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Tax Court Nod To Income Approach Props Easement Valuation
The IRS has been adversarial toward taxpayers using what is known as the income approach to value conservation easements, but the method's legitimacy was significantly reinforced by the U.S. Tax Court in a recent decision that endorsed the use of the method to value a Los Angeles-area donated property.
Aviation Co. Challenges Colo. County's $33M Tax Valuation
An aviation services company is being illegally taxed on improvements to property at a Denver airport it possesses as a leaseholder, the company told a state court, challenging the property's $33.1 million valuation and alleging an ongoing nonconformity with Colorado law.
Aramark Loses £6.8M Employment Tax Avoidance Appeal
Food service company Aramark is liable for a £6.8 million ($9.2 million) tax bill from Britain's tax authority over an offshore employment arrangement after a London tribunal ruled Wednesday that catering crews on North Sea rigs were effectively supplied to provide services in the U.K.
Tax Court Nod To Income Approach Props Easement Valuation
The IRS has been adversarial toward taxpayers using what is known as the income approach to value conservation easements, but the method's legitimacy was significantly reinforced by the U.S. Tax Court in a recent decision that endorsed the use of the method to value a Los Angeles-area donated property.
Aviation Co. Challenges Colo. County's $33M Tax Valuation
An aviation services company is being illegally taxed on improvements to property at a Denver airport it possesses as a leaseholder, the company told a state court, challenging the property's $33.1 million valuation and alleging an ongoing nonconformity with Colorado law.
Aramark Loses £6.8M Employment Tax Avoidance Appeal
Food service company Aramark is liable for a £6.8 million ($9.2 million) tax bill from Britain's tax authority over an offshore employment arrangement after a London tribunal ruled Wednesday that catering crews on North Sea rigs were effectively supplied to provide services in the U.K.
Federal More
A Rhode Island federal court correctly entered a $3.3 million tax judgment against the first "Survivor" winner, the government told the First Circuit, saying the former contestant failed to refute the tax asse... (more story)
The CEO of a defunct tax-compliance startup has been arrested on fraud charges based on allegations she defrauded investors out of more than $13 million by lying about her credentials and her company's revenue... (more story)
Tax professionals from Siemens and Deloitte described for the U.S. Tax Court on Tuesday and Wednesday the wrangling that went on between the German company and its advisers over the 2018 restructuring plan tha... (more story)
The Eleventh Circuit affirmed on Wednesday a12½-year prison sentence for an Atlanta man who was convicted of masterminding a fraudulent tax return scheme that brought in millions of dollars.
Decisions striking Maryland’s digital advertising tax are fundamentally flawed because the Maryland Tax Court found similarity between digital ads and other ads without considering deep market distinctions, sa... (more story)
President Donald Trump's temporary global tariff lacked legal justification in the current international monetary system, a group of economists, including former U.S. Treasury secretary and Federal Reserve Cha... (more story)
President Donald Trump continued the U.S. trade offensive against Canada after its northern neighbor's retaliatory tariffs went into effect, announcing a ban on Canadian imports of certain alcohol, dairy produ... (more story)
State & Local More
Colo. County Repeating Illegal Valuation, Airport Lessee Says
Tax valuations of improvements to property at a Colorado airport possessed through a leasehold interest were wrongly imposed despite substantial legal precedent, the leaseholder told a state court, urging it t... (more story)
With New Tax Partner, Simpson Thacher Boosts Sports Focus
Jonathan Westreich joined Simpson Thacher & Bartlett LLP as a tax partner in its Los Angeles office, the firm announced Tuesday, deepening the firm's sports, media and entertainment bench.
Ohio Bill Would Bar Property Tax Breaks For Data Centers
Ohio would prohibit new property tax breaks for data centers, including facilities used for mining cryptocurrency, under legislation introduced in the state House.
