Seventh Circuit Affirms Exelon Decision: Yesterday, the US Court of Appeals for the Seventh Circuit issued an opinion affirming the decision of the Tax Court that Exelon Corporation’s transactions failed to qualify as like-kind exchanges.
IRS Reminds Taxpayers of Deadline to Elect Out of Expensing: Today, the IRS issued a news release to remind taxpayers that the deadline is October 15 to elect out of the new 100% depreciation deduction for property placed in service in 2017. This provision was created by the Tax Cuts and Jobs Act and was made retroactively effective for property acquired and placed in service after September 27, 2017.
EU Court Finds France Failed to Refer Question of EU Law: Today, the Court of Justice of the European Union issued a judgment finding that a French court should have referred to the Court of Justice a question concerning the interpretation of EU law in order to determine whether it was necessary to refuse to take into account the tax incurred by a non-resident subsidiary on the profits underlying dividends redistributed by a non-resident company. By disregarding the mechanism for the avoidance of economic double taxation, the Court of Justice ruled that France failed to fulfil its obligations under EU law.
Tax Inspectors Without Borders Found Effective at Improving Tax Compliance: A new annual report released today found that Tax Inspectors Without Borders, a joint initiative of the Organization for Economic Cooperation and Development (OECD) and the United Nations Development Programme (UNDP), is boosting developing countries’ tax compliance efforts and ability to effectively tax multinational enterprises.