The Resource Hewlett-Packard Company and Consolidated Subsidiaries v Commissioner of Internal Revenue : TC Memo 2012-135

Hewlett-Packard Company and Consolidated Subsidiaries v Commissioner of Internal Revenue : TC Memo 2012-135

Label
Hewlett-Packard Company and Consolidated Subsidiaries v Commissioner of Internal Revenue : TC Memo 2012-135
Title
Hewlett-Packard Company and Consolidated Subsidiaries v Commissioner of Internal Revenue : TC Memo 2012-135
Creator
Contributor
Subject
Language
eng
Summary
Judgment by the United States Tax Court, dated 14 May 2012. This is the first of a series of foreign tax credit generator cases currently before the US courts. This involved a transaction utilising contingent interest notes. The transaction was originally put together by AIG Financial Products Corp, the Dutch bank ABN was then brought in, and the arrangement was offered to and taken up by Hewlett Packard. The IRS denied the tax credits on several grounds. The only one decided upon by the court was whether the investment by Hewlett Packard was debt rather than equity. This issue is examined at some length by the court, by reference to 11 factors which are indicative of debt or equity. The court applied these factors and concluded that the investment was more properly seen as debt. In those circumstances, there was no entitlement to the foreign tax credit
Citation source
In: International tax law reports. - London. - Vol. 14 (2012),
http://bibfra.me/vocab/relation/comm
ihLwW3I1h7k
http://library.link/vocab/creatorName
Blessing, P.H
Language note
English
http://library.link/vocab/relatedWorkOrContributorName
Baker, P
http://library.link/vocab/subjectName
  • case law
  • foreign tax credit
  • debt
  • interest
  • SPV
Label
Hewlett-Packard Company and Consolidated Subsidiaries v Commissioner of Internal Revenue : TC Memo 2012-135
Instantiates
Publication
Label
Hewlett-Packard Company and Consolidated Subsidiaries v Commissioner of Internal Revenue : TC Memo 2012-135
Publication

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