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Pennsylvania Commonwealth Court upholds its apportionment policy decision in FedEx Ground Package System, Inc. v. Commonwealth

  • Reed Smith LLP
  • -
  • USA
  • -
  • April 30 2007

In a 2006 decision, the Pennsylvania Commonwealth Court agreed with Reed Smith's arguments, and rejected the Department of Revenue’s policyreaffirming the principle that the numerator of an apportionment factor must reflect only in-state activity

Whether charterer entitled to claim tax benefit on termination of ship finance lease

  • Reed Smith LLP
  • -
  • United Kingdom
  • -
  • April 30 2010

In the case of Golden Sunsets Navigation (UK) Ltd v Lloyds Portfolio Leasing Ltd 2010 EWHC 703 (Comm), where the sale of a ship at the end of a finance lease gave rise to a tax loss for the lessor, there was no provision in the lease on its correct interpretation allowing the charterer to claim the amount of that tax benefit