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Nebraska Supreme Court Affirms Denial of “Deemed Dividend” Deduction For IRC §965 Income

By and 4 Mins Read

The one-time IRC §965 income inclusion for untaxed foreign earnings generated by a controlled foreign corporation (“CFC”) is not eligible for deduction from Nebraska taxable income as a “deemed dividend” according to a recent Nebraska Supreme Court decision, Precision Castparts Corp. v Nebraska Dept. of Revenue, 317 Neb. 481 (2024). Precision Castparts Corp. (“Taxpayer”), an aerospace component manufacturer, sought a declaratory order from the Nebraska Department of Revenue (“Department”) authorizing the company to amend its…

Massachusetts Court Takes A Bite Out of Cookie Nexus

By and 5 Mins Read

The Massachusetts Supreme Judicial Court held that an online retailer was not required to collect and remit the state’s sales and use tax prior to the United States Supreme Court’s 2018 decision in South Dakota v. Wayfair because its use of apps, cookies, and content delivery networks (CDNs) did not create “physical presence” nexus, as required prior to the Wayfair decision, and the Wayfair “economic nexus” standard could not apply retroactively. U.S. Auto Parts Network,…

Maryland State Judge Strikes Down Digital Ad Tax

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On October 17, 2022, a Maryland state judge in the Circuit Court of Anne Arundel County struck down the state’s Digital Advertising Tax (“Digital Ad Tax”) as violating the Internet Tax Freedom Act (“ITFA”) and the Commerce Clause and First Amendment of the U.S. Constitution.  Comcast of California/Maryland/Pennsylvania/Virginia/West Virginia LLC, et al. v. Comptroller of the Treasury of Maryland, Case No. C-02-CV-21-000509 (Md. Cir. Ct. Anne Arundel Cnty.).  The judge issued her ruling from the…

Hopping On the Bandwagon: New Jersey Division of Taxation Unveils Voluntary Transfer Pricing Initiative

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New Jersey is the latest state to unveil a voluntary initiative to examine transfer pricing for taxpayers with intercompany transactions.  The initiative is similar to recent programs in North Carolina, Indiana, and Louisiana (see our prior coverage here and here, as well as our prior coverage of the Multistate Tax Commission’s ongoing transfer pricing collaboration and enforcement initiatives). The New Jersey Division of Taxation published guidance outlining the voluntary transfer pricing initiative last week (NJ…

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