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Reporting Specified Financial Assets and Form 8938

U.S. taxpayers with assets overseas and their advisers should be mindful of new Form 8938, Statement of Specified Foreign Financial Assets , as they prepare the taxpayers' federal income tax returns for 2011. Temporary Regulations issued in December 2011 state that, with certain exceptions, Form...

Statutory Apportionment and Burdens of Proof: CarMax West

In March, the Court of Appeals of South Carolina decided an interesting case involving a corporation's use of South Carolina's statutory standard apportionment formula in calculating the corporation's taxable state income. [See CarMax Auto Superstores West Coast, Inc. v. S.C. Dep't of...

Reporting Specified Financial Assets and Form 8938

U.S. taxpayers with assets overseas and their advisers should be mindful of new Form 8938, Statement of Specified Foreign Financial Assets , as they prepare the taxpayers' federal income tax returns for 2011. Temporary Regulations issued in December 2011 state that, with certain exceptions, Form...