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17 results found

Article

Fox Rothschild LLP | USA | 21 Jan 2013

Service prevails before Tax Court in self-employment tax case

In a recent memorandum decision of the Tax Court in Howell, TCM 2012-303, a couple was held liable for a deficiency in self-employment taxes, plus

Article

Fox Rothschild LLP | USA | 20 Jan 2012

Case summary:1982 East, LLC v. Commissioner of Internal Revenue

The U.S. Tax Court, in 1982 East, LLC v. Commissioner of Internal Revenue, T.C. Memo. 2011-84 (2011), again upheld the disallowance of a charitable deduction under section 170 of the Internal Revenue Code for the contribution of a historic preservation easement.

Article

Fox Rothschild LLP | USA | 6 Oct 2011

Tax court strikes taxpayer's expert valuation report as inadmissible in rejecting claimed conservation easement deduction in Boltar LLC et al v. Commissioner

In Boltar LLC et al v. Commissioner, 136 T.C. No. 14 (4152011) the Tax Court granted the government’s motion in limine, which motion was timely submitted pre-trial, to strike the admission of the taxpayer’s experts’ report into evidence at trial based on its argument that the report was “unrealiable and irrelevant” under FREV 702 and the Supreme Court’s landmark decision in Daubert v. Merrell Dow Pharmaceutical, Inc., 509 U.S. 579 (1993).

Article

Fox Rothschild LLP | USA, Brazil | 13 Sep 2011

Tax Court rejects taxpayer's basis claim in distressed assets in Superior Trading LLC, et al v. Commissioner, 137 T.C. No. 6 (2011); so-called "DAD" transaction successfully challenged by the Service

The Tax Court, in a consolidated case involving a distressed assetdebt tax shelter, held that several partnerships’ basis in purchased consumer debt acquired from a Brazilian company was zero and that the transfer to the partnerships and subsequent redemption of the Brazilian company's partnership interests were a sale of receivables

Article

Fox Rothschild LLP | USA | 24 Jul 2011

Tax Court rules that securities transaction did not qualify under Section 1058: decision follows on the heels of the Tax Court's recent decisions under Section 1058 in anshutz (135 T.C. No.5) and Carroway (135 T.C. No. 3) decided last year

In Henry Samueli et al v. Commissioner, 132 T.C. No. 4 (2011), the Tax Court, per Judge Kroupa’s opinion for the majority, in response to the petitioners and respondent (IRS) filing of cross motions for summary judgment in a consolidated proceeding, upheld the Service’s deficiencies in income tax for denying the taxpayers interest deductions claimed on the underlying “margin loans” used to acquire the securities, were disallowed on the basis the purported payments of “interest” were not made with respect to an actual debt

Article

Fox Rothschild LLP | USA | 4 May 2011

Tax court renders favorable decision on rehabilitation credits

In Historic Boardwalk Hall, LLC. v. Commissioner, 136 T.C. No. (2011) the Tax Court ruled a limited liability corporation (LLC) formed to facilitate a corporation’s, i.e., Pitney Bowes’, investment in the rehabilitation of an historic government building (East Hall, a National Historic Landmark property in Atlantic City, New Jersey) had business purpose and was not a sham.

Article

Fox Rothschild LLP | USA | 10 Apr 2011

Tax court renders favorable decision on rehabiliation credits in Historic Boardwall Hall, LLC V Commissioner

In Historic Boardwall Hall, LLC V Commissioner, 136 T.C. No. (2011) the Tax Court ruled that a LLC which was formed to facilitate a corporation's, i.e, Pitney Bowes, investment in the rehabilitation of an historic government building, East Hall, a National Historic Landmark property in Atlantic City, New Jersey had business purpose and was not a sham.

Article

Fox Rothschild LLP | USA | 13 Feb 2011

Reasonable cause to avoid accuracy related penalty based on advice of legal counsel rejected by Tax Court in Canal Corp. and Subsidiaries et al v. Commissioner, 135 T.C. No.9 (2010).

In Canal Corp, supra, the Tax Court recently held that a corporation's 1999 transfer of a wholly owned subsidiary to a joint venture was a disguised sale that required the company to include in capital gain the amount realized in the year of sale on its consolidated federal income tax return.

Article

Fox Rothschild LLP | USA, Canada | 4 Feb 2011

Canadian investment in U.S.-based private equity funds: preference for the U.S. limited liability company

Canadians seeking to make investments in US-based private equity funds do face a challenging landscape attributable to the multitude of US taxing authorities, federal, state and local governmental taxing authorities, as well as a somewhat counterintuitive home country tax regime, in reporting their U.S. operations back home in Canada.

Article

Fox Rothschild LLP | USA | 27 Sep 2010

Service issues landmark proposed regulations on series limited liability companies

On September 13, 2010, the Service, in REG-119921-09, issued somewhat landmark proposed regulations concerning the classification for Federal tax purposes of a series of a domestic series limited liability company (LLC), a cell of a domestic cell company, or a foreign series or cell that conducts an insurance business.

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