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