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INDEX-DIGEST

Page

ACCOUNTING METHODS

Deduction of Amount Owed to Related Foreign Person-
Matching Principle-Validity of Reg. 1.267(a)-3.-Where for
taxable years 1991-92 petitioner X, accrual method taxpayer and
common parent of affiliated group filing consolidated income tax
returns, sought to deduct accrued but unpaid interest that X owed
to foreign parent corporation Y and another related foreign person
Z; Y and Z were bona fide residents of France, and parties stipu-
lated that U.S.-France tax treaty would have exempted payments
of accrued interest from taxes otherwise due under secs. 881 and
1442; and Commissioner argued reg. 1.267(a)-3 prevented X from
deducting interest until amounts were actually paid, Court deter-
mined, under test of Chevron U.S.A., Inc. v. Natural Res. Def. Coun-
cil, Inc., 467 U.S. 837, (1) sec. 267(a)(3) was unclear insofar as it
authorized regulations applying "matching principle" of sec.
267(a)(2) to foreign persons, and (2) reg. 1.267(a)–3 was permissible
construction of, and not manifestly contrary to, sec. 267(a)(3) (Tate
& Lyle, Inc. v. Commissioner, 103 T.C. 656, no longer followed); and
(3) reg. 1.267(a)–3 did not violate U.S.-France tax treaty art. 24(3).
Square D Co. & Subs. v. Commissioner.

ADDITIONS TO TAX

See UNITED STATES TAX COURT.

BANKRUPTCY

See UNITED STATES TAX COURT.

CAPITAL GAIN OR LOSS

See INCOME.

COLLECTION OF TAXES

Appeals Office Hearing After Final Notice of Intent To
Levy-Request for Verification of Assessment-Sec. 6673
Penalty.-Where after hearing Commissioner issued notice of
determination to proceed with collection of petitioner's 1996 tax;
Appeals officer had relied on Form 4340 in stating "Assessments
were made" and provided petitioner with copy but did not provide
copy of manually prepared Form 23C, Assessment Certificate-
Summary Record of Assessments, which had been replaced by com-
puter-generated Revenue Accounting Control System Reporter 006

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