The hits keep on coming. The Fifth Circuit joins the growing chorus from the Courts of Appeals holding that an overstatement of basis does not equal an omission of income and the 6 year statute of limitations does not apply.
Judge Henry E. Hudson of the Eastern District of Virginia rules that the Patient Protection and Affordable Care Act, specifically Section 1501, the Minimum Essential Coverage Provision, is unconstitutional. Under the law as passed, the Provision would be enforced through the Internal Revenue Code. The judge ruled that the provision is unconstitutional under the Commerce Clause and General Welfare Clause.
On a motion for partial summary judgment, the U.S. District Court for the Southern District of Ohio rules that intercompany transactions may be excluded from gross receipts when calculating the federal research tax credit under Section 41.
In a lengthy opinion, the United States District Court for the District of Massachusetts disallowed the tax benefits accruing from a Son of Boss transaction promoted by KPMG and entered into by the former U.S. Ambassador to Ireland, Richard Egan.