By Chelsea Hess, Gale E. Chan, Heather Cooper, Madeline Chiampou Tully and Philip Tingle on Jul 26, 2016
Posted In IRS Guidance, Uncategorized
New Internal Revenue Service temporary regulations provide guidance on the income inclusion rules that apply when a lessor elects to treat a lessee as having acquired investment credit property under Treas. Reg. § 1.48-4. As expected, the new temporary regulations also provide that a partner of a lessee partnership cannot increase its basis in its...
By Chelsea Hess, Kevin Spencer, McDermott Will & Emery and McDermott Will & Emery on Jul 18, 2016
Posted In Court Procedure Matters, IRS Audits, IRS Guidance, Privilege and Non-Disclosure, Trial Courts, Uncategorized
On July 13, 2016, Judge Buch of the US Tax Court denied an Internal Revenue Service (IRS) motion to compel the production of electronically stored information (ESI) by Dynamo Holdings Limited Partnership and Beekman Vista, Inc., which was not delivered as part of a discovery response based on the mutually agreed-upon use of “predictive coding.”...
By Chelsea Hess, Kevin Spencer and Robin L. Greenhouse on Jun 29, 2016
Posted In IRS Appeals, IRS Audits, IRS Guidance, Uncategorized
Late last year, the Internal Revenue Service’s (IRS’s) Large Business and International (LB&I) division announced that it would restructure its organization. The restructuring was precipitated by shrinking resources and a shifting environment. A primary feature of the restructuring is the end of the continuous audit program (where the IRS audits a large taxpayer year after...
By Chelsea Hess and Kevin Spencer on Mar 16, 2016
Posted In Court Procedure Matters, Trial Courts, Uncategorized
On March 10, 2016, Tax Court Judge Laro denied the Internal Revenue Service’s (IRS) motion for summary judgment in Mylan’s challenge of the IRS’s determination that approximately $372 million should be treated as ordinary income. See Mylan Inc. and Subsidiaries v. Commissioner of Internal Revenue, T.C.M. 2016-45. In its Tax Court petition, Mylan seeks a...