Jeremy Berenblatt

United States Tax Court·Decided August 27, 2026·No. 7208-17·Unpublished

Opinion

United States Tax Court

T.C. Memo. 2026-75

JEREMY BERENBLATT,

Petitioner

v.

COMMISSIONER OF INTERNAL REVENUE, Respondent

[*2] documents fall within one of the three categories set out in City of Dania Beach v. FAA, 628 F.3d 581, 590 (D.C. Cir. 2010). See also Estate of Insinga v. Commissioner, 149 F.4th 709 (D.C. Cir. 2025). P did not do so.

Held, further, access to grand jury materials, even in camera, is governed by the protections of Fed. R. Crim. P. 6(e). The exception to such protection relevant to judicial proceedings found in Fed. R. Crim. P. 6(e)(3)(E)(i) would not have allowed for access to such materials by the WBO or this Court in evaluating P’s claim. P must demonstrate a particularized need for the Court to access grand jury materials, as detailed in United States v. Procter & Gamble Co., 356 U.S. 677 (1958). Such a showing has not been made in this whistleblower case. Given that the WBO could not have accessed the records and P has not shown a particularized need for this Court to access them, we will not exercise our discretion to perform in camera review of the grand jury materials in this whistleblower case.

Held, further, for this Court to take judicial notice in record rule cases, any proposed adjudicative facts intended to supplement the administrative record must satisfy the standards set out in City of Dania Beach, 628 F.3d at 590. P has not met that standard.

[*3] by the Whistleblower Office (WBO) of the Internal Revenue Service (IRS). Pending before the Court are Petitioner’s Motion to Supplement the Record, 2 Petitioner’s Motion for In Camera Review, and Petitioner’s First Amended Motion to Take Judicial Notice. In support of his Motion to Supplement the Record and Motion for In Camera Review, Mr. Berenblatt filed a Declaration of Scott Watnik, a Declaration of T. Scott Tufts, and a Declaration of Jeremy Berenblatt. The Commissioner filed Responses to all three of Mr. Berenblatt’s Motions.

Background

We recount below pertinent aspects of the factual background discussed in our prior opinion, Berenblatt v. Commissioner, 160 T.C. 534 (2023), and include some additional relevant details. They are stated solely for purposes of disposing of Mr. Berenblatt’s Motions and not as findings of fact.

Mr. Berenblatt worked as a trader starting in 1992, acquiring a specific expertise in foreign exchange. In 2000 he was approached to invest in “Foreign Exchange – digital options” (also referred to as short options strategies or SOS), an investment strategy marketed as a way to legally minimize taxes. Mr. Berenblatt initially funded an investment account. However, upon researching the product in greater detail, he concluded, on the basis of his experience as a trader, that the digital option strategy was not economically an “option” because the “payout would never materialize.” He therefore defunded his investment account.

In late 2007 Mr. Berenblatt was approached by agents in the IRS’s Criminal Investigation Division (CID) for an interview. In connection with ongoing grand jury proceedings, CID had subpoenaed records that identified Mr. Berenblatt as a potential investor in the digital option strategy shelter. At that time CID had already secured a $76 million fine from the law firm later identified by Mr. Berenblatt as a target taxpayer and a $456 million deferred-prosecution agreement from one of the lead banks later identified by Mr. Berenblatt as a target taxpayer. He was interviewed by CID Special Agents (SAs) Shawn Chandler and Christine Mazzella, along with Revenue Agent (RA) Arthur Mason of the IRS’s Examination Division. At his one and only interview, Mr. Berenblatt explained how the digital options, although

2 Petitioner’s Motion likewise requests that the Court complete the

Administrative Record, although the title of the Motion does not reflect this request.

[*4] seeming like high-risk, high-reward investments, would in reality never pay out because the bank intermediary “controlled the trade and its pricing.”

In 2015 Mr. Berenblatt submitted his Form 211, Application for Award for Original Information, claiming that, in his interview, he gave CID an in-depth explanation of how the digital option strategy worked, along with a litigation strategy previously not pursued by the IRS in digital option and related tax shelter prosecutions: the economic substance doctrine. Mr. Berenblatt identified the two target taxpayers noted above as well as others and asserted that, before his interview, the IRS’s litigation strategy had (unsuccessfully) centered around the step-transaction doctrine. After this interview, as the account goes, the IRS won a string of victories in court by adopting Mr. Berenblatt’s economic substance argument.

Mr. Berenblatt’s Form 211 was reviewed by Senior Tax Analyst Laura Meis (STA Meis) of the WBO. To corroborate Mr. Berenblatt’s narrative, STA Meis reached out to SA Chandler. Rather than authenticating Mr. Berenblatt’s story, SA Chandler’s response contravened it. SA Chandler noted that (1) by the time of Mr. Berenblatt’s interview, the digital option strategy investigation had already been ongoing for two years; (2) Mr. Berenblatt did not provide any documents for the investigation; (3) he was not ultimately called upon to testify at either of the two criminal trials involving the relevant digital option and related tax shelters; (4) over 100 potential witnesses had already been interviewed such that Mr. Berenblatt was not the first to provide pertinent information; and (5) at the time of the interview such information had already been analyzed from subpoenaed tax and financial records.

SA Chandler submitted a Form 11369, Confidential Evaluation Report on Claim for Award, to the WBO. SA Chandler checked the “No” box next to the following pertinent questions in item 11:

A. Did the Service use the information the whistleblower provided to develop specific document requests or other inquiries to the [allegedly noncompliant] taxpayer?

B. Did the Service use the information provided by the whistleblower to validate the completeness and accuracy of the taxpayer’s response to information requests?

[*5] C. Did the whistleblower provide additional information that would not have been obtained through general audit or investigative techniques?

....

G. Did the whistleblower provide technical or legal analysis of the taxpayer’s records or transactions that would not otherwise have been done by the Service?

SA Chandler also included the following narrative with that Form 11369:

The investigation of the [target] taxpayers was well under way by the time the Whistleblower met with, and provided information to, Internal Revenue Service–Criminal Investigation in or around November 2007. (See attached articles: one regarding the law firm of [Taxpayer F],[3] former employer of . . . [Taxpayer P] and [Taxpayer U], ordered to pay a $76 million fine to the IRS in March 2007 and the other article dated May 18, 2006, regarding [Taxpayer H’s] involvement relative to the tax shelter transactions discussed by the Whistleblower.) The whistleblower was one of hundreds of individuals identified as having had contact with the taxpayer(s) relative to the tax shelter transactions at issue in the investigation. The whistleblower did not provide any new information relative to the investigation. The whistleblower was not considered a viable potential witness in the investigation and did not testify during the two criminal trials in this matter. In addition, over 100 individuals had been interviewed in the investigation at the point in time the Whistleblower met with Internal Revenue Service–Criminal Investigation in or around November 2007 and a vast number of financial and tax related subpoenaed records had been analyzed as well.

As indicated in the narrative, SA Chandler attached to the Form 11369 two print articles from major news sources. These articles

3 Identifying information about the subjects of Mr. Berenblatt’s whistleblower

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Jeremy Berenblatt, (tax 2026).

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