News & Analysis as of

Tax Court

Stroock & Stroock & Lavan LLP

After the Lender Case -- Securities Law Restrictions That Apply to Family Offices Managing Other Peoples' Money

As we discussed in our prior Stroock Special Bulletin (our “Prior Bulletin”), Lender Management, LLC v. Commissioner of Internal Revenue, T.C. Memo. 2017-246 (2017) provides family offices with a potential pathway for...more

Dickinson, Mackaman, Tyler & Hagen, P.C.

Do I Really Have to Send These Crummey Notices? It Depends on the “Totality of Circumstances”

My last blog, The Crummey Side of Trust Banking, examined the basics of the Irrevocable Life Insurance Trust. One of the administrative steps included was sending notice to the beneficiaries with a right to demand a...more

Williams Mullen

IRS Gets “Bageled” in Tax Court Over Family Office Expenses

by Williams Mullen on

A recent case, Lender Management LLC v. Commissioner of Internal Revenue, T.C. Memo. 2017-246, has created a window of opportunity for family offices to restructure their affairs and potentially deduct certain family office...more

Williams Mullen

Cahill Case Sheds Light on Tax Court’s View of Intergenerational Split Dollar Agreements

by Williams Mullen on

On June 18, 2018, the Tax Court issued a memorandum denying a motion for partial summary judgment filed by the Estate of Richard Cahill (T.C. Memo 2018-84). It was the second time in two years that the Tax Court had addressed...more

Eversheds Sutherland (US) LLP

Life insurance purchased in welfare benefit fund taxed under split-dollar rules

In a recent memorandum opinion, the Tax Court ruled that the economic benefit provided to a business principal from life insurance purchased by the business through an Internal Revenue Code section 419A(f)(6)...more

Morrison & Foerster LLP

State + Local Tax Insights: Summer Issue 2018

by Morrison & Foerster LLP on

Words Matter: Complying with State Tax Laws - Statutes mean what they say. As the late Justice Scalia once quipped, the proper role of the courts “is to apply the text, not to improve upon it.” However, revenue departments...more

Bennett Jones LLP

Tax Court Affirms Treaty-Based Canadian Holding Structure

by Bennett Jones LLP on

The Tax Court of Canada recently held, in Alta Energy Luxembourg SARL v R, 2018 TCC 152, that a Luxembourg S.A.R.L was entitled to treaty benefits on capital gains and that the general anti-avoidance rule ("GAAR") did not...more

Pillsbury - Gravel2Gavel Construction & Real...

Federal Courts of Appeals Consider Interplay Between Environmental Laws and Federal Tax Code

On August 14, two U.S. Court of Appeals released decisions regarding the interplay between environmental law and the federal tax code. In the case of Green Gas Delaware Statutory Trust, et al. v. Commissioner of IRS....more

Carlton Fields

Tax Court Rejects Captive Insurance Company Status Under 501(c)(15)

by Carlton Fields on

Petitioner, a captive insurer domiciled in Anguilla, applied to be a tax-exempt small insurance company under IRC section 501(c)(15), and filed returns on this basis, making an election under IRC section 953(d)....more

Orrick, Herrington & Sutcliffe LLP

Ninth Circuit Withdraws Controversial Altera Opinion And Will Allow New Judge To Make Ultimate Determination

On August 7, 2018, the Ninth Circuit withdrew its July 24 decision in Altera so that new panel member, Judge Susan P. Graber, can now consider the case....more

Eversheds Sutherland (US) LLP

Results-disoriented–Ninth Circuit withdraws its Altera decision 

On August 7, 2018, the US Court of Appeals for the Ninth Circuit withdrew its opinion in Altera Corporation v. Commissioner, just 15 days after the initial release of the opinion. The court in Altera had overturned a Tax...more

Carlton Fields

New Jersey Tax Court Finds That Companies For Which New Jersey Is The Home State Must Pay Taxes On All Premiums Paid To Captive...

by Carlton Fields on

A tax court judge in New Jersey has handed Johnson & Johnson (J&J), and likely other New Jersey-based businesses that operate captive insurers, a significant loss in an opinion interpreting the federal Nonadmitted and...more

Morgan Lewis

Ninth Circuit Panel Upends Arm’s Length Standard in Cost Sharing

by Morgan Lewis on

July 24, 2018, marked a significant, although potentially short-lived, victory for the Internal Revenue Service (IRS), as a panel of the US Court of Appeals for the Ninth Circuit reversed by 2 votes to 1, the full US Tax...more

