Tax Civil Procedure International Trade

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D.C. Circuit Holds That Wholly Foreign Retrocessions Not Subject To U.S. Excise Tax

In late May, the United States Court of Appeals for the District of Columbia Circuit affirmed a grant of summary judgment to a reinsurer in a dispute with the IRS regarding the imposition of U.S. excise taxes on a wholly...more

Delinquent International Information Tax Returns May Extend the Statute of Limitations on Your Entire Federal Tax Return

More and more, U.S. taxpayers are becoming aware of their federal tax reporting obligation for foreign financial accounts, interests and assets. With increased IRS enforcement, broader media coverage of international tax...more

Validus Affirmed for All the Right Reasons – The FET Does Not Apply to Wholly Foreign Reinsurance Transactions

On May 26, the U.S. Court of Appeals for the District of Columbia affirmed the result of the U.S. District Court for the District of Columbia in Validus Reinsurance, Ltd. v. U.S., 19 F. Supp. 3d 225 (2014), which was the...more

Wholly foreign retrocession premiums not subject to US excise tax

The United States Court of Appeals for the District of Columbia has affirmed a lower court’s grant of summary judgment in Validus Reinsurance, Ltd. v. United States, in favor of the taxpayer, though on narrower grounds than...more

Locke Lord QuickStudy: Validus Court of Appeals Decision - Wholly-Foreign Retrocessions Not Subject to Federal Excise Tax

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a District Court decision and ruled that the Internal Revenue Service could not impose excise tax on certain wholly-foreign retrocessions...more

Validus Wins Round Two: Wholly-Foreign Retrocessions Not Subject to Federal Excise Tax

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a lower court decision and ruled that the IRS could not impose excise tax on certain wholly-foreign retrocessions of insurance. The...more

BVI and Cayman removed from Italy’s tax blacklist

On 1 April 2015 the British Virgin Islands (BVI), Cayman Islands and 19 other jurisdictions were removed from Italy’s blacklist of jurisdictions. As a result it will now be easier for Italian individuals and companies to...more

State and Local Taxation: Headline News and Trends - April 2015

In This Issue: Megatrends and Developments, Business Activity Taxes, Transaction Taxes, Other Issues... ...more

Skechers, Cost Sharing Arrangements, and Canadian Customs Appraisal

In the first three months of 2015, importers have witnessed major Canadian customs valuation law and policy changes. On January 19, 2015, the Canada Border Services Agency (CBSA) issued Customs Notice 15-001, “Treatment of...more

Warning, Offshore Accounts Holders May Have No Fifth Amendment Protections

In what is becoming an increasingly used attack vehicle, the Department of Justice (DoJ) is using the "required records doctrine" to compel taxpayer's to produce what may be incriminating evidence of ownership or control of...more

"Appeals Court Reverses IRS-Favorable Tax Court Decision in BMC Software"

On March 13, 2015, the U.S. Court of Appeals for the Fifth Circuit unanimously reversed a U.S. Tax Court decision, finding that an account receivable created to implement a transfer pricing adjustment did not constitute...more

Is a Distribution of Previously Taxed Income “Exempt from Tax”?

A U.S. shareholder of a controlled foreign corporation (CFC) is required to include in its gross income its pro rata share of the CFC’s subpart F income and/or the amount determined under Section 956 with respect to such...more

French Social Taxes: Taxpayers Subject to Social Security Contributions in Another EU Member State Could Claim a Refund

EU resident individual taxpayers who have paid French social taxes (contribution sociale généralisée (CSG), contribution au remboursement de la dette sociale (CRDS) and prélèvements sociaux) on France-originating real estate...more

Second Circuit to address case of first impression by Plaintiffs against U.S. charities supporting violent fringe settler groups...

In a case of first impression, on April 15, 2015, the United States Court of Appeals for the Second Circuit will hear the case of Ahmad v Foundation for International Research and Education, DBA Christian Friends of Israeli...more

ExxonMobil Decision by ICSID: A win for ExxonMobil or Venezuela?

On 9 October 2014, an International Centre for Settlement of Investment Disputes (ICSID) tribunal comprised of H. E. Judge Gilbert Guillaume (President), Professor Gabrielle Kaufmann-Kohler and Dr. Ahmed Sadek El-Kosheri...more

Seventh Circuit to Motorola: No Rehearing En Banc

On December 1, 2014, we wrote about the Seventh Circuit’s decision in Motorola Mobility LLC v. AU Optronics Corp., which affirmed dismissal of the vast majority of Motorola’s claims regarding LCD panels....more

Delaware Supreme Court Endorses Change of Control Subject Only to a Post-Signing Passive “Market Check” and Overturns Chancery...

On December 19, the Delaware Supreme Court overturned a Delaware Chancery Court decision that imposed a mandatory obligation on a target company to solicit alternative transactions for 30 days despite a prohibition against...more

FCA Dismisses Lord Black’s Tax Appeal

Earlier this year, in Black v. HMQ (2014 TCC 12), Lord Conrad Black unsuccessfully argued in the Tax Court of Canada that, due to his U.K. residency status, he should not be subject to Canadian tax on certain income and...more

CAFC’s Decision in Victoria’s Secret Case Could Impact Tariff Classification of “Other Garments”

The Court of Appeals for the Federal Circuit (CAFC) recently affirmed the Court of International Trade’s (CIT) decision classifying shelf bra camisoles under subheading 6114.20.00 of the Harmonized Tariff Schedule of the...more

Federal Tax Lien Did Not Survive Death of Joint Tenant

Two individuals (Cunning and Wren) acquired real property in the U.S. Virgin Islands as joint tenants with rights of survivorship (JTWROS) in 2005. In 2010 the IRS filed a federal tax lien against Cunning in the U.S. Virgin...more

Court Weighs in on Deadline for Filing FTC Refund Claims

On September 19, 2014, the U.S. Court of Federal Claims issued its opinion in Albemarle Corp. v. United States, No. 12-184T, holding that it lacked jurisdiction over the taxpayer’s claim for refunds based on foreign tax...more

IRS Denies Treaty Benefits Despite Lack of Treaty Shopping

In Starr International Company, Inc., v. United States, the taxpayer (“Starr International Company, Inc.” or “SICO”) filed a complaint in the United States District Court for the District of Columbia seeking a tax refund from...more

September 2014: International Arbitration Update

Avoiding Litigation in the Host State’s Courts in Investor-State Disputes After the Urbaser and Teinver Decisions. Previously, foreign investors whose investments have been damaged by governmental measures of the host...more

Judicial Review Application Preserved in Transfer Pricing Penalty Case

A recent Federal Court of Appeal (FCA) case illustrates how contentious transfer pricing disputes can be – even one a taxpayer believed had been resolved! It also represents a rare situation in which the taxpayer’s...more

High Net Worth Family Tax Report, Vol. 9, No. 2

What You Need to Know About Corporate Inversions - It seems like every day brings news of another possible corporate inversion transaction. The news reports usually describe these transactions as another United States...more

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