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Procter & Gamble v. U.S. and the FTC Noncompulsory Payment Requirement

One of tax life's significant attractions for U.S. multinationals is the capacity to claim a foreign tax credit (FTC) for taxes paid in foreign jurisdictions. Much like many attractions, however, the opportunity to avoid double taxation by having recourse to that unilateral U.S. credit mechanism...

Podcast Analysis: The U.S. Tax Court decision in PPL Corporation & Subsidiaries v. Commissioner

On this edition, Elizabeth Sweigart and Lynn Loden discuss the distinctive aspects of the U.S. Tax Court's recent decision in PPL Corporation & Subsidiaries v. Commissioner and the holding's potential impact on uncertain tax position reporting preparation. Ms. Sweigart and Mr. Loden examine...

Podcast Analysis: The U.S. Tax Court decision in PPL Corporation & Subsidiaries v. Commissioner

On this edition, Elizabeth Sweigart and Lynn Loden discuss the distinctive aspects of the U.S. Tax Court's recent decision in PPL Corporation & Subsidiaries v. Commissioner and the holding's potential impact on uncertain tax position reporting preparation. Ms. Sweigart and Mr. Loden examine...

The Elusive Basis Problem of the Foreign Tax Credit Limitation

As we know, Congress tinkered with the foreign tax credit (FTC) rules in 2010 in a number of ways. One of those changes was to add Section 901(m) (" Denial of foreign tax credit with respect to foreign income not subject to United States taxation by reason of covered asset acquisitions ") to...

Courts Split on Limitations Period for Substantial Omissions of Income by Partnerships

[Editor's Note: This narrative is derived from Tax Planning for Partners, Partnerships, and LLCs, § 15.01[17][b]] [Editor's Note 2: On September 27, 2011, the Supreme Court granted certiorari in Home Concrete & Supply LLC v. United States, a 4th Circuit Court of Appeals decision that...

Courts Split on Limitations Period for Substantial Omissions of Income by Partnerships

[Editor's Note: This narrative is derived from Tax Planning for Partners, Partnerships, and LLCs, § 15.01[17][b]] [Editor's Note 2: On September 27, 2011, the Supreme Court granted certiorari in Home Concrete & Supply LLC v. United States, a 4th Circuit Court of Appeals decision that...

Preserving the Deceased Spousal Unused Exclusion Amount for the Surviving Spouse: IRC Section 2010(c) and Notice 2011-82

By Diane L. Mutolo INTRODUCTION: The Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010 amended IRC Section 2010(c) to allow, after December 31, 2010, a surviving spouse to increase his or her applicable exclusion amount by the deceased spouse's unused exclusion amount...

Preserving the Deceased Spousal Unused Exclusion Amount for the Surviving Spouse: IRC Section 2010(c) and Notice 2011-82

By Diane L. Mutolo INTRODUCTION: The Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010 amended IRC Section 2010(c) to allow, after December 31, 2010, a surviving spouse to increase his or her applicable exclusion amount by the deceased spouse's unused exclusion amount...

SCOTUS Oral Argument: Does Overstated Basis = Omission from Gross Income?

Editor's Note: View blog discussion on this site of, and hyperlink to, the January 17th oral arguments before the Supreme Court : SCOTUS Showdown: Oral Arguments Heard in Home Concrete Case ... For some time now, the tax bar has been wringing its hands with frustration over when, and under what...

Practical Tax Considerations for Sovereign Wealth Fund Investments in the U.S.

Introduction ... [ Prop. Treas. Reg. §§ 1.892-4 and 1.892-5 ]... partly supplement and partly replace the current temporary regulations under IRC Section 892 that have been in place since 2002 (and earlier). Importantly, the proposed regulations offer a few planning opportunities for [sovereign...

SCOTUS Showdown: Oral Arguments Heard in Home Concrete Case

On January 17, 2012 before the U.S. Supreme Court, Deputy Solicitor General Malcolm Stewart and Gregory Garre , partner at Latham & Watkins, LLP presented oral argument in United States v. Home Concrete & Supply, LLC, et al. In broad terms, at issue is whether the IRS has three years, or six...