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Tax Court

McDermott Will & Emery

IRS (Belatedly) Strikes Back Against FedEx in Ongoing Foreign Tax Credit Case

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FedEx Corporation, previously the victor in a closely watched dispute regarding the government’s regulatory attempt to prevent taxpayers from claiming foreign tax credits on offset earnings (131 AFTR 2d 2023-1284 (W.D. Tenn....more

McDermott Will & Emery

Microsoft Scores Massive Win in California, Opens the Door for Others Nationwide

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The Office of Tax Appeals (OTA) handed Microsoft an enormous win in its controversy with the California Franchise Tax Board (FTB) over the inclusion of qualifying dividends in the sales factor denominator for which it also...more

Faegre Drinker Biddle & Reath LLP

Certain Insights on Important 2023 Tax Cases for Private Funds

The year just past, 2023, brought three significant U.S. Tax Court decisions that raise important ongoing tax considerations for private funds. These cases addressed: whether a non-U.S. credit fund had income effectively...more

Eversheds Sutherland (US) LLP

Georgia’s 2024 legislative session: Major tax legislation moving forward

This year’s Georgia’s legislative session is quickly progressing, with some major tax legislation moving towards passage. Last Thursday, February 29, 2024 was “Crossover Day”—the 28th legislative day of 40 total legislative...more

Fox Rothschild LLP

Tax Court’s Decision on YA Global Investments Has Implications for Offshore Entities

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The Tax Court’s decision in YA Global Investments LP v. Commissioner in November sends a warning to the offshore banking, finance and equity investment industries: an offshore entity is engaged in U.S. trade or business when...more

Polsinelli

Bare Knuckle Conservation Easement Brawl Leaves Participants in Limbo

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Two recent tax court cases paint an ominous picture for professionals and investors who participated in listed syndicated conservation easement transactions. Coming on the heels of the Fisher conviction and his lengthy...more

Hodgson Russ LLP

TiNY Report for March 5, 2024

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I tried to think of something clever to write about this being the first TiNY Report ever covering cases posted on “Leap Day,” but I was unable to come up with anything. I have consulted the internet and the next year during...more

Hodgson Russ LLP

Sales Tax Cases from the TiNY Blog for March 5, 2024

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Here are the sales tax cases from the TiNY Blog for the week of March 5, 2024. ...more

Cadwalader, Wickersham & Taft LLP

Liberty Global to Appeal Its Foreign Tax Credit Tax Court Loss

Liberty Global has announced that it will challenge the November 2023 Tax Court finding that the company had incorrectly boosted its foreign tax credits by failing to account for gains that exceeded the total foreign loss on...more

Hodgson Russ LLP

TiNY Report for February 27, 2024

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There are exciting changes here at the TiNY editorial offices. My colleagues, Zoe Peppas and Peter Calleri, have agreed to help out on some of the case summaries. This week’s edition includes examples of our new authors’...more

Hodgson Russ LLP

TiNY Report for February 22, 2024

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This week: An observation from the middle of the road. Feel free to ignore it and skip directly to the case summaries if you correctly assume I am woefully ill-equipped to provide any sort of political commentary and should...more

McDermott Will & Emery

Shares Acquired Upon the Exercise of BSPCEs Now Eligible for Tax Neutrality Regime in Share-for-Share Contribution Cases

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On February 5, 2024, the French Supreme Tax Court (Conseil d’État) voided French tax authority guidelines from May 2023 that provided that shares acquired upon the exercise of founder stock options, or Bons de Souscription de...more

Rivkin Radler LLP

Shareholder-Transferee Liability for a Corporation’s Income Tax

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Would you be surprised to learn that most shareholders of closely held corporations, and especially those with minority or merely passive interests, believe they cannot be held responsible for the tax obligations of their...more

DarrowEverett LLP

‘As Such’: Soroban Case Puts Limited Partnerships Under Tax Scrutiny

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In Soroban Capital Partners, LP v. Commissioner, the U.S. Tax Court determined that the exception to net earnings from self-employment in Section 1402(a)(13) of the Internal Revenue Code of 1986, as amended (the “Code”) ...more

Hodgson Russ LLP

TiNY Report for February 12, 2024

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I am writing this on the day after “Super Sunday,” a day which for many Americans is “Mediocre Monday.” I read in the news that a poll indicated 17 million of us were planning to call in sick for work today, and I observed...more

Hodgson Russ LLP

Sales Tax Cases from the TiNY Blog for February 12, 2024

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ALJ- Order Matter of Noranjo (ALJ Baldwin, February 1, 2024); Div’s Rep. Adam Roberts, Esq.; Pet’s Rep. pro se; Articles 22, 28 and 29. ...more

Gray Reed

The Fine Print: IRS Examination of Artwork

Gray Reed on

Many taxpayers have art collections. However, the art collections of some high-net-worth individuals, family offices, and business taxpayers may draw the unwanted eye of the IRS. With the increased focus on auditing...more

Hodgson Russ LLP

Sales Tax Cases from the TiNY Blog for February 8, 2024

Hodgson Russ LLP on

Here are the sales tax cases from the TiNY Blog for the week of February 8, 2024. Orders - Matter of Carlo Seneca  (ALJ Behuniak, January 18, 2024); Div’s Rep. Melanie Spaulding, Esq.; Pet’s Rep. Scott Ahroni, Esq.;...more

Rivkin Radler LLP

The Family-Owned Business, Stock Options, And Personal Goodwill – a Smorgasbord of Tax Issues

Rivkin Radler LLP on

Many of us have encountered variations of the following scenario: a parent owns and operates a business; one or more of their children are employed in the business; as the children mature and become more experienced and...more

Hodgson Russ LLP

TiNY Report for February 8, 2024

Hodgson Russ LLP on

Over the past two weeks the Groundhog did not see his shadow, and there have been a decision, a determination, and two ALJ orders. None of these developments seem particularly noteworthy to me, but you may find something...more

Morgan Lewis

Private Fund Industry Update: the Key Tax Developments That Shaped 2023

Morgan Lewis on

2023 saw a number of key tax developments that may affect the private fund industry going into 2024, from key US Tax Court opinions and updates to Internal Revenue Service (IRS) Forms, to new regulations proposed by the IRS...more

Robinson Bradshaw

Tax Court Takes Narrow View of Limited Partner Exclusion from SECA Tax

Robinson Bradshaw on

The Tax Court, in a victory for the IRS, recently issued an opinion holding the limited partner exception to the Self-Employed Contributions Act Tax must be construed narrowly. The court held a limited partner under state law...more

Holland & Knight LLP

U.S. Tax Court: Limited Partner SECA Exception Requires Functional Analysis

Holland & Knight LLP on

The U.S. Tax Court recently issued a precedential opinion in Soroban Capital v. Commissioner, holding that the limited partner exception to the Self-Employed Contributions Act (SECA) in Section 1402(a)(13) of the Internal...more

Rivkin Radler LLP

Intercompany Loan Treated As Constructive Distribution and Contribution

Rivkin Radler LLP on

Heads I Win, . . . - When closely held corporations that are under common control engage in any intercompany transaction, it is prudent for the corporations and their shareholders to ensure that the transaction is being...more

Venable LLP

Maryland Tax Updates - January 2024

Venable LLP on

Tax Court Modifies Rushmore Method for Hotel Valuation. The Maryland Tax Court recently modified the traditional Rushmore income approach used to determine the fair market value (FMV) of the real estate component of a hotel....more

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