News & Analysis as of

Statutory Interpretation Income Taxes

Akerman LLP - SALT Insights

What’s Next for the Evolution of Public Law 86-272?

For over 65 years, Public Law 86-272 has dictated a state’s ability to assert income tax on an out-of-state business. While the 1959 federal law predated the emergence of e-commerce and digital services and could not have...more

Cadwalader, Wickersham & Taft LLP

YA Global Brings its Fight to the Appellate Level

On April 28, YA Global Investments, LP (“YA Global”) filed an appeal in the 3rd Circuit, contesting the Tax Court’s decision in YA Global Investments, LP v. Commissioner. In YA Global Investments, the court found that YA...more

Morgan Lewis

Federal Fiscal Court on Trade Tax for Commercially Infected Upper-Tier Partnerships - Legal Insights Germany

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The German Federal Fiscal Court (BFH) confirmed its case law according to which the commercial infection of an upper-tier partnership pursuant to Section 15 para. 3 no. 1 sentence 1 alt. 2 German Income Tax Code...more

Kilpatrick

4 Key Takeaways | The Top 10 Sales and Tax and Income Tax Cases

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Kilpatrick’s David Hughes recently participated in a panel titled - “The Top 10 Sales Tax and Income Tax Cases” - at the Council on State Taxation (COST) Annual Spring Meeting in New Orleans. David and his fellow thought...more

Akerman LLP - SALT Insights

It’s None of My Business! Arkansas Court Rules on Business v. Non-Business Income Distinction

Income received by a multistate business is either “business income” or “non-business income.” Although this labeling appears innocuous, the distinction between these two categories of income matters greatly to taxpayers and...more

Holland & Knight LLP

Final Regulations Issued on Penalty Supervisory Approval

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More than 25 years ago, Congress enacted Internal Revenue Code Section 6751(b) to protect taxpayers from the IRS using penalties as a bargaining chip in an effort to coerce taxpayers to settle. Generally, Section 6751(b)...more

DLA Piper

REIT Tax News - November 2024

DLA Piper on

Welcome to the November 2024 issue of REIT Tax News. Below, we summarize five key developments impacting REITs this past year....more

Miller Canfield

Can Legislative History Restore a Repealed IRC Provision?

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Altria Group, Inc. v. United States, a federal income tax case pending in federal district court in Virginia, shows the importance of laying groundwork for litigation long before a complaint is filed. At issue is a difficult...more

Cadwalader, Wickersham & Taft LLP

Supreme Court Hands Taxpayers a Victory in FBAR Penalty Case

Taxpayers recently won a significant victory at the Supreme Court in a penalty case involving a non-willful failure to file a Report of Foreign Bank and Financial Accounts (“FBAR”) under the Bank Secrecy Act (the “BSA”)....more

Freeman Law

Tax Court in Brief | Thomas v. Comm’r | Interpretation of Section 6015(e)(7)(B): “Newly Discovered or Previously Unavailable...

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Summary: This is a case of first impression concerning the meaning of “newly discovered or previously unavailable evidence” as contemplated by I.R.C. § 6015(e)(7)(B): “Any review of a determination made under this section...more

Holland & Knight LLP

Same Statute, Same Form, Different Penalties: Welcome to FBAR Litigation

Holland & Knight LLP on

The "Report of Foreign Bank and Financial Accounts" (FBAR) penalty has been the subject of much litigation. This Holland & Knight alert focuses on the non-willfulness element of 31 U.S.C. § 5321(a)(5)(B). Both the U.S. Court...more

Freeman Law

Will a U.S. Tax Treaty Apply to a U.S. State’s-Imposed Tax?

Freeman Law on

Two countries form a treaty under the general principles of contract law. A fundamental aspect of contract law requires a meeting of the minds – a shared understanding of the agreed terms. Accordingly, unless expressly...more

Sullivan & Worcester

The Most Draconian Tax Rule in the World

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In today's blog, we look at the most draconian tax rule in the world and examine whether the rule is valid. In addition, we examine a recent United States Tax Court case where the court upheld this draconian rule against a UK...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Ground Source Heat Pump/Solar Energy System Equipment: New York Appellate Court Addresses Applicability of Tax Credit

The New York Supreme Court (Appellate Division) (“Court”) addressed in a January 9th decision the applicability of the New York Solar Energy System Equipment Tax Credit (“Tax Credit”) to a ground source heat pump system...more

Bennett Jones LLP

Alberta Court of Appeal Clarifies Super-Priority of CCAA Charges

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In most restructuring proceedings, money is needed to fund the professionals and the management team retained to preserve value in the insolvent company. This money must often be borrowed, and is typically secured by...more

McDermott Will & Emery

Weekly IRS Roundup August 12 – 16, 2019

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 12 – 16, 2019. August 12, 2019: The IRS issued a news release announcing that John...more

McDermott Will & Emery

Second Circuit Weighs in on Tax Court’s Refund Jurisdiction

McDermott Will & Emery on

Borenstein v. Commissioner is an interesting opinion involving the intersection of canons of statutory construction and jurisdiction. Recently, the US Court of Appeals for the Second Circuit reversed the US Tax Court’s...more

McDermott Will & Emery

Courts Continue Literal Interpretation of Subpart F Rules on Income Inclusion

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Consistent with prior judicial precedent, the U.S. Court of Appeals for the Fifth Circuit recently applied a literal interpretation of the Subpart F inclusion rules based on the plain meaning of Sections 951 and 956....more

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