Internal Revenue Service - Companies Mentioned

Summaries
Tax Law >
New Judicial Opinions

D.C. Circuit: Tax Settlement Information on LILO Arrangements Exempted from Disclosure under FOIA

The sole issue in this case is whether the information requested by Mayer Brown meets FOIA exemption 7(E). By way of background, the FOIA request in this case involved lease-in/lease-out (“LILO”) arrangements between tax-exempt entities and taxable entities. LILO arrangements occur when a tax-exempt entity owns and uses property but…

Date of ruling:
04/17/2009

Summaries
Tax Law >
New Judicial Opinions

Tax Court Rules as Abuse of Discretion Settlement Officer’s Proceeding for Civil Penalty

On January 17, 2003, petitioner filed a voluntary petition with the U.S. Bankruptcy Court for the District of Massachusetts (“bankruptcy court”) under chapter 11 of the Bankruptcy Code, 11 U.S.C. ch. 11, Reorganization. At the time, petitioner had outstanding employment tax liabilities, interest, and penalties for taxable years 1998 through…

Date of ruling:
03/25/2009

Commentaries
Tax Law

Swallows Holding: 3rd Circuit Applies Chevron Deference to Uphold IRS Regulation

The recent win for the IRS in Swallows Holding, Ltd. V. Commissioner, 515 F.3d 162 (3rd Cir. 2008), elucidates the ongoing debate over the appropriate standard for judicial review of Treasury regulations. In Swallows, the Third Circuit reversed a Tax Court decision and applied the highly deferential standard set forth…

Posted:
11/17/2008

Summaries
Tax Law >
New Judicial Opinions

Third Circuit Upholds IRS' New Timely Filing Regulation

The IRS has appealed a Tax Court decision that held Treas. Reg. 1.882-4(a)(3)(i) to be invalid. Opinion, p. 3. Petitioner-appellee Swallows Holdings, Ltd. (“Taxpayer” or “Swallows”) is a Barbados corporation with two principal shareholders, Raimundo Arnaiz- Rosas and Aurora Elsa Arnaiz. On September 14, 1992, Taxpayer filed its first federal…

Date of ruling:
02/15/2008