News & Analysis as of

Inventory Property Sales

Fox Rothschild LLP

Partnership Interest Sale Inventory Gain is Not U.S. Source Income

Fox Rothschild LLP on

On July 23, 2024, the U.S. Court of Appeals for the D.C. Circuit reversed the U.S. Tax Court in holding that inventory gain recognized by a nonresident alien individual partner on the sale of her interest in a U.S....more

Bracewell LLP

Straight from the Source: Proposed Regulations Seek to Implement TCJA Changes to Source of Income Rules, Altering Treatment for...

Bracewell LLP on

The source of income is a critical component of U.S. tax rules for both U.S. taxpayers operating internationally (namely, with respect to foreign tax credit planning) and foreign persons with investment or other activity in...more

Gray Reed

Closing up Shop: Your Company and You

Gray Reed on

Seeing the bottom line awash with red ink yet again, Susie Sears reluctantly decided to shut down her family owned Widgets-R-Us. ...more

Faegre Drinker Biddle & Reath LLP

Department Of Revenue Barks Up The Wrong Tree (Again): Indiana Tax Court Allows Claim For Compensatory Damages To Proceed

In its final ruling of 2014, the Indiana Tax Court held that the Department of Revenue could not wrongly confiscate a taxpayer’s inventory, sell the inventory for pennies on the dollar, and avoid a refund by arguing the Court...more

Allen Matkins

Liability For Stolen Goods: A Four Thousand Year Old And Still Unsolved Problem

Allen Matkins on

Suppose a businessman purchases inventory from a warehouse and then resells it. Suddenly, the owner of the goods appears and seeks compensation for her goods on the basis that the warehouse had converted the goods. The...more

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