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Tax Information Exchange Litigation in Offshore Jurisdictions

There have been a number of decisions published recently by the courts in various international financial centres such as Bermuda, the Cayman Islands, Jersey and Singapore, that have considered the meaning and effect of...more

After Boardwalk: The IRS Issues Safe Harbor Guidance for Historic Tax Credit Transactions

Immediately upon its publication, The United States Court of Appeals for the Third Circuit’s decision in Historic Boardwalk Hall, LLC v. Commissioner, 694 F.3d 425 (3d Cir. 2012), cert. denied, 133 S. Ct. 2734 (2013) put...more

Choice of Forum in Federal Excise Tax Refund Cases

To challenge an administrative determination and assessment of federal excise tax, taxpayers in refund cases have a choice of two different federal courts to bring an action: the U.S. federal district court and the U.S....more

Pennsylvania Tax Developments - A Reed Smith Quarterly Update (February 24, 2014)

This is a brief update on recent Pennsylvania tax developments. It is intended to provide an overview of issues and cases to watch, as well as administrative and legislative developments....more

Tax Litigation Update: Eleventh Circuit Reverses Tax Court in Virgin Islands EDP Residency Cases

We have written extensively about the United States Virgin Islands Economic Development Program (EDP) and the litigation it has spawned between and among the IRS, the Virgin Islands Bureau of Internal Revenue (VIBIR), and the...more

PA Tax Law News - February 2014: PA Issues On Appeal - Sales and Use Tax (Part 2)

In our last issue of PA Tax Law News, we published the first part of a list of Sales and Use Tax issues recently raised in tax appeals filed with the Commonwealth Court. This list is intended to help readers identify issues...more

Spotlight on Mississippi: Supreme Court Rules on Combined Group Member Tax Credits

The Mississippi Supreme Court has ruled against the Mississippi Department of Revenue (Department) in its appeal of a 2012 decision by the Harrison County Chancery Court in favor of Isle of Capri Casinos, Inc. (Isle of...more

No U.S. Excise Taxes On Foreign Retrocessions

Foreign retrocession insurance transactions are beyond the reach of IRS excise taxes based on the plain language of 26 U.S.C. § 4371(3), which aims to tax insurance transactions involving policies issued by foreign insurers...more

Court Continues A Fairly Busy Term

Perhaps coincidence, perhaps not, but on "Cyber Monday" the U.S. Supreme Court refused to "click yes" to consider two cases contesting the constitutionality of click-through-nexus when, as discussed further below, it denied...more

Supreme Court Rules on Rectification Remedy Under Québec Civil Law in the Tax Context

The question whether rectification of contracts is a remedy available to parties under the Québec Civil Code (CCQ), previously unsettled in Québec civil law, was answered in the affirmative by the Supreme Court of Canada in...more

District court finds that insurance premium excise tax does not apply to retrocession transactions

On February 5, 2014, the US District Court for the District of Columbia held that the federal excise tax ("the FET") on insurance and reinsurance premiums does not apply to retrocession insurance transactions. Under a plain...more

California Tax Developments - A Reed Smith Quarterly Update (4th Quarter 2013)

Happy 2014! The start of the New Year invites a look back on highlights from the past year. In case you missed it, here’s a recap of what happened in the great Golden State during the last quarter of 2013....more

Victory for the Taxpayer in Validus: District Court Holds that Federal Excise Tax Does Not Apply to Retrocessions

On February 5, the U.S. District Court for the District of Columbia issued its opinion in Validus Reinsurance, Ltd. v. United States, which is the first case to involve a challenge to the IRS’s position on the “cascading”...more

Warning: Illinois Courts Will Not Abide By Sales Tax Audit Results

In rulings in two of the more than 200 recent Illinois False Claims Act ("FCA") cases, the Circuit Court of Cook County (i) denied a motion by the retailer/defendant seeking a dismissal of the complaint and (ii) granted the...more

New BVI Arbitration Act now in force

On 17 December 2013 the British Virgin Islands House of Assembly had the third and final reading of the new Arbitration Act 2013, which came into force on 23 January 2014. The new Arbitration Act was part of the work...more

Tax Litigation Update: Second Circuit Tweaks its Standard of Review in Tax Cases Involving Mixed Questions of Law and Fact;...

On November 14, 2013, the United States Court of Appeals for the Second Circuit clarified the standard of review for mixed questions of law and fact in a case on review from the Tax Court. The case, Diebold Foundation, Inc....more

State + Local Tax Insights -- Winter 2014

In This Issue: Ringing in the New Year: Issues from 2013 That Will Likely Impact 2014; Upcoming Speaking Engagements; Defending Against Penalties; and Dueling “Doing Business” Interstate-Commerce Exemptions:...more

New Jersey Throwout: Tax Court Amplifies Its No Dual Nexus Decision

The New Jersey Tax Court issued a written amplification of its bench decision in Lorillard Licensing Company LLC’s appeal that the Division of Taxation may not apply dual nexus standards for Throwout purposes. In...more

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending January 3, 2014

I. FLORIDA STATE CASES – SARA WITMEYER - - Discovery: guarantors who moved to set aside stipulation to deficiency judgment not entitled to depose corporate representatives of foreclosing plaintiff and assignee of final...more

"Supreme Court Rules on Partnership Tax Shelter Penalties"

In United States v. Woods,1 the U.S. Supreme Court ruled unanimously for the government on two long-brewing disagreements over penalty jurisdiction in the partnership context and over the breadth of valuation misstatement...more

MoFo New York Tax Insights - Volume 5, Issue 1 - January 2014

In This Issue: The Top 10 New York Tax Highlights of 2013; New York City Permitted to Collect Hotel Tax Prior to Explicit Statutory Authority; Appellate Division Reinstates Tax Exemption for Public Parking Facilities;...more

The McKesson Case – A Holiday Gift From Justice Boyle Of The Tax Court Of Canada: Ask And You Shall Receive(able) – Canada’s...

On Friday, December 20th, the Tax Court of Canada released the long-awaited and lengthy decision of Justice Patrick Boyle in McKesson Canada Corporation v. The Queen, a case involving transfer pricing adjustments under...more

Oregon Supreme Court Decides Sales Factor Case

On December 12, 2013, the Oregon Supreme Court issued its decision in Tektronix, Inc. v. Oregon Dep’t. of Revenue. The court held that the taxpayer’s receipts from the sale of goodwill, making up a part of the sale of a...more

The Supreme Court Downplays the Blue Book’s Interpretative Value

On December 3, 2013, the Supreme Court of the United States dismissed the applicability of the Blue Book, a commentary of recently passed tax laws prepared by the Joint Committee on Taxation, as little more than a law review...more

U.S. Supreme Court Denies Certiorari to Review New York’s Click-Through Nexus Law

The U.S. Supreme Court has declined to consider the constitutionality of New York’s “Amazon” click-through sales tax nexus law, leaving it in effect and emboldening other states’ similar efforts. Unless federal legislation...more

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