CCH TAX NEWS HEADLINES - OCTOBER 13, 2011

CCH TAX NEWS HEADLINES - OCTOBER 13, 2011 _Tax Court Lacked Jurisdiction over Corporation?s Overpayment Interest Claim (Sunoco Inc., CA-3)_

Posted on _10/13/2011_ by _CCH_ The Tax Court lacked jurisdiction to determine additional overpayment interest on overpayments the IRS refunded or credited to a corporation before it filed its Tax Court petition. The corporation?s claim for overpayment interest was a general monetary claim against the ? _Continue reading ?_ _Continue reading ?_ _Continue reading ?_ _Continue reading ?_ Posted in _Federal Tax Headlines_ | _Leave a comment_ _Nonacquiescence Recommended in Ruling Precluding Gross Valuation Misstatement Penalty When Deduction Disallowed in Whole (AOD-2011-02)_ Posted on _10/13/2011_ by _CCH_ The IRS Chief Counsel has recommended nonacquiescence in the ruling in M.W. Keller, CA-9, 2009-1 USTC ¶50,246. That case held that a gross valuation misstatement penalty under Code Sec. 6662(h) could not be applied where a tax deduction was disallowed ? _Continue reading ?_ _Continue reading ?_ _Continue reading ?_ _Continue reading ?_ Posted in _Federal Tax Headlines_ | _Leave a comment_ _House, Senate Approve Trade Pacts_ Posted on _10/13/2011_ by _CCH_ The House and Senate on October 12 approved trade pacts with Colombia, Panama and South Korea that alter the payment of corporate estimated taxes to offset lost revenues due to lower tariffs. The House also approved the Trade Adjustment Assistance ? _Continue reading ?_ _Continue reading ?_ _Continue reading ?_ _Continue reading ?_ Posted in _Federal Tax Headlines_ | _Leave a comment_ STATE TAX UPDATES

_North Carolina ~ Corporate Income Tax: Department Issues Guidance Regarding New Combined Reporting Provisions_

Posted on _10/13/2011_ by _CCH_ The North Carolina Department of Revenue has issued two important notices to provide guidance and clarification regarding legislation that revised the procedures by which the department may require unitary group members to file a combined report or otherwise eliminate intercompany ? _Continue reading ?_ _Continue reading ?_ _Continue reading ?_ _Continue reading ?_ Posted in _State Tax Headlines_ | _Leave a comment_ _California ~ Corporate Income Tax: Issuance of Chief Counsel Rulings for ? Doing Business? Questions Clarified_ Posted on _10/13/2011_ by _CCH_ For those unique circumstances where a putative California corporation franchise or income taxpayer is unsure whether its activities constitute ?doing business? in California under the general rule of Rev. & Tax. Code Sec.

23101(a), the Franchise Tax Board (FTB) will ? _Continue reading ?_ _Continue reading ?_ _Continue reading ?_ _Continue reading ?_ Posted in _State Tax Headlines_ | _Leave a comment_