The Resource Bank of New York Mellon Corp v Commissioner of Internal Revenue : 140 TC No 2

Bank of New York Mellon Corp v Commissioner of Internal Revenue : 140 TC No 2

Label
Bank of New York Mellon Corp v Commissioner of Internal Revenue : 140 TC No 2
Title
Bank of New York Mellon Corp v Commissioner of Internal Revenue : 140 TC No 2
Creator
Contributor
Subject
Language
  • eng
  • eng
Summary
Judgment by the United States Tax Court dated 11 February 2013. This case involved a challenge by the IRS to a complex structured finance product involving the US bank as borrower. The structure involved an unauthorised unit trust with a UK-resident trustee so that, under provisions of UK law, UK income tax paid by the trustee on income of the trust fund was treated as income of the UK bank that subscribed for the 'C' unit in the trust, but also carried to that UK bank a credit for the tax. The UK bank claimed credit for that income tax; in the US, the US bank also claimed a foreign tax credit for the same income tax. The Tax Court denied the tax credit in the US on application of the economic substance doctrine. It also denied deduction of the expenses incurred in the transaction, and held that the investment income was US source income
Citation source
In: International tax law reports. - London. - Vol. 15 (2013),
http://bibfra.me/vocab/relation/comm
ihLwW3I1h7k
http://library.link/vocab/creatorName
Blessing, P.H
Geographic coverage
  • North America
  • European Union
Language note
English
http://library.link/vocab/relatedWorkOrContributorName
Baker, P
http://library.link/vocab/subjectName
  • case law
  • tax avoidance
  • foreign tax credit
  • trust
  • substance over form
Label
Bank of New York Mellon Corp v Commissioner of Internal Revenue : 140 TC No 2
Link
https://library.ibfd.org/custom/web/SD_PDF/scans/2013/G-I/ITLR/4_492-527.zip
Publication
Note
20130531

Library Locations

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