Why read about the R&D tax credit on the web, when you can buy the book?
Jun 9th, 2009
The United States brought suit against Arthur R. McFerrin (“McFerrin”[1] ) seeking to recover a tax credit that the government alleges was erroneously paid by the Internal Revenue Service (“IRS”) to McFerrin. After a six day bench trial, the district court held that the government had proved by a preponderance of the evidence that the [...]
ORDER GRANTING PLAINTIFF’S MOTION FOR PARTIAL SUMMARY JUDGMENT Before the Court is Plaintiff FedEx Corporation’s (“FedEx”) February 11, 2009 motion for partial summary judgment on the legal standards governing certain research tax credits FedEx claims under 26 U.S.C. § 41. More specifically, FedEx seeks summary judgment on the legal standard for the “discovery” test under [...]
May 19th, 2009
// In this tax appeal, we consider whether the trial court properly interpreted and applied the terms and provisions of General Statutes §§ 12-217ee[1] and 12-217n,[2] which concern business tax credits for certain research and development expenses. The plaintiff, Achillion Pharmaceuticals, Inc., appealed to the Superior Court, pursuant to General Statutes § 12-237,[3] from the [...]
PER CURIAM. {¶ 1} This case presents a statute-of-limitations question. When a corporate franchise taxpayer claims a tax credit for creating new jobs in Ohio, it does so by filing a refund claim under R.C. 5733.12(B). This case asks when the three-year limitations period for filing such a claim begins to run. The Tax Commissioner [...]
Mar 11th, 2009
In Union Carbide Corporation and Subsidiaries v. Commissioner, T.C. Memo. 2009-50 (2009), the U.S. Tax Court examined the taxpayer’s research tax credits. The taxpayer determined its research tax credits to be $18 million. The IRS conceded these amounts in a negotiated settlement; however, the taxpayer believed it was entitled to an additional $8 million in [...]
Mar 10th, 2009
Respondent determined deficiencies in petitioner’s Federal income tax of $20,481,520 and $140,732,254 for 1994 and 1995, respectively. In its petition, as amended, petitioner alleges that it is entitled to additional research credits under section 41 [1] of approximately $3,656,091 and $4,726,664 for 1994 and 1995, respectively (claimed credits). [2] The claimed credits are based on [...]
Jan 1st, 2009
Tax credit for qualified research expenses (a) As used in this Code section, the term: (1) “Base amount” means the product of a business enterprise’s Georgia gross receipts in the current taxable year and the average of the ratios of its aggregate qualified research expenses to Georgia gross receipts for the preceding three taxable years [...]
Oct 3rd, 2008
President Bush signed HR 1424 into law to extend the research tax credit. Since first enacted in 1981, the research tax credit has never been made a permanent part of our tax law. This most recent extension is valid for expenses paid or incurred on or before December 31, 2009. The law also increased the [...]
Jul 3rd, 2008
The Social Science Research Network (SSRN) website has posted an article by a tax attorney that explains how business mergers and dispositions impact research tax credits. The paper provides an excellent overview of this complex and important area of law. The article can be downloaded directly from the SSRN website.