Rather than construing an ambiguous tax statute against the Commonwealth, the “add-back” statute intended to close a loophole – wherein a corporate entity pays royalties to an affiliated intangible holding company – required a national retail store to count such ...

Tagged with: Administrative Business Law Corporations Justice William C. Mims Supreme Court of Virginia Taxation

The Supreme Court of Virginia upholds a trial court decision that appellant Verizon’s television set top boxes used in its cable tv business are intangible personal property not subject to local taxation under Va. Code § 58.1-1101(A)(2a); however, the trial ...

Tagged with: Justice Elizabeth A. McClanahan Supreme Court of Virginia Taxation

A taxpayer who contested his tax liability in a preassessment hearing before the IRS’s Office of Appeals is barred from raising the same issue before the same administrative unit in a Collection Due Process hearing under IRC Section 6330; the ...

Tagged with: 4th U.S. Circuit Court of Appeals Judge J. Harvie Wilkinson III Taxation

The 4th Circuit upholds a U.S. Tax Court decision that appellant company was not entitled to a tax deduction for the value of stock, issued as compensation to an executive, as a trade or business expense in 2009; the IRS ...

Tagged with: 4th U.S. Circuit Court of Appeals Judge Barbara Milano Keenan Taxation

Two owners of historic “garden apartment” complexes in Arlington are not liable for taxation of their TDRs, or “transferrable development rights,” granted by the county to preserve the properties until the county also approves a “receiving site” for the TDRs; ...

Tagged with: Supreme Court of Virginia Taxation

A divided Supreme Court of Virginia upholds a commissioner of revenue’s figures for taxation of appellant refin­ery’s machinery and tools for the coun­ty’s machinery and tools tax under Va. Code § 58.2-3507(A), using a figure of 25 percent of original ...

Tagged with: Supreme Court of Virginia Taxation

The sole owner and chief executive offi­cer of an industrial construction company, who received financial information and IRS notices about the company’s failure to cover payroll taxes, and who made deci­sions about prioritizing payments to other creditors, was a “responsible ...

Tagged with: Judge James P. Jones Taxation U.S. District Court - Western District

Although the city of Richmond pro­vides a “Partial Exemption” under its Tax Abatement for Rehabilitated Real Estate Program, that Partial Exemption does not apply to an annual “special district tax” in the city district where appellant developer rehabilitated the old ...

Tagged with: Supreme Court of Virginia Taxation

The Supreme Court of Virginia upholds a decision that Va. Code § 58.1-3814(H) does not permit a locality to impose a tax on nat­ural gas consumed by the utility VEPCO for the sole purpose of generating electricity. Appellee VEPCO operates ...

Tagged with: Justice William C. Mims Supreme Court of Virginia Taxation

Some time ago we received a call from an attorney who was afraid he might be facing a lawsuit for caus­ing a client to lose the $250,000 federal tax exemption on the sale of the client’s principal residence. It seemed ...

Tagged with: Taxation Wills & Trusts