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.

Tagged with: Taxation

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.

Tagged with: Real Property Taxation

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.

Tagged with: Environmental Taxation

Jones v. Comm’r of Internal Revenue A wife legally separated from her husband waited too long to contest her liability on their joint tax return, and the 4th Circuit reverses a Tax Court decision that invalidated the IRS regulation that imposes a two-year statute of limitations on equitable relief for an “innocent spouse.”

Tagged with: Taxation

R.H. Donnelly Corp. v. U.S. (Lawyers Weekly No. 11-01-0354, 13 pp.) (Wilkinson, J. ) No. 10-1365, March 31, 2011; USDC at Raleigh (Boyle, J.) 4th Cir. Click here for the full text of the opinion. Holding: Saying it takes “real ...

Tagged with: Corporate Taxation

In re: Appeal of Marathon Holdings LLC. (Lawyers Weekly No. 11-07-0338, 8 pp.) (Linda Stephens, J.) Appealed from the Property Tax Commission. N.C. App. Click here for the full text of the opinion. Holding: The Property Tax Commission did not ...

Tagged with: Constitutional Taxation

Pendergraph v. North Carolina Department of Revenue. (Lawyers Weekly No. 11-15-0302, 10 pp.) (John R. Jolly Jr., J.) N.C. Bus. Ct. Click here to read the full text of the opinion. Holding: The plaintiff-public employees’ retirement benefits had not yet ...

Tagged with: Contract Labor & Employment Public Employees Retirement Taxation

Cape Hatteras Electric Membership Corp. v. Lay. (Lawyers Weekly No. 11-07-0204, 26 pp.) (Robert C. Hunter, J.) Appealed from Dare County Superior Court. (Jerry R. Tillett, J.) N.C. App. Click here for the full text of the opinion. Holding: The ...

Tagged with: Dare County Public Utilities Taxation

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 . . .

Tagged with: Administrative Remedies Cabarrus County Real Property subject-matter jurisdiction Taxation

Home Concrete & Supply LLC v. U.S. (Lawyers Weekly No. 11-01-0145, 18 pp.) (Wynn, J.) No. 09-2353, Feb. 7, 2011; USDC at New Bern (Flanagan, Ch.J.) 4th Cir. Click here for the full text of the opinion. Holding: Taxpayers, including ...

Tagged with: Assessment Statute of Limitations Taxation