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New Cost-Sharing Agreement Regulations Move IRS Beyond Veritas & Xilinx In Transfer Pricing Arena

In comments during an American Law Institute webcast (program available online) on recently promulgated Cost-Sharing Agreement (CSA) regulations under Section 482 (transfer pricing), the IRS announced its belief that the new regulations displace longstanding case law in the area. The IRS representative stated that, under the Supreme Court’s Mayo decision, the CSA regulations trump the…

District Court Rules Substantive IRS Notice Subject to Notice and Comment

On April 10th, the U.S. District Court for the District of Columbia vacated an IRS notice (Notice 2006-50) that set out procedures for refunds of certain illegally-collected telephone service excise taxes. An IRS Notice normally provides public guidance on the position of the Service on specific questions. More substantive guidance is often contained in Revenue…

Federal Circuit Rules on Enforceability of Existing Tax Patent

The Federal Circuit Court of Appeals handed down a ruling that has signifant implications for existing tax patents. Last year, Congress prohibited future tax patents, but for tax strategy patents granted under prior law, there is an ongoing debate as to the extent courts will respect the protection. In Fort Properties, Inc. v. American Master…

I.R.S. Considering Change in Guidance for CO2 Recapture Credit, Sec. 45Q

In response to a letter from Senator Kay Hutchinson, the I.R.S. Associate Chief Counsel for Passthroughs and Special Entities, Curt Wilson, acknowledged that current guidance pertaining the carbon dioxide sequestration credit, contained in Notice 2009-83, ignores what Hutchinson considers to be a crucial element of the credit’s Congressional intent. Specifically, the Notice defines an “industrial…

Final Regulations Issued on Preparer Due Diligence for EITC Claims

The Treasury Department has issued T.D. 9570, effective for tax years ending on or after 12/31/11, promulgating final regulations relating to preparer due diligence requirements in determining taxpayer eligibility for the earned income credit. The final regulations mark the IRS’ latest attempt to improve compliance with credit rules which have long been a hot-button issue…

Tax Court Rules Section 951 Earnings Are Not Qualified Dividends

In Rodruquez v. Comm’r, 137 T.C. No. 14 (2011), issued December 7 2011, the United States Tax Court found that a couple’s Section 951 earnings from a CFC did not qualify for dividend treatment. The taxpayers in the case owned 100% of the stock of a Mexican corporation with U.S. real estate holdings. The couple…
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aNlogo-footer3@2x

Washington D.C.
Willard Office Building, Suite 300 1455 Pennsylvania Ave.
Washington, D.C. 20004
202.888.7006

© 2022 alliantNational. - All Rights Reserved.

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