Seaview Trading, LLC v. Commissioner of Internal Revenue

(United States Ninth Circuit) – In a petition challenging a notice of Final Partnership Administrative Adjustment, the Tax Court’s dismissal, for lack of jurisdiction, is affirmed where: 1) because plaintiff contended that his business entity was a small partnership not subject to the audit procedures under the Tax Equity and Fiscal Responsibility Act of 1982 …

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Swart Enterprises v. Franchise Tax Bd.

(California Court of Appeal) – In a case dealing with the issue of whether California’s franchise tax applies to an out-of-state corporation whose sole connection with California is a 0.2 percent ownership interest in a manager-managed California limited liability company (LLC) investment fund, the trial court’s judgment is affirmed where passively holding a 0.2 percent …

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Altera Corp. v. Commissioner of Internal Revenue

(United States Ninth Circuit) – Upheld an Internal Revenue Service regulation addressing the tax treatment of employee stock options. In a ruling that has tax implications for multinational companies especially, the Ninth Circuit concluded that the Tax Court erred in striking down a regulation, 26 C.F.R. section 1.482-7A(d)(2), which says that related entities must share …

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WMI Holdings Corp. v. US

(United States Federal Circuit) – Affirming the US Court of Federal Claims dismissal of a company’s action seeking refunds for losses and deductions its predecessor company allegedly should have received for certain intangible assets acquired from the federal government in the 1980s because the court’s findings that the company failed to establish with a reasonable …

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