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NA General Partnership v. Commissioner addresses debt-equity characterization of related-party advances

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 9 2012

In NA General Partnership v. Commissioner the Tax Court held that notes issued to a parent by a subsidiary in connection with the acquisition of a target were properly characterized as debt and were not equity for tax purposes

Calloway v. Comm’r

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 16 2010

Calloway v. Comm’r, decided on July 8, 2010, in the Tax Court, held (i) that a purported non-recourse loan equal to 90 of the value of stock held by a taxpayer was, in substance, a sale for U.S. federal income tax purposes, and (ii) that the transaction was not a securities lending arrangement under Section 1058 of the Code

Summit v. Comm’r

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 16 2010

In Summitt v. Comm’r, 134 T.C. No. 12 (May 20, 2010) the Tax Court held that an over-the-counter foreign currency option was not a contract subject to Section 1256 of the Code, and accordingly, the taxpayer could not trigger the loss on a “majorminor currency” transaction by marking the foreign currency contract to market under Section 1256 of the Code