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Home / Opinion Digests / Taxation – Taxable Event – Sale of Business Interest (access required)

Taxation – Taxable Event – Sale of Business Interest (access required)

A consulting partner’s sale of his interest in a subsidiary of Ernst & Young LLP was a fully taxable event in the year 2000, and the 4th Circuit upholds the government’s demand for repayment of an erroneous tax refund to the partner. Applying a two-part test under Gen. Ins. Agency Inc. v. Comm’r, 401 F.2d 324 ...