§78 — Gross up for deemed paid foreign tax credit

2244, 2273 (2024), overruling Chevron, U.S.A., Inc.

(That distinction wouldn’t matter here, because general authority tax regulations are intended to have the force of law.) -139- and the rule is that we are bound to follow the cases that more directly control until and unless they are expressly overruled.

2000e- (continued...) - 8 - [*8] Appeals in its current form exists pursuant to section 7804(a), which provides: SEC.

We hold that petitioner's elections for 1980, 1981, and 1982 were untimely.

78j(b) ((authorizing “rules and regulations as the [SEC] Commissioner may prescribe as necessary or appropriate”)); Am. Hospital Assn. v. NLRB, 499 U.S. 606 (1991) (issued under 29 U.S.C. sec. 156 ((“authority from time to time to make, amend, and rescind * * * such rules and regulations as may be necessary”)); Sullivan v. Everhart, 494 U.S. 8

78p(b)(2000)), “such person’s rights in such property are (A) subject to a substantial risk of forfeiture, and (B) not transferable.” Sec. 83(c)(3) does not apply beyond the initial 6-month period provided in sec. 16(b) of the Securities Exchange Act of 1934. Tanner v. Commissioner, 117 T.C. 237, 245-256 (2001), affd. 65 Fed. Appx. 508 (5th Ci

On its original 1980 return, petitioner included $17,945,227 of section 78 gross-up income and claimed a deduction in the same amount.

Section 199A(c)(1)—the specific paragraph referenced in section 199A(b)(4)(B)—provides: In general.—The term “qualified business income” means, for any taxable year, the net amount of qualified items of income, gain, deduction, and loss with respect to any qualified trade or business of the taxpayer. Such term 9 shall not include any qu

on 902(a) provided: [A] domestic corporation which owns 10 percent or more of the voting stock of a foreign corporation from which it receives dividends in any taxable year shall be deemed to have paid the same proportion of such foreign corporation’s post-1986 foreign income taxes as— (1) the amount of such dividends (determined without regard to section 78), bears to (2) such foreign corporation’s post-1986 undistributed earnings.

§ 78p(b); see also Strom, 641 F.3d at 1056 (“Section 16(b) of the Securities Exchange Act of 1934 . . . is a prophylactic rule prohibiting corporate insiders from profiting on ‘short-swing’ securities trades—specifically, on a purchase and a sale of their company’s securities made within any period of less than six months.”). 24 Treasury Regulation

Election to Deduct Foreign Taxes Because we decide against Liberty Global with respect to both its arguments under section 904(f)(3), it alternatively wishes to deduct its foreign taxes under section 164(a)(3), which it says will also cause the reversal of income recognized for its 2010 tax year under section 78.17 The Commissioner has conceded that Liberty Global may deduct its foreign taxes in lieu of claiming a foreign tax credit.

A national securities exchange is defined as any exchange registered pursuant to 15 U.S.C. § 78f. 17 C.F.R. § 242.600(b)(45) (2005). In 2006 petitioner launched the predecessor to BZX, an exchange that used maker-taker pricing. See infra Section V.B.3. Transaction Fees. Petitioner launched BATS Options as part of BZX in 2010. BA

§ 78j(b)], and Rule 10b- 5(a) and (c) promulgated thereunder [17 C.F.R. § 40.10b-5(a) and (c)]; b) orders Defendant to pay disgorgement in the amount of $411,421.98, plus prejudgment interest thereon in the amount of $27,203.92; and c) orders Defendant to pay a civil penalty in the amount of $200,000 under Section 20(d) of the Securities Act [15 U.

§§ 78a–78pp); Fleischer v. Commissioner, T.C. Memo. 2016- 238, at *3 n.2. 4 [*4] and Mr. Makov, through Presidio and Presidio Growth, began marketing a tax shelter strategy known as BLIPS. II. BLIPS Each BLIPS investment involved the formation of a Strategic Investment Fund (SIF), of which investors owned about 90% and Presidio Growth owned an inte

471 (1982); Golanty v. Commissioner, 72 T.C. at 426; sec. 1.183-2(b), Income Tax Regs. In this case, some ofthe factors do not apply or are neutral. Forms W-2G and other casino records establish, as petitioner claims, that he gambled frequently during 2014 and further that his losses substantially exceeded his winnings. A review ofthe 201

78d(a) (2012); and the Federal Election Commission, 52 U.S.C. sec. 30106 (2012); see also PHH Corp. v. Consumer Fin. Prot. Bureau, No. 15-1177 (D.C. Cir. Oct. 11, 2016). -31- the Tax Court, which by congressional design is the Federal court which decides the most taxpayer disputes with the IRS, has only some nebulous "measure of independence"

78o(a)(1) (2006).8 Section 78o(a)(1) ofthe Act provides: It shall be unlawful for any broker or dealer which is either a person other than a natural person or a natural person not associated with a broker or dealer which is a person other than a natural person (other than such a broker or dealer whose business is exclusively intrastate and who

Respondent did not reverse petitioner's section 78 income in the notices ofdeficiency.

Respondent did not reverse petitioner's section 78 income in the notices ofdeficiency.

In that return, petitioner reported dividends received of $52,486,578, of which $20 million was the • dividend that petitioner reported it received from ITC, and foreign dividend gross-up under section 78 of $18,295,867.¹² Petitioner claimed total tax (1) before foreign tax credits of $18,696,569 and (2) after foreign tax credits of $1,146,387.¹³ Schedule C, Dividends and Special Deductions (petitioner's 1993 Schedule C), of petitioner's 1993 return reported a dividend of $20 million and a forei

78p(b) (1994) (hereinafter, section 16(b)). 4 In addition, respondent disallowed a deduction of $4,900 for personal exemptions. With the addition of the “other income” of $728,000, respondent determined that petitioners had too much income to qualify for the deduction. 5 On May 25, 2000, a stipulated decision was entered dismissing the petitio

78p(b); see Gresham v. Commissioner, 79 T.C. 322, 328 (1982), affd. 752 F.2d 518 (10th Cir. 1985); Kolom v. Commissioner, supra at 237 n.3; Davis v. Commissioner, 17 T.C. 549, 550 (1951). Section 16(b), in relevant part, provides: For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner,

78p(b)), Brown v. Commissioner, 529 F.2d 609 (10th Cir. 1976), revg. T.C. Memo. 1973-275. - 15 - circumstances surrounding the related transaction in the earlier year, because of the relationship between the transactions, and it is immaterial whether such a result favors the taxpayer or the Government. Bresler v. Commissioner, 65 T.C. 182, 18

ses of this subpart, a domestic corporation which owns 10 percent or more of the voting stock of a foreign corporation from which it receives dividends in any taxable year shall be deemed to have paid the same proportion of such foreign corporation's post-1986 foreign income taxes as-- (1) the amount of such dividends (determined without regard to section 78), bears to (2) such foreign corporation's post-1986 undistributed earnings.