Ropes & Gray LLP

Ninth Circuit Upholds IRS Regulation on Allocation of Stock-Based Compensation, Reversing the Tax Court

by Ropes & Gray LLP on

In an unexpected 2-1 decision, Judge Reinhardt, who passed away in March of this past year, cast the Ninth Circuit’s deciding vote to reverse the Tax Court’s prior ruling in Altera. In 2015, the Tax Court invalidated Treasury...more

Buchanan Ingersoll & Rooney PC

Ninth Circuit Reverses Tax Court in Altera Corp., Restores Treasury Tax Regulatory Discretion – At Least for Now

In a 2-1 decision on July 24, 2018, the U.S. Court of Appeals for the Ninth Circuit, in Altera Corp. v. Commissioner, Nos. 16-70496 and 16-70497, reversed a rare, unanimous, court-reviewed decision of the U.S. Tax Court that...more

Eversheds Sutherland (US) LLP

Share and share alike - the Ninth Circuit upholds regulations on stock-based compensation costs in cost-sharing arrangements

On July 24, 2018, the US Court of Appeals for the Ninth Circuit in Altera Corporation v. Commissioner overturned a unanimous decision by the Tax Court invalidating Treas. Reg. § 1.482-7A(d)(2), which provides that a...more

Carlton Fields

Cost-Sharing Regulations Revived By Ninth Circuit

by Carlton Fields on

The Ninth Circuit Court of Appeals reversed the Tax Court in Altera Corp. in the latest chapter of the dispute over the validity of cost-sharing regulations. The decision, issued on July 24, revives certain regulatory...more

Shearman & Sterling LLP

Altera: Ninth Circuit Reverses US Tax Court and Holds that Treasury Regulation Allocating Stock-Based Compensation Expenses Is...

by Shearman & Sterling LLP on

On July 24, 2018, in Altera Corp. v. Commissioner, a divided panel of the U.S. Court of Appeals for the Ninth Circuit upheld the validity of a Treasury Department regulation that requires a U.S. taxpayer to allocate a portion...more

Carlton Fields

U.S. Tax Court Finds Captive Insurer Is Not an “Insurance Company” Under the Internal Revenue Code

by Carlton Fields on

In this case, Reserve Mechanical Corp. (“Reserve”), a captive insurer incorporated under the laws of Anguilla, sued the Commissioner of Internal Revenue in the U.S. Tax Court regarding the Commissioner’s findings of $477,261...more

Ropes & Gray LLP

Northern District of California Strikes a Blow to the Taxpayer Bill of Rights in Facebook Decision

by Ropes & Gray LLP on

As previously described in part in Disputing Tax and in a recent Bloomberg article that included remarks from Kat Gregor, Facebook has been involved in a multi-front litigation with the IRS for almost two years. It began...more

Charles (Chuck) Rubin

Taxpayers Could Not Rely on IRS Correspondence Waiving Penalties

by Charles (Chuck) Rubin on

In a recent U.S. District Court decision, the taxpayers were audited, and ultimately received a letter from the auditing agent that “the penalties had been waived.” The taxpayers signed a Form 4549 document which did not...more

Morrison & Foerster LLP

Massachusetts Appellate Tax Board Holds that Corporation Relying on Contract Manufacturing is a Manufacturer Subject to...

by Morrison & Foerster LLP on

The Massachusetts Appellate Tax Board held that a corporation relying on contract manufacturing to produce its products was a “manufacturing corporation” and, therefore, required to use a single-factor apportionment formula...more

Lane Powell PC

Tax Court Tells Cautionary IRC 280E Tale: Alterman Facts Make Bad Law

by Lane Powell PC on

On June 13, the U.S. Tax Court issued Tax Court Memo 2018-83, Alterman and Gibson v. Comm’r. Based on the way this case is being reported in the trade press, one might think that this decision portends doom and gloom for...more

Lowndes, Drosdick, Doster, Kantor & Reed,...

Tax Court Decision Another Blow to Medical Marijuana Industry

The recent Tax Court decision, Alterman v. Commissioner, struck yet another tax blow against the growing medical marijuana industry. ...more

Mayer Brown - Tax Equity Times

Tax Court Sustains Energy Credit and Bonus Depreciation for Distributed Generation Solar Projects

In a recent case, the Tax Court ruled in the taxpayer’s favor as to three California distributed generation solar projects’ eligibility for the energy credit under Section 48 and bonus depreciation under Section 168. ...more

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