MoFo New York Tax Insights

Volume 10, Issue 3 (March 2019)

08 Mar 2019

Welcome to the latest issue of New York Tax Insights. In this issue, we cover:

A New York City Administrative Law Judge’s determination upholding the imposition of corporate tax on a gain realized by a corporate taxpayer from the sale of its interest in an LLC that does business in NYC but has no unitary business relationship with the corporate taxpayer. This determination is the first to address an issue that has been debated in New York for some time: whether appellate court decisions issued more than 20 years ago concerning New York’s constitutional power to tax are still valid (on page 1).

Guidance on how New York State will apply the Tax Cuts and Jobs Act’s provisions concerning mandatory deemed repatriation income, foreign-derived intangible income, and global intangible low-taxed income (on page 3).

A Tax Appeals Tribunal decision that upholds the denial of a tax credit for “qualified solar energy equipment” expenditures.The Tribunal rendered this decision despite the taxpayers’ claims that they that they had acted pursuant to Tax Department personnel’s oral advice about the applicability of the tax credit and after considering the legislative history of the statutory credit provision (on page 4).

And more (on page 6).

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