The Australian Full Federal Court has ruled that benefits of non-taxation as per the tax treaty between Australia and the U.S. do not apply for a Cayman limited liability partnership (LLP), although the partners are U.S. residents. Under a previous a single judge Federal Court decision, it was held that the disposal of shares of an Australian company is not subject to taxation in Australia because the gains should be assessed to the U.S. partners of the LLP, and eligible for treaty benefits. However, the Full Federal Court has ruled that tax treaty does not apply to the LLP, because...