News & Analysis as of

Tax Court

US: Amazon wins tax dispute over cross-border IP transfer, but favorable tax treatment may no longer be available

by Hogan Lovells on

Earlier this year in Amazon v. Commissioner, 148 T.C. No. 8 (March 23, 2017), the U.S. Tax Court issued a 207-page decision largely upholding Amazon’s tax treatment of an intellectual property transfer in 2005 and 2006 from...more

Tax court finds self-employment tax for active LLC member

by Thompson Coburn LLP on

Self-employment (SE) tax is one of the driving forces when a tax advisor recommends what type of entity to use for one’s business. My previous post, “Tax court finds no self-employment tax for passive LLC member,” described...more

Taxpayer Tips: Best Practices for U. S. Tax Court

Taxpayers contesting IRS assessments of additional taxes, penalties and interest have a number of different options to contest and appeal those assessments. One of those options includes bringing a case to the United States...more

Tax Court Rules that Extensions of Variable Prepaid Forward Contracts Do Not Result in Taxable Exchanges

by Proskauer - Tax Talks on

Last week, in McKelvey v. Commissioner¸ the U.S. Tax Court held that the extension of a typical variable prepaid forward contract (“VPFC”) did not give rise to a taxable exchange to the obligor because a VPFC is solely an...more

Tax Court Déjà Vu – IRS Tried, and Failed, to Overturn Veritas

by Alston & Bird on

In a recent decision (Amazon Inc. v. Commissioner, March 23, 2017), the Tax Court handed the IRS an unsurprising loss when it attempted to relitigate many of the same issues it unsuccessfully raised before the Tax Court in...more

Recent Tax Court Cases Serve As Reminder Of Tax Risks Of Shareholder Guarantees Of Loans To S Corporations

by Dickinson Wright on

Two recent Tax Court cases are reminders that shareholder guarantees of loans to an S corporation do not generally create basis that can be used by the shareholder to deduct losses. Under Internal Revenue Code...more

[Webinar] Landmark Tax Court Self-Employment Tax Decision; Post-Mortem Planning for Business Owners; Reimbursing Deemed Owner of...

by Thompson Coburn LLP on

This free webinar will orally discuss my 1st Quarter 2017 newsletter, including: - For the first time ever, the Tax Court ruled that a member of a limited liability company was not subject to self-employment tax. We...more

No Routine Access by CRA to Tax Working Papers Rules the Federal Court of Appeal

by Bennett Jones LLP on

The Federal Court of Appeal has limited the Canada Revenue Agency's (CRA) access to tax accrual working papers that reveal a taxpayer's uncertain tax positions. This case is an important one for every company that has audited...more

Amazon v. Commissioner: IRS Cost Sharing Buy-In Challenge Rejected Again

by Jones Day on

On March 23, 2017, the U.S. Tax Court issued its long-awaited opinion in a transfer pricing dispute involving Amazon's cost sharing arrangement ("CSA") with its Luxembourg subsidiary... ...more

A “Thriller” in Tax Court: The Estate of Michael Jackson and IRS Dispute Valuation of Pop Star’s Image

by Bowditch & Dewey on

How much were the late King of Pop’s name and image worth when he died? His estate put the figure at $2,105 but the IRS believes the value is at least $434 million. That’s a huge discrepancy and with penalties and interest...more

Fun with Roth IRAs: New Sixth Circuit Decision Blesses Aggressive Tax Planning

by Foley & Lardner LLP on

A recent decision by the Federal Sixth Circuit Court of Appeals expands the potential for Roth IRAs to be used to protect income from corporate and shareholder level tax....more

If Only the Agreement Adequately Addressed the Tax Issue

by Bryan Cave on

Ozimkoski v. Commissioner, T.C. Memo. 2016-228 (December 19, 2016) - Mrs. Ozimkoski (Suzanne) represented herself in this Tax Court case. She may also have represented herself in the final days of settling the...more

