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

Resource Information

The work Bank of New York Mellon Corp v Commissioner of Internal Revenue : 140 TC No 2 represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.

Label

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

Creator

• Blessing, P.H

Contributor

• Baker, P

Subject

• foreign tax credit
• substance over form
• case law
• trust
• tax avoidance

Language

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

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Geographic coverage

• North America
• European Union

Language note

English