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Results: 1-10 of 134

Sections 305 and 306 and tracking stock

  • Alston & Bird LLP
  • -
  • USA
  • -
  • February 25 2013

LTR 201308001 rules on sections 305 and 306 are bread and butter subchapter C provisions that were designed for "tax shelters" that are so quaint and

Home Concrete decided: taxpayer wins

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 25 2012

On April 25, 2012 the Supreme Court ruled that the overstatement of the basis of property sold, resulting in a substantial understatement of gain, is not an omission from gross income, and so the three year and not the six year statute of limitations applied to the taxpayer’s assessment, meaning the assessment came too late

Non-355 ruling

  • Alston & Bird LLP
  • -
  • USA
  • -
  • December 31 2012

Sometimes, a corporation wants to distribute stock of a subsidiary to its shareholders in a taxable transaction and does not want Section 355 to apply to

NCDOR appeals still slow

  • Alston & Bird LLP
  • -
  • USA
  • -
  • June 4 2012

In what is hopefully one of the last of the old modifiable decisions in tax cases by North Carolina Administrative Law judges, the NCDOR allowed the ALJ to relieve a shareholder of transferee tax liability, but still modified the ALJ opinion

Chevron deference and the Salman ranch

  • Alston & Bird LLP
  • -
  • USA
  • -
  • June 1 2011

The same issue came before the Tax Court for later years

Forced combinations suspended in North Carolina

  • Alston & Bird LLP
  • -
  • USA
  • -
  • June 25 2012

The Governor of North Carolina signed Session Law 2012-43, which suspends the authority of the NCDOR to force corporate combinations for years beginning on or after January 1, 2012 until the DOR issues and has approved an administrative rule defining the standards for forced combinations

Voluntary and “forced” corporate combinations in North Carolina

  • Alston & Bird LLP
  • -
  • USA
  • -
  • November 7 2011

Earlier this year the General Assembly made significant changes in the statutes authorizing forced combinations of multistate corporate groups for income tax filing

Economic substance doctrine bill: unanswered questions

  • Alston & Bird LLP
  • -
  • USA
  • -
  • July 1 2009

The bill aims to resolve or inform two, and only two, uncertainties that Congress believes the courts encounter when applying what the bill calls the “economic substance doctrine” to federal income tax disputes

Sales tax bad debts

  • Alston & Bird LLP
  • -
  • USA
  • -
  • February 15 2011

The NCDOR has issued a Final Agency Decision denying a bad debt loss for receivables on which the taxpayer remitted sales tax, on the ground that the taxpayer did not own the receivables

Credit unions under attack

  • Alston & Bird LLP
  • -
  • USA
  • -
  • September 1 2009

We wrote in 2007 about a series of TAMs in which the IRS had asserted that various income items of exempt credit unions were taxable as unrelated business taxable incomemostly income from non-members and members not directly related to deposits of and lending to members