On November 20, 2019 Chief Judge Maurice Foley of the U.S. Tax Court delivered this year’s Fogel Lecture at Temple Law School, which he dubbed “Pathways and Pitfalls, A Candid Discussion of My Path to the Bench.” Before becoming the first African-American appointed to the United States Tax Court in 1995, Judge Foley was an attorney for the Legislation and Regulations Division of the Internal Revenue Service, Tax Counsel for the United States Senate Committee on Finance, and Deputy Tax Legislative Counsel in the U.S. Treasury’s Office of Tax Policy.
Tax relief may be coming for issuers and holders of debt instruments and parties to derivatives and other financial contracts governed by LIBOR (the London Interbank Offered Rate). The IRS published new proposed regulations on October 9 to address tax concerns as parties have begun to modify financial instruments’ reference rates in anticipation of a
In the 2019 Fogel Lecture, Dana Trier, former Deputy Assistant Secretary for Tax Policy at the U.S. Department of the Treasury, urged the audience to give the “grand experiment” of §199A of the 2017 Tax Cuts and Jobs Act (which provides a deduction for qualified business income from pass-through entities) a chance, despite potentially troubling ambiguities.
The New Jersey Superior Court, Appellate Division, has affirmed the Tax Court’s decision in Kraft Foods Global Inc., in which a taxpayer’s deduction for related-party interest expense was disallowed for corporation business tax purposes (decision available here). Background The only issue before the court was whether the Division of Taxation (the “Division”) properly added back