In Boulting v HMRC, the First-tier Tribunal (FTT) delivered a welcome decision for taxpayers on the tax treatment of a company purchase of its own shares.
The general rule is that when a UK-resident company purchases its own shares from
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Hotel La Tour Supreme Court Ruling: Final Confirmation on VAT Recovery for Share Sale Adviser Fees
In a unanimous judgment, the UK Supreme Court has given final confirmation that VAT incurred on adviser fees connected with an exempt share sale is not recoverable, endorsing the Court of Appeal’s strict application of the “direct and immediate link”
Treasury and the IRS Release Final and Proposed Regulations on Section 892
I. Introduction
On December 15, 2025, the U.S. Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) published final regulations (the “Final Regulations”) and proposed regulations (the “Proposed Regulations”) under section 892.[1] The Final Regulations finalize,
How Relevant Is It? The Economic Substance Doctrine According to Liberty Global and Patel
I. Introduction
Should courts respect a transaction for tax purposes, when it otherwise complies with the technical requirements of the Internal Revenue Code and regulations? When should a court take the next step and consider the economic substance of
New York Tax Court Approves Section 1031 “Drop & Swap” Transactions
Earlier this year, a New York City Administrative Law Judge found that the taxpayers’ sale of a tenancy-in-common (“TIC”) interest in real estate qualified for section 1031 “like-kind exchange” treatment even though the underlying property had been owned that very
Unsuccessful Taxpayer Change in Domicile from New York to Florida Shows that Courts will Follow the Money
Snowbirds, take notice. In October 2025, the New York State Tax Appeals Tribunal issued a decision regarding a couple’s claimed change in domicile from New York to Florida for the 2018 and 2019 tax years. Matter of Hoff and Ocorr-Hoff
Proposed Regulations Remove Look-Through Rule for Domestically Controlled REITs
I. Introduction
On October 20, 2025, the U.S. Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) issued proposed regulations (the “Proposed Regulations”) that would helpfully revoke the current “look-through rule” for domestic C corporation shareholders to
California’s Franchise Tax Board Adopts Final Regulations for Market-Based Sourcing
On September 10, 2025, California’s Franchise Tax Board (“FTB”) adopted final regulations (“Final Regulations”) amending the rules regarding market-based sourcing for sales other than sales of tangible personal property. This brings to an end the FTB’s long-running process toward formally
FICA Tax: Navigating the Nonqualified Deferred Compensation Special Timing Rule
Compensation is generally subject to federal income tax and FICA tax when compensation is actually paid to an employee. However, nonqualified deferred compensation (NQDC) may be subject to FICA taxation before federal income taxation under a FICA tax special timing
Eighth Circuit Affirms Mayo Clinic’s “Educational Organization” Status and UBTI Refund
On July 25, 2025, the U.S. Court of Appeals for the Eighth Circuit affirmed the District Court decision holding that the Mayo Clinic is entitled to an $11.5 million refund of certain unrelated business income taxes imposed on it due