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Tag Archives: Taxation

Taxation – Accounting Method – Credit Card Company – Late Fees (access required)

Capital One Financial Corp. v. Comm’r of Internal Revenue The 4th Circuit says Capital One credit card company may not retroactively change its accounting method for reporting credit-card late fees on its 1998 and 1999 tax returns in order to reduce its tax liability by about $400 million, nor may it deduct the estimated costs of coupon redemption related to its MilesOne credit card program before customers actually redeem those coupons.

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Taxation – Real Property – Valuation Method – Shopping Mall – Income Approach (access required)

In re Appeal of Blue Ridge Mall LLC Where the county did not use the income approach to value a shopping mall, the Property Tax Commission acted within its authority when it adopted the valuation method used by the taxpayer’s expert but lowered his capitalization rate to account for the age of a comparable property and its sale date. We affirm the commission’s valuation of the subject property at $9,461,476.

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Taxation – Environmental – Carbon Charge – County Levy – Tax Injunction Act (access required)

GenOn Mid-Atlantic LLC v. Montgomery County, Md. A Maryland county’s levy on a single “taxpayer,” an electric company, for its carbon dioxide emissions was not a “tax” that meant the district court could not hear the electric company’s challenge to the levy under the Tax Injunction Act; the 4th Circuit says that because the carbon charge was levied on a single “taxpayer” and formed part of a wide-ranging regulatory program, the district court had jurisdiction over the company’s claims.

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Taxation – Real Property – Ad Valorem Taxes – Tax Assessor – Unfinished Development – Administrative Remedies – Subject-Matter Jurisdiction (access required)

The Villages at Red Bridge, LLC v. Weisner. A taxpayer who disagreed with a tax assessor's valuation decisions and who failed to exhaust administrative remedies prescribed by statute cannot bypass the same . . .

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