UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT SEAVIEW TRADING, LLC, AGK No. 20-72416 INVESTMENTS, LLC, TAX MATTERS PARTNER, Tax Ct. No. Petitioner-Appellant, 1837-11

v. OPINION COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

Appeal from a Decision of the United States Tax Court

Argued and Submitted En Banc December 13, 2022 Pasadena, California

Filed March 10, 2023

Before: Mary H. Murguia, Chief Judge, and Ronald M. Gould, Morgan Christen, Paul J. Watford, Mark J. Bennett, Danielle J. Forrest, Patrick J. Bumatay, Jennifer Sung, Holly A. Thomas, Salvador Mendoza, Jr., and Roopali H. Desai, Circuit Judges. 2 SEAVIEW TRADING, LLC V.CIR

Opinion by Judge Watford; Dissent by Judge Bumatay

SUMMARY *

Tax

Affirming the Tax Court’s decision concluding that the Internal Revenue Service’s notice of final partnership administrative adjust