News & Analysis as of

Internal Revenue Code (IRC) Appeals Supreme Court of the United States

McDermott Will & Emery

FedEx Defeats Government’s Loper Bright Gambit

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On February 13, 2025, a Tennessee federal district court handed FedEx Corporation its second win in a refund action involving the application of foreign tax credits to what are known as “offset earnings.”[1] Offset earnings...more

Dorsey & Whitney LLP

The Supreme Court Update - January 13, 2025

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On January 10, 2025, the Supreme Court of the United States granted certiorari in three cases: Becerra v. Braidwood Management, Inc., No. 24-316: This case addresses the constitutionality of the U.S. Preventive Services...more

Proskauer Rose LLP

Wealth Management Update - January 2025

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The January 2025 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 5.2%, an increase from the December 2024 rate of 5.0%. The January applicable federal rate (“AFR”) for use with...more

Eversheds Sutherland (US) LLP

In Rawat, DC Circuit construes the Code and regulations without deference, providing an example of statutory and regulatory...

On July 23, 2024, the United States Court of Appeals for the District of Columbia Circuit (Court of Appeals) released a decision in Rawat v. Commissioner (available here). The case considers whether the portion of a non-US...more

ArentFox Schiff

The US Supreme Court to Rule on the TCJA Transition Tax: Is the Realization Requirement Soon to Be No Moore?

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On June 26, the US Supreme Court agreed to hear the appeal of Moore v. United States, a development that reverberated throughout the world of tax. The Moore case deals with the constitutionality of the transition tax under...more

McDermott Will & Emery

The Government Flexes Its Summons Muscles

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Two recent decisions confirmed the broad administrative summons authority of the Internal Revenue Service (IRS). In the first, the US Supreme Court resolved a circuit conflict regarding notice requirements for third-party IRS...more

McDermott Will & Emery

Supreme Court to Consider Whirlpool’s Petition for Certiorari in Significant Subpart F Case

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On August 10, 2022, a petition for writ of certiorari filed by Whirlpool Financial Corporation & Consolidated Subsidiaries and Whirlpool International Holdings S.a.r.l. & Consolidated Subsidiaries (collectively, Whirlpool)...more

McDermott Will & Emery

Supreme Court Grants Certiorari in One Tax Case, Denies it in Several Others

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Historically, the Supreme Court of the United States rarely grants petitions for certiorari in tax cases, and it appears this trend continues in the current term. On September 30, 2021, the Supreme Court granted the...more

McDermott Will & Emery

Ninth Circuit Holds Tax Form is Substance

The substance over form doctrine (and related step transaction and economic substance doctrines) are often invoked by courts to disallow tax consequences that seem too good to be true. Courts have struggled for years with how...more

McDermott Will & Emery

Supreme Court Tackles Tax-Related Cases

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The United States Supreme Court has picked up the pace this week, already issuing eight regular opinions and four opinions relating to orders as of today. We discuss the tax-related items here. In Rodriguez v. FDIC, the...more

Littler

Supreme Court Holds Stock Options Are Not Taxable under the RRTA

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On June 21, 2018, the Supreme Court held in Wisconsin Central Ltd. v. United States that railroad stock options are not taxable compensation under the Railroad Retirement Tax Act of 1937 (the “RRTA”). This ruling represents...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Wisconsin Central Ltd. v. United States

On June 21, 2018, the Supreme Court decided Wisconsin Central Ltd. v. United States, No. 17-530, holding that a railroad company’s employee stock options are not taxable “compensation” under the Railroad Retirement Tax Act...more

Dorsey & Whitney LLP

The Supreme Court - March 22, 2018

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The Supreme Court of the United States issued two decisions yesterday: Marinello v. United States, No. 16-1144: Petitioner Carlo Marinello was indicted in 2012 for violating criminal tax laws following investigations...more

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