CCH TAX NEWS HEADLINES - OCTOBER 11, 2011 FEDERAL TAX HEADLINES _Foreign Tax Credit Transaction Lacked Business Purpose and Economic Substance; Refund Claim Denied (Pritired 1, LLC, DC Iowa)_
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Posted on _10/11/2011_
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by _CCH_
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A limited liability company (LLC) taxed as a partnership was not entitled to foreign tax credits (FTC) disallowed by a Notice of Final Partnership Administrative Adjustment (FPAA) and, therefore, was not entitled to a tax refund. The claimed FTCs arose ? _Continue reading ?_
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Posted in _Federal Tax Headlines_
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STATE TAX HEADLINES _Missouri ~ Multiple Taxes: House Approves Economic Development Legislation_
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Posted on _10/11/2011_
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by _CCH_
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The Missouri House of Representative has given its approval to legislation (S.B. 8) that would cut corporate taxes and create new income tax and sales and use tax incentives to attract businesses and jobs to the state. Missouri?s corporate income ? _Continue reading ?_
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Posted in _State Tax Headlines_
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_California ~ Personal Income Tax: Conformity to Specified Provisions of Patient Protection and Affordable Care Act Enacted_
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Posted on _10/11/2011_
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by _CCH_
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Legislation conforms California personal income tax law to specified provisions of the federal Patient Protection and Affordable Care Act (PPACA) of
2010. Provisions of the bill concerning sales and use and miscellaneous taxes are reported in a separate story (TAXDAY, ? _Continue reading ?_
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Posted in _State Tax Headlines_
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_All States ~ Sales and Use Tax: SST Board Debates Alternatives to Main Street Fairness Act_
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Posted on _10/11/2011_
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by _CCH_
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With remote collection authority legislation stalled in Congress, the Streamlined Sales Tax (SST) Governing Board debated how to proceed during its fall annual meeting in Seattle, October 5-6, 2011. The board considered alternative approaches to achieving its goal, including amending ? _Continue reading ?_
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Posted in _State Tax Headlines_
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