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Supreme Court Decision Alert - April 25, 2012
The Royal Court in Jersey has recently provided guidance to trustees on their duty to disclose to their successors. The Supreme Court held today in United States v. Home Concrete & Supply, LLC, No. 11-139, that an overstatement of the taxpayer’s basis in a partnership interest, which thereby limits the capital gains tax on a sale of that interest, is not an "om[ission] from gross income" under 26 U.S.C. § 6501(e)(1)(A).
United States Litigation
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Mayer Brown
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