Credit Where It Is Due: SALT In Review
From the Texas comptroller's plan to reform his state's tax system to the reduction of an income tax credit in New York City, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
Neb. Justices Urged To Allow $16M Gains Exclusion For Trust
A trust set up by a former Union Pacific executive should receive a $16 million capital gains exclusion despite the shares at issue being indirectly transferred to the trust as part of a corporation, the Nebra... (more story)
NJ Urges Justices To Resolve Kalshi Sports Betting Split
New Jersey regulators on Wednesday asked the U.S. Supreme Court to address the newly emerged circuit split around prediction market regulation, filing a long-awaited petition that challenged a Third Circuit de... (more story)
Fla. Defends Airline Tax Method Targeted By JetBlue
A Florida state court was right to reject JetBlue's challenges to the state's method for apportionment of airline income, including receipts from flights over offshore areas, the state Department of Revenue to... (more story)
Tax valuations of improvements to property at a Colorado airport possessed through a leasehold interest were wrongly imposed despite substantial legal precedent, the leaseholder told a state court, urging it t... (more story)
Jonathan Westreich joined Simpson Thacher & Bartlett LLP as a tax partner in its Los Angeles office, the firm announced Tuesday, deepening the firm's sports, media and entertainment bench.
Ohio would prohibit new property tax breaks for data centers, including facilities used for mining cryptocurrency, under legislation introduced in the state House.
From the Texas comptroller's plan to reform his state's tax system to the reduction of an income tax credit in New York City, RSM's David Brunori offers his thoughts on noteworthy state and local tax news.
A trust set up by a former Union Pacific executive should receive a $16 million capital gains exclusion despite the shares at issue being indirectly transferred to the trust as part of a corporation, the Nebra... (more story)
New Jersey regulators on Wednesday asked the U.S. Supreme Court to address the newly emerged circuit split around prediction market regulation, filing a long-awaited petition that challenged a Third Circuit de... (more story)
A Florida state court was right to reject JetBlue's challenges to the state's method for apportionment of airline income, including receipts from flights over offshore areas, the state Department of Revenue to... (more story)
International More
English Mayors To Get Authority To Impose Tourist Taxes
The U.K.'s Labour government is moving ahead with devolution plans to allow mayors in England to impose a new levy on tourists taking an overnight stay, the Ministry of Housing, Communities and Local Government said Thursday.
Pillar 2 US Deal Needs Urgent Review, EU Committee Says
Members of the European Parliament's economic and monetary affairs committee approved a report Thursday that calls on the European Commission to urgently release an analysis on the revenue impact of the side-b... (more story)
UK Company Directors Banned Over £15M Vape Tax Scam
Two individuals from the Glasgow region have been banned from serving as U.K. company directors until 2035 for importing more than 350,000 vapes while avoiding more than £15 million ($20.3 million) in tax, the... (more story)
EU Court Adviser Backs Polish VAT Timing Restriction
A Polish decision barring companies from submitting VAT claims for a period within which they did not receive the relevant invoice does not violate European Union law, a senior adviser at the European Court of... (more story)
Fraudulent Co. Can't Claw Back Doctors' Pay, UK Court Says
An umbrella company that was shuttered for tax fraud, along with its liquidators, cannot claw back overpayments to two doctors resulting from the company not collecting payroll taxes, a London court found Wednesday.
French Gov't Floats Reduction Of Tax On Large Corporations
The French prime minister announced plans Wednesday to reduce the country's tax on large companies, a levy originally intended as a temporary measure, citing goals of economic growth.
Eaton Challenges IRS Example On Intercompany Loans
The IRS is misusing a regulatory example that is unrelated to its argument that Eaton cannot pay foreign affiliates for support that a lender would assume exists in the agency's bid to reduce related-party int... (more story)
The U.K.'s Labour government is moving ahead with devolution plans to allow mayors in England to impose a new levy on tourists taking an overnight stay, the Ministry of Housing, Communities and Local Government said Thursday.
Members of the European Parliament's economic and monetary affairs committee approved a report Thursday that calls on the European Commission to urgently release an analysis on the revenue impact of the side-b... (more story)
Two individuals from the Glasgow region have been banned from serving as U.K. company directors until 2035 for importing more than 350,000 vapes while avoiding more than £15 million ($20.3 million) in tax, the... (more story)
A Polish decision barring companies from submitting VAT claims for a period within which they did not receive the relevant invoice does not violate European Union law, a senior adviser at the European Court of... (more story)
An umbrella company that was shuttered for tax fraud, along with its liquidators, cannot claw back overpayments to two doctors resulting from the company not collecting payroll taxes, a London court found Wednesday.
The French prime minister announced plans Wednesday to reduce the country's tax on large companies, a levy originally intended as a temporary measure, citing goals of economic growth.
The IRS is misusing a regulatory example that is unrelated to its argument that Eaton cannot pay foreign affiliates for support that a lender would assume exists in the agency's bid to reduce related-party int... (more story)