Tax Court

News & Analysis as of

School Buses Exempted from Property Tax

While children sing the “Wheels on the Bus Go Round and Round” as they head to school, it is highly doubtful that they ponder who has to pay the taxes for those wheels. Yet, this very question arose recently in the New...more

Altera: Tax Court Invalidates Section 482 Regulation on Administrative Law Grounds

In Altera, the U.S. Tax Court invalidated regulations under Section 482 requiring participants in qualified cost-sharing agreements to include stock-based compensation costs in the cost pool to comply with the arm’s-length...more

International Tax Alert (US): Tax Court Invalidates Cost Sharing Regulation on Stock-Based Compensation. Now What?

The Tax Court in Altera Corp. v. Commissioner, 145 T.C. No. 3 (2015) has determined that Treas. Reg. §1.482-7(d)(2) requiring related taxpayers to share stock-based compensation (SBC) in a cost sharing arrangement (CSA) is...more

MoFo New York Tax Insights - Volume 6, Issue 8 - August 2015

Court Of Appeals Affirms Revocation Of Tax Exemption For Public Parking Facilities - Reversing a decision by the Appellate Division, the Court of Appeals has held in a 5-2 decision that a charitable organization is not...more

High Net Worth Family Tax Report, Vol. 10, No. 2

Borrowing Against Art Collections - Your art collection may not be as illiquid as you think. It is possible to raise cash by borrowing against works of art. Although some banks do not offer art-secured loans because of...more

The Advantages of Independent State Tax Tribunals

The following is an edited transcript of a discussion at a May 8 meeting of the American Bar Association Section of Taxation’s State and Local Taxes Committee in Washington. Bruce Ely, a partner at Bradley Arant Boult...more

Tax Court: Stock based Compensation Costs Need not be Included in International Cost-Sharing Arrangements

The Stunning Altera Case - Employee stock options are an important part of compensation—both as income to the executives and as a deduction for the employer. But when stock options are used by multinational companies,...more

MoFo Tax Talk - Volume 8, Issue 2

IRS Releases Notices Designating Certain “Basket Contracts” As Listed Transactions And Others As Reportable Transactions Of Interest - On Wednesday, July 8, the IRS released two notices addressing “basket contracts,”...more

Make net gifts to reduce your gift tax rate

Lifetime giving is a smart strategy to reduce a taxable estate, but the gift tax rate of 40% is steep. If one has used up his or her $5.43 million gift and estate tax exemption and would like to potentially reduce his or her...more

Whose Intent to Evade Tax Is It?

On July 29, 2015, the Federal Circuit, rejecting the Tax Court’s decision in Allen v. Commissioner, 128 T.C. 37 (2007), held in BASR Partnership v. United States, No. 2014-5037, that section 6501(c)’s suspension of the...more

"Tax Court Invalidates Stock-Based Compensation Amendment in Altera"

On July 27, 2015, the U.S. Tax Court, in Altera Corp. and Subsidiaries v. Commissioner, 145 T.C. No. 3, invalidated a 2003 amendment to Treas. Reg. §1.482-7(d)(2) (2003 Amendment) that required controlled participants in a...more

Wealth Management Update - August 2015

August Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The August § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

New Jersey Tax Court Eliminates Non-Profit Hospital’s Property Tax Exemption

On June 25, 2015, a New Jersey Tax Court issued a significant opinion in the case of AHS Hospital Corp. d/b/a Morristown Memorial Hospital v. Town of Morristown, upholding the Town of Morristown’s denial of Morristown...more

Tax Court Overturns Important Transfer Pricing Regulations

On July 27, 2015, the U.S. Tax Court issued a stunning rebuke to the IRS by invalidating the part of the Internal Revenue Services’ (IRS) cost-sharing regulations under code section 482 that says taxpayers have to take into...more

SCC to Decide Tax Advisor Penalty Case on July 31

What is the nature of the third-party penalty in section 163.2 of the Income Tax Act? That question will be answered by the Supreme Court of Canada when it decides the case of Guindon v. The Queen (Docket No. 35519) on Friday...more

Tax Court Voids Portion of Code Section 482 Cost Sharing Regulations

There are tax advantages for U.S. taxpayers to jointly develop intangible personal property with related non-U.S. entities. Treasury Regulations provide detailed guidance on what costs must be shared between the...more

Morristown Memorial Hospital: A Tax Exemption Ruling All Nonprofit Hospitals Need to Know About

A recent New Jersey Tax Court decision has nonprofit entities on edge. The decision may offer tax authorities the opportunity to pursue payments from nonprofit hospitals and may result in the redefining of tax exemptions by...more

Tax Court Refuses To Reweigh The Evidence, Affirming The Indiana Board Of Tax Review’s Final Determinations Of Land Value For A...

In a pair of related decisions issued July 2, 2015, the Indiana Tax Court once again emphasized that it will not reweigh the evidence on appeal from the final determinations of the Indiana Board of Tax Review....more

New Developments in Estate and Gift Tax Valuation Cases

A number of recent cases highlight particular issues in valuation of assets for purposes of the estate and gift tax. On July 6, 2015, the Internal Revenue Service settled Estate of Davidson v. Commissioner, T.C. Docket No....more

Tax Court Continues “New Approach” to Cost Awards

The Tax Court’s approach to cost awards has evolved significantly in recent years. The Court’s interpretation and application of the factors under subsection 147(3) and the new settlement offer rules in subsections 147(3.1)...more

Living at the Casino Does Not Make You a Professional Gambler

Professional gamblers can offset their losses from gambling against their gambling winnings. They can also deduct their other gambling expenses. Non-professionals (those not engaged in the trade or business of gambling) are...more

Commission Payments to IC-DISC Recharacterized as Non-Deductible Dividends

In Summa Holdings, Inc. v. Commissioner, T.C. Memo 2015-119, the Tax Court recharacterized an exporter’s deductible commission payments made to an IC-DISC as non-deductible dividend payments to the exporter’s shareholders...more

Tax Court Finds that Non-Profit Hospital Does not Qualify for Property Tax Exemption

In a June 25, 2015 opinion in AHS Hospital Corp. v. Town of Morristown, Judge Bianco of the New Jersey Tax Court ruled, as a matter of first impression, that the Morristown Medical Center ("MMC"), a non-profit hospital, does...more

A Review of Recent Whistleblower Developments

SEC Awards Another Whistleblowing Compliance Officer - On April 22, 2015, the Securities and Exchange Commission (SEC) announced an award between $1.4 and $1.6 million to a compliance officer who provided information...more

New Judges Appointed to the Tax Court of Canada and the Federal Court of Appeal

The Honourable Peter MacKay, P.C., Q.C., M.P. for Central Nova, Minister of Justice and Attorney General of Canada, today announced the following appointment: The Honourable Guy R. Smith, a sole practitioner in Ottawa,...more

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