A Ohio district court ruling which found that online travel companies (OTCs) were not liable for local occupancy taxes was upheld because the OTCs were not “vendors,” “operators,” or “hotels” within the meaning of the local ordinances and regulations.
Fee simple title to property was vested in a limited liability company that had acquired the property pursuant to a local Georgia property tax sale because the taxpayer who claimed to have an interest in the property based on tax liens on the property that she had purchased was prohibited from challenging the validity of the tax sale.
The U.S. Court of Federal Claims properly held that a former partner of a large accounting firm and his wife were not entitled to a refund of federal income taxes paid on the proceeds of the exchange of his partnership interest for shares in an acquiring company.
The IRS has issued guidance on special rules related to pension funding stabilization for single-employer defined benefit pension plans due to amendments to the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) by the Moving Ahead for Progress in the 21st Century Act (MAP-21) (P.L. 112-141 ). Code Sec. 430 specifies the minimum funding requirements applicable to such plans. Code Sec. 430(h)(3) sets forth interest rates to be used in calculating the minimum required contribution, which are either a set of three segment rates or, alternatively, a full yield curve.