Tax Court Holds IRC Charitable Contribution Subsection is not Self-Executing in the Absence of Regs

by Blank Rome LLP on

On December 22, 2016, the United States Tax Court (the “Court”) issued 15 West 17th Street LLC v. Commissioner, 147 T.C. No. 19 (2016) and addressed, a question related to the statutory construction of section 170(f)(8),...more

File Federal Change with New Jersey? Apportionment Factor Must Also be Changed—Even if Statute of Limitations Otherwise Closed

by Reed Smith on

On February 22, 2017, the Tax Court issued its decision in General Foods Credit Investors # 3 Corporation v. Director. The primary issue involved whether certain sale-leaseback assets belonged in the taxpayer’s property...more

"Recent Court of Appeals Decision Provides Hope for Taxpayers Fighting for Congressionally Sanctioned Tax Benefits"

For the second time in just over a year, the U.S. Court of Appeals for the Sixth Circuit reversed the United States Tax Court and affirmed the right of a taxpayer to structure its affairs in a manner that takes into account...more

Tax Court Puts Brakes on Recent Trend Limiting Religious/Non-Profit Exemptions

by Cole Schotz on

In a recent tax court case, Holy Trinity Baptist Church v. City of Trenton (Docket No. 015909-2014, February 2, 2017), the court overturned the findings of the County Board of Taxation and upheld the tax exemption for...more

Michael Jackson Estate Tax Case Moving Forward

by Charles (Chuck) Rubin on

Most estate tax practitioners will tell you estate tax it is all about valuation when assets are other than cash and marketable securities. The estate tax case of the Michael Jackson estate is an ideal demonstration. Tax...more

Failure to file an objection timeously

by Hogan Lovells on

Any taxpayer who is aggrieved by an assessment raised by South African Revenue Service (SARS) has a right to lodge an objection in terms of section 104(3) of the Tax Administration Act 28 of 2011 (the TAA) read with the Rules...more

IRA Owner Taxed on Distribution, Even Though Funds Were Improperly Rolled into IRA

by Charles (Chuck) Rubin on

A deceased husband's IRA was incorrectly rolled over into an IRA of his widow, instead of being paid to his estate. The widow then distributed funds from the IRA to her stepson....more

30% Penalty Is Not an Excessive Fine

by Charles (Chuck) Rubin on

So says the Tax Court in the recent decision involving the 30% penalty imposed under Code §6662A(c). The penalty can be imposed if a taxpayer fails to adequately disclose a reportable transaction giving rise to an...more

Real Property Tax Alert - October 2016

by Farrell Fritz, P.C. on

Nassau County Class 4 Commercial Property – Disputed Assessment Fund (“DAF”) Started with October 2016 School Bill - All Class 4 commercial properties have been impacted by the increase in the school tax rate...more

Property Tax & Valuation Topics - Winter 2017

by Pullman & Comley, LLC on

On September 30, 2016, the Connecticut Supreme Court heard oral argument in Nutmeg Housing Development Corp. v. Colchester. On the face of it, the ad valorem valuation of a garden variety property in the suburbanizing Town...more

Ole Miss Substantially Prevails in Tax Court Case over Taxability of Coach Appearances

by Butler Snow LLP on

Tax exempt organizations must report and pay tax on their “unrelated business income.” Butler Snow recently represented The University of Mississippi (“UM”) in a federal income tax dispute in the United States Tax Court...more

Children, Taxes, and Divorce

In many family law settlements, whether they are obtained voluntarily through an agreement or the result of litigation ending in a court order, certain provisions are made for minor children, including the support of the...more

Online Travel Company Did Not Owe Indiana Sales And Innkeeper’s Taxes For Facilitating Rental Of Hotel Rooms

by Faegre Baker Daniels on

In Orbitz LLC v. Indiana Department of State Revenue (Dec. 20, 206), the Indiana Tax Court characterized the key issue as “whether the Department erred in issuing sales and innkeeper’s tax assessments against Orbitz based on...more

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