OrbitaxU.S. Tax Court Holds Foreign Corporations May Lose Right to Deductions for Failing to File Return before IRS Prepares Substitute Return
|Approved Changes|United States
The U.S. Tax Court has issued its decision in the case of Adams Challenge (UK) Limited v. Commissioner of Internal Revenue. The case concerns claims by the UK company for deductions and credits with respect to income earned in connection with a U.S. trade or business by the UK company for 2009 and 2010. For the years concerned, the UK company did not file Federal income tax returns until Febru…
Continue Reading
