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Full Federal Court Confirms The Luxury Car Tax Applies To Hummer Vehicles (Hunt & Hunt)
  • The Full Federal Court of Australia has upheld the Federal Court’s decision that the "Hummer", and potentially other vehicles not fitting within the traditional description of "luxury car", will now be subject to the luxury car tax ("LCT") on top of GST and other customs and excise duties wherever applicable.
  • Canadian Court Overturns Decision on International Pharmaceutical Transfer Pricing Case (Torys LLP)
  • The Canadian Federal Court of Appeal recently overturned the Tax Court of Canada’s 2008 decision regarding the international transfer pricing of cross-border supplies of pharmaceutical ingredients in the case of GlaxoSmithKline Inc. v. Canada.
  • Tax Court Rules on Variable Prepaid Forwards and Stock Lendings (Davis Polk & Wardwell)
  • On July 22, the Tax Court published its decision in the case of Anschutz Company v. Commissioner, involving a taxpayer that (indirectly) engaged in various prepaid variable forward contracts (which the court calls "PVFCs") and associated stock lending agreements ("SLAs") with respect to portfolio stock (indirectly) owned by him.
  • Four Common IRS Church Audit Issues (1) - Courtney D. Jones (2) - ECFA Focus on Accountability - Third Quarter 2010 (Caplin & Drysdale)
  • Church tax audits can be frightening, more so now than ever, with the prevailing climate of IRS tightening its controls on non-profits. Here is an introduction to four key issues and how to manage them.
  • Tax Update - Monday 23 August 2010 (Smith & Williamson)
  • The capital allowance treatment of expenditure typical for a building can add significant value from a tax perspective.
  • Significant Revisions to US International Tax Rules (Mayer Brown )
  • The Education Jobs and Medicaid Assistance Act of 2010 (Pub. L. No. 111-226) (the "Act") became law on August 10, 2010. While the Act’s primary purpose is to provide financial assistance to US states for education and Medicaid spending, several international tax provisions were included to offset the spending increases.
  • Company Self-Audits Help Avoid § 409A Penalties (Mayer Brown )
  • Although companies are operating under severe budget and resource constraints, many have concluded that it is both worthwhile and cost-effective to engage in a self-audit of the administration of their nonqualified deferred compensation arrangements to ensure compliance with section 409A of the US Internal Revenue Code.
  • Tax Exile Wins Right to Appeal His UK Residency Status (Matthew Arnold & Baldwin)
  • In an important case, Robert Gaines-Cooper has been given permission to appeal his judicial review claim to the Supreme Court.
  • HMRC Softens Its Stance On Tax Avoidance (Matthew Arnold & Baldwin)
  • According to media reports, HM Revenue & Customs (HMRC) is to take a more conciliatory approach towards resolving tax avoidance disputes with businesses.