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Statutory Interpretation Internal Revenue Service

Jones Day

U.S. Supreme Court Rules that Bankruptcy Code Provides Only Limited Abrogation of Sovereign Immunity to Avoidance Actions

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Bankruptcy trustees and chapter 11 debtors-in-possession ("DIPs") frequently seek to avoid fraudulent transfers and obligations under section 544(b) of the Bankruptcy Code and state fraudulent transfer or other applicable...more

Tarter Krinsky & Drogin LLP

The Supreme Court Limits A Trustee’s Rights To Recover Fraudulent Transfers Against The Internal Revenue Service

The Bankruptcy Code provides chapter 7 trustees with significant powers to liquidate and collect estate assets and pursue litigation claims, such as fraudulent transfer claims against third parties, all to increase the...more

Ballard Spahr LLP

Supreme Court: No Strong-Arming the Federal Government With State-Law Fraudulent Transfer Claims

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Recently, in the case United States v. Miller, the U.S. Supreme Court held that the sovereign immunity waiver provision in the Bankruptcy Code is jurisdictional only and does not waive the federal government’s sovereign...more

Cadwalader, Wickersham & Taft LLP

New York State Bar Association Tax Section Proposes Withdrawal of Proposed Spin-Off Regulations

On March 17, the Tax Section of the New York State Bar Association (the “Tax Section”) released a report on the proposed regulations on corporate spin-offs and reorganizations that were issued in January. As we discussed...more

Gerald Nowotny - Law Office of Gerald R....

Old Days – Memories of Equity Split Dollar in the Post-Loper Bright Era

This article focuses on the impact of the U.S. Supreme Court in Loper Bright Enterprises v. Raimondo, 603 U.S. (2024) and how it might apply to Split Dollar life insurance and possibly resurrect one of my favorite life...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

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

Holland & Knight LLP

What's Next for the Regulatory Landscape Post-Chevron?

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For nearly 40 years and in more than 18,000 judicial opinions, federal courts have used the Chevron doctrine to defer to an agency's reasonable interpretation of an ambiguous statute. On June 28, 2024, the U.S. Supreme Court...more

Davis Wright Tremaine LLP

How Does the Demise of Chevron Deference Affect Employee Benefit Plans and ERISA Regulatory Actions and Litigation?

Since 1984, citation to Chevron v. Natural Resources Defense Council ("Chevron") has meant that courts should defer to an agency's interpretations of an ambiguous statute—as long as the agency's interpretation is...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

Farrell Fritz, P.C.

What’s Next After the Supreme Court Ends Chevron Deference?

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On June 28, 2024, in Loper Bright Enterprises v. Raimondo, the U.S. Supreme Court overruled its decision from a 1984 case and eliminated the doctrine of “Chevron deference.” Under this doctrine, courts deferred to permissible...more

Fenwick & West LLP

Rawat Creates a Ripple in Statutory Interpretation Principles

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Recently, in Rawat v. Commissioner, the D.C. Circuit reversed the Tax Court decision and held that a foreign partner would not be subject to U.S. tax on selling an interest in a partnership with “hot assets” subject to §...more

Davies Ward Phillips & Vineberg LLP

U.S. Supreme Court Upends 40 Years of Judicial Deference to Regulations

In a historical opinion in Loper Bright Enterprises v. Raimondo, Secretary of Commerce, released at the end of June, the U.S. Supreme Court overturned the “Chevron” doctrine, which for so long had controlled judicial review...more

Cadwalader, Wickersham & Taft LLP

Supreme Court Overruling of Chevron Fuels Regulatory Uncertainty

On June 28, the U.S. Supreme Court sent shockwaves through the legal system by overturning one of the foundational precedents of American administrative law.  In Loper Bright Enterprises v. Raimondo, the Court, in a 6-3...more

Holland & Knight LLP

U.S. Supreme Court Rulings Affect Challenges to Tax Regulations

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Upon closing its October 2023 term, the U.S. Supreme Court issued two significant opinions – despite neither being a tax case – that will have broad consequences for taxpayers seeking to challenge tax regulations and other...more

McDermott Will & Emery

Supreme Court Overrules Chevron, Opening Door for New Tax Reg Challenges

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On June 28, 2024, the Supreme Court of the United States reshaped the federal tax landscape when it overturned the long-standing Chevron doctrine in Loper Bright Enterprises v. Raimondo, No. 22-451. The Chevron doctrine, a...more

Dinsmore & Shohl LLP

Future of IRS Authority in Question After Supreme Court Overturns Chevron Doctrine

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The Supreme Court has overturned the Chevron Doctrine--a four decade-old ruling that enabled Federal agencies, including the Internal Revenue Service (“IRS”), to interpret ambiguous laws passed by Congress, and to have such...more

Vinson & Elkins LLP

"A Massive Shock to the Legal System": Supreme Court Supermajority Significantly Curtails Administrative Agency Authority in Loper...

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In a landmark decision, the Supreme Court has overruled the Chevron doctrine, fundamentally altering the landscape of administrative law and significantly impacting federal tax administration. Six justices, with Chief Justice...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

Miller Canfield

Disregarding Administrative Tax Guidance Aided the IRS in Two Cases and the Taxpayer in a Third Case

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​​​​​​​Three courts - the Supreme Court, the Sixth Circuit, and the Tax Court - recently rejected administrative guidance in tax cases because the guidance was either wrong as applied, unnecessary, or inapplicable. The...more

Miller Canfield

Tax Court Decision in Little Sandy Coal Co. is Based on an Erroneous Statutory Interpretation and Should Be Reversed in the...

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The taxpayer in Little Sandy Coal Co. v. Commissioner, T.C. Memo 2021-15 (Feb. 11, 2021) has appealed an unfavorable United States Tax Court decision to the United States Court of Appeals for the Seventh Circuit. The decision...more

Venable LLP

Should Your Lawyer Be a Grammar Nerd?

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Sometimes, yes. At least that’s one takeaway from the argument in a recent U.S. Supreme Court case, Boechler, P.C. v. Commissioner of Internal Revenue. ...more

Holland & Knight LLP

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

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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?

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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

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