The Resource Foreign corporation not taxable on redemption of partnership interest : Tax Court rejects Rev. Rul. 91-32
Foreign corporation not taxable on redemption of partnership interest : Tax Court rejects Rev. Rul. 91-32
Resource Information
The item Foreign corporation not taxable on redemption of partnership interest : Tax Court rejects Rev. Rul. 91-32 represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation.This item is available to borrow from 1 library branch.
Resource Information
The item Foreign corporation not taxable on redemption of partnership interest : Tax Court rejects Rev. Rul. 91-32 represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation.
This item is available to borrow from 1 library branch.
- Summary
- In Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Commissioner, the Tax Court held that the capital gain recognized by the taxpayer, a Greek corporation, upon the redemption of its interest in a U.S. limited liability company classified as a partnership, is not taxable, because such gain is not effectively connected with the conduct of a trade or business in the United States (effectively connected income). In so holding, the Tax Court rejected Rev. Rul. 91-32, 1991-1 C.B. 107 , which holds otherwise on similar facts. the authors discuss the case
- Language
- eng
- Label
- Foreign corporation not taxable on redemption of partnership interest : Tax Court rejects Rev. Rul. 91-32
- Title
- Foreign corporation not taxable on redemption of partnership interest : Tax Court rejects Rev. Rul. 91-32
- Language
- eng
- Summary
- In Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Commissioner, the Tax Court held that the capital gain recognized by the taxpayer, a Greek corporation, upon the redemption of its interest in a U.S. limited liability company classified as a partnership, is not taxable, because such gain is not effectively connected with the conduct of a trade or business in the United States (effectively connected income). In so holding, the Tax Court rejected Rev. Rul. 91-32, 1991-1 C.B. 107 , which holds otherwise on similar facts. the authors discuss the case
- Citation source
- In: Tax management international journal. - Arlington. - Vol. 46 (2017), no. 8 ; 10 p
- http://library.link/vocab/creatorName
-
- Miller, M.J
- Brody, E.S
- Geographic coverage
- North America
- Language note
- English
- http://library.link/vocab/subjectName
-
- case law
- foreign company
- source of income
- effectively connected income
- capital gains tax
- Label
- Foreign corporation not taxable on redemption of partnership interest : Tax Court rejects Rev. Rul. 91-32
- Label
- Foreign corporation not taxable on redemption of partnership interest : Tax Court rejects Rev. Rul. 91-32
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/portal/Foreign-corporation-not-taxable-on-redemption-of/7KwYwDGcKp8/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/portal/Foreign-corporation-not-taxable-on-redemption-of/7KwYwDGcKp8/">Foreign corporation not taxable on redemption of partnership interest : Tax Court rejects Rev. Rul. 91-32</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>
