It looks like Renaissance Technologies and Jim Simons is a tax dispute with the United States Internal Revenue Agency. They made some controversial call options in a basket. Here is one quote:
In the Tax Court case, Weiss argues that the options had business purposes beyond tax savings: They offered more leverage than was available in a typical brokerage arrangement, while at the same time limiting the firm’s risk of loss. … Renaissance has made similar arguments in defense of its transactions.
This article can be found here:
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