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Eighth Circuit Court of Appeals gives service a major victory to recharacterize distributions from an s corporation to its shareholder(s) as wages for FICA purposes
  • Fox Rothschild LLP
  • USA
  • July 8 2012

In David E. Watson, P.C. v. Commissioner, 668 F.3d 1008 (8th Cir. 2012), aff’g 757 F. Supp. 2d 877 (DC Iowa) the Eighth Circuit affirmed a federal district court of Iowa’s decision recharacterizing a substantial portion of dividend distributions made by an S corporation to its sole shareholder as wages for FICA purposes

Court of Federal Claims renders interesting statute of limitations decision in Russian Recovery Fund Ltd
  • Fox Rothschild LLP
  • USA
  • November 28 2011

In Russian Recovery Fund, Ltd., 108 AFTR2d 2011-5494, the Court of Federal Claims ruled that the Internal Revenue Service may proceed with a collection action against a partner in a lower-tier partnership or “indirect partner” provided such partner’s return was filed within three years of the issuance of a final partnership administrative adjustment (FPAA) to the upper-tier partnership with respect to partnership level items that were adjusted

Recent decision of judgment of the Court (Grand Chamber) of EU in Akzo Nobel Chemicals, et al v. European Commission imperils attorney client privilege for foreign based subsidiaries, including in U.S. tax proceedings and non-tax proceedings
  • Fox Rothschild LLP
  • European Union, USA
  • June 26 2011

In a decision that has wide-sweeping implications for companies that are doing business in the EU or otherwise become a party to a legal or administrative proceeding governed by the EU, as well as to American persons engaged, directly or indirectly such as through ownership of a controlled subsidiary or company in the EU, the Grand Chamber of the EU Court affirmed the decision of the Court of First Review (trial court) holding that various claims of legal privilege made by Akzo Nobel Chemicals and Akcros Chemicals for communications made to the companies' in-house companies were not privileged and thus were discoverable under by the European Commission

Eleventh Circuit affirms lower court's holding that consulting partner's sale of Ernst & Young interest was taxable in year of sale despite temporary limitations on economic enjoyment
  • Fox Rothschild LLP
  • USA
  • April 22 2011

In U.S. v. Fort, 107 AFTR 2d 2011-739 (11th Cir. 4192011) a three-judge panel of the Eleventh Circuit upheld a federal district court's (Northern District of Georgia) decision, granting the Department of Justice, Civil Tax Division, summary judgment on that issue that under the constructive receipt doctrine, a consulting partner's sale of an interest in Ernst & Young was a fully taxable in the year the interest was sold to Cap Gemini in exchange for the stock