John Woolley

A Treasury Department rule curbing New York’s, New Jersey’s, and Connecticut’s programs for bypassing the $10,000 cap on state and local tax deductions is a valid exercise of the agency’s authority under the Internal Revenue Code, the Second Circuit affirmed Wednesday.

Liberty Global Inc. can’t claim a foreign tax credit for gains from its Japanese stock sale because proceeds in excess of the company’s overall foreign loss must be recognized as US taxable income, the Tenth Circuit said Friday.

The former shareholder of a pharmaceutical business owes additional tax on a portion of its $191 million settlement payout following a squeeze-out merger, after the Third Circuit determined Thursday that the shareholder couldn’t convert what was ordinary income into capital gains.

Several changes to the operations of the US Tax Court would be implemented under H.R. 5349, including expanding the court’s subpoena powers and authorizing judges to extend filing deadlines.

The Eleventh Circuit Tuesday lifted a longstanding court order blocking the US Treasury Department from enforcing the Corporate Transparency Act against companies that were members of the National Small Business Association.