex Media Inc. v. Commissioner (T.C. Memo. 2021-14). The primary issue presented in Complex Media Inc. v. Commissioner  was whether a taxpayer was eligible to disavow the form of its transactions (an asset transfer) when the alternative form achieves a tax benefit “not inconsistent” with the taxpayer’s initial tax planning and structuring of the transactions. Background to Complex Media Inc. v. Commissioner The petitioner acquired the assets of a business previously conducted by a partnership. The petitioner issued common stock, and in accordance with a prior obligation, redeemed shares held by the partnership in exchange for $2.7 million and an obligation to pay $300,000 a year later. The partnership assigned its right to the additional payment to one of its partners.  The petitioner claimed an increased basis of $3 million in intangible assets it received…