The Resource Bank of New York Mellon Corp v Commissioner of Internal Revenue American International Group Inc v United States of America : Docket Nos. 14-704-ag (L), 14-1394-ag (XAP), 14-765-cv

Bank of New York Mellon Corp v Commissioner of Internal Revenue American International Group Inc v United States of America : Docket Nos. 14-704-ag (L), 14-1394-ag (XAP), 14-765-cv

Label
Bank of New York Mellon Corp v Commissioner of Internal Revenue American International Group Inc v United States of America : Docket Nos. 14-704-ag (L), 14-1394-ag (XAP), 14-765-cv
Title
Bank of New York Mellon Corp v Commissioner of Internal Revenue American International Group Inc v United States of America : Docket Nos. 14-704-ag (L), 14-1394-ag (XAP), 14-765-cv
Contributor
Subject
Language
eng
Summary
Judgment by the United State Court of Appeals for the second circuit, judgment date 9 September 2015. The taxpayers were US companies with overseas subsidiaries who engaged in a number of transactions that enabled them to earn foreign tax credits which they could, under US tax law, use to reduce their liability to tax in the US. The Internal Revenue Service (IRS) alleged that these transactions had had no economic substance and no genuine commercial purpose. The IRS took action against the taxpayers and the taxpayers applied for summary judgment. At the summary judgment hearing, the taxpayers argued that the economic substance doctrine did not apply to the specific foreign tax credit regime and that when assessing whether a transaction was a genuine transaction intended to be profitable, the effect of foreign taxes should not be taken into account
Citation source
In: International tax law reports. - London. - Vol. 18 (2015),
Geographic coverage
North America
Language note
English
http://library.link/vocab/relatedWorkOrContributorName
Baker, P
http://library.link/vocab/subjectName
  • case law
  • foreign tax credit
  • economic substance
  • tax avoidance
Label
Bank of New York Mellon Corp v Commissioner of Internal Revenue American International Group Inc v United States of America : Docket Nos. 14-704-ag (L), 14-1394-ag (XAP), 14-765-cv
Instantiates
Publication
Label
Bank of New York Mellon Corp v Commissioner of Internal Revenue American International Group Inc v United States of America : Docket Nos. 14-704-ag (L), 14-1394-ag (XAP), 14-765-cv
Publication

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