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By Andrew Cordonnier, Jeff Borghino, David E. Sites, Cory Perry
The Treasury Department has delayed for one year the effective date of the documentation requirements under the Section 385 regulations...
By David E. Sites, Grace Kim, David Zaiken, Jose Carrasco, Cory Perry
On July 13, 2017, in Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Commissioner, 149 T.C. No. 3 (2017), the U.S. Tax Court held that gain recognized by a nonresident partner...
By Grant Thornton
Texas Gov. Greg Abbott signed legislation June 1, 2017 expanding the definition of qualified employment used to determine eligibility for the state sales and use tax exemption for qualifying data center projects.
By Grant Thornton
The Pennsylvania Commonwealth Court recently held that a local business privilege tax imposed on fees paid by Pennsylvania 7-Eleven franchise stores to 7-Eleven's regional office in Upper Moreland Township...
By Grant Thornton
On June 27, 2017, in a unanimous decision, the Oklahoma Supreme Court reversed the Oklahoma Tax Commission and held that an individual taxpayer could take a capital gain deduction for the proceeds that he received...
By Grant Thornton
Oklahoma's legislative session adjourned on May 26, with Gov. Mary Fallin signing a series of measures as a means to temporarily resolve the state's significant budget issues.
By Grant Thornton
The Ohio legislature recently passed biennial budget legislation including several significant tax provisions. Gov. John Kasich signed the bill on June 30, 2017, vetoing several line items.
By Grant Thornton
On May 24, 2017, the New Jersey Tax Court granted a taxpayer's motion for summary judgment and allowed deductions for royalty payments made by a subsidiary to its parent company.
By Grant Thornton
The Minnesota legislature was called into a special session on May 23, 2017, to complete its passage of the necessary budget bills and the omnibus tax bill. The legislature passed the omnibus tax bill...
By Grant Thornton
On June 28, 2017, New Hampshire Gov. Chris Sununu signed a budget bill which updates the Internal Revenue Code (IRC) conformity date and increases the IRC Section 179 depreciation expense deduction limitation.
By Grant Thornton
On May 31, 2017, the Minnesota Tax Court overturned as unconstitutional the taxation of certain trusts as Minnesota "resident trusts" and held that application of the statutory definition of "resident trust"...
By Grant Thornton
On May 2, 2017, the Michigan Tax Tribunal granted a passive holding company's motion for summary disposition and held that it did not have the requisite nexus with the city of Detroit for purposes of the CDIT.
By Grant Thornton
The Michigan Department of Treasury recently released guidance acquiescing in its interpretation of the term "materials and supplies"...
By Grant Thornton
On June 21, 2017, overriding a veto by Governor Paul LePage, Maine enacted legislation that will require certain remote sellers that do not have a physical presence in the state to collect and remit sales...
By Grant Thornton
On June 28, 2017, the Massachusetts Department of Revenue issued a directive immediately revoking a prior directive issued earlier this year that would have required out-of-state Internet vendors to collect sales...
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