Determining voting power under section 1504(a)(2)

Article Abstract:

The IRS has replaced the mechanical 80%-voting-power standard for determining whether a corporation is part of an affiliated group with a facts-and-circumstances test, according to IRS Technical Advice Memorandum 9452002. The taxpayer had argued that the test to apply to determine voting control under IRS section 1504(a)(2) should be applied mechanically. The IRS disagreed, asserting that the test should also consider whether voting rights are subject to any restrictions that would limit control.

Proxy

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Determining E&P after a spin-off

Article Abstract:

The authors discuss a 1996 Court of Federal Claims case I U International v. United States where the court determined issues concerning earnings and profits allocation and resultant stock bases in IRC section 355 corporate divestitures for purposes of consolidated tax returns. The court did not provide a complete analysis of the issues.

Profit, Accounting and auditing, Basis (Taxation)

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Allocation of E&P in a spin-off by a consolidated group

Article Abstract:

The authors examine new developments in the allocation of earnings and profits in spin-offs by consolidated groups. Topics include the best methods for allocating earnings and profits and the proper use of the relative fair market value allocation method. Suggested changes in applicable regulations are included.

Corporate profits

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