Yes, I am a nerd; it actually adds great excitement to my life to learn that today the United States Supreme Court granted cert to two taxation cases.
In the first case, Boulware v. United States, the Court will answer the question of whether a taxpayer who seeks to invoke the return of capital rule in a criminal tax case must show a contemporaneous intent to treat the corporate distribution as a return of capital.
The second case, Meadwestvaco v. Illinois Dept. of Revenue, will address the issue: Is the attempt by Illinois to tax the approximately $1 billion gain realized by Petitioner when it sold its investment in LexisNexis in 1994 (which it acquired in 1968 for $6 million and which functioned for 26 years as an independent, nonunitary business) in direct conflict with the decisions of the Court in Allied-Signal, Inc. v. Director, Division of Taxation, 504 U.S. 768 (1992), F.W. Woolworth Co. v. Taxation & Revenue Department of New Mexico, 458 U.S. 354 (1982) and ASARCO Inc. v. Idaho State Tax Commission, 458 U.S. 307 (1982) and the Due Process and Commerce Clauses of the United States Constitution?
I’m sure you’re all as excited by the news as I am. I in honor of this news, I am planning a celebratory afternoon of studying in the library.
4 comments:
Fortunately, I have a strong heart and I can hear this exciting news!!
Father
The sad thing here is that I know that you really ARE excited about this!! I remember when a certain professor told us that we would never be normal again... that we were all DEMENTED. Though I doubt that you are bouncing around like a Muppet on crack, you have proven him right.
What in the world are you talking about???????? Scrabble
Father: I am glad that your heart is strong enough to take the good news. Hopefully, your celebration of the good news was safe. If your heart is really strong I can get you copies of the legal briefs.
Linda: Yes, law school has ruined us. I am incapable of normal conversation. I am also incapable of walking down the streets of NYC without seeing lawsuits EVERYWHERE.
Scrabble: Basically, I am just speaking gibberish. Most tax statutes and almost all tax case law is simply unintelligible gibberish. However, the government continuing the confusion will provide me great job security, so I can't complain.
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