The Resource Will the stars align for the STARS transactions?

Will the stars align for the STARS transactions?

Label
Will the stars align for the STARS transactions?
Title
Will the stars align for the STARS transactions?
Creator
Subject
Language
  • eng
  • eng
Summary
This article addresses three leading cases that are considering structured trust advantaged repackaged securities (STARS) transactions in the context of the economic substance doctrine. In the first two cases, Bank of N.Y. Mellon Corp. v. Commissioner and Salem Financial, Inc. v. United States, the trial courts found that the transactions at issue lacked economic substance. In the third case, Santander Holdings USA, Inc. v. United States, the court granted partial summary judgment to Santander on the question whether the Bx payments between Barclays and Santander should be accounted for as revenue in assessing whether there was a reasonable prospect of profit in the transaction. Each of these opinions is appealable to a different court of appeals, each of which has articulated a different application of the economic substance doctrine. The STARS cases are important because they will influence future foreign tax credit borrowing transactions, but their primary significance arises because they represent three different litigation outcomes arising from substantially identical facts. These cases present an opportunity to think about the proper relationships between law and equity and the proper role of the judiciary in interpreting, applying, and creating the law
Citation source
In: Tax management international journal. - Arlington. - Vol. 44 (2015),
http://library.link/vocab/creatorName
  • Mills, P.D
  • Burt, P.E
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • economic substance
  • case law
  • securities
  • foreign tax credit
Label
Will the stars align for the STARS transactions?
Link
https://library.ibfd.org/custom/web/SD_PDF/scans/2015/T/TAXMAINJ/vol.44/8_Will_the.zip
Publication
Note
20151006

Library Locations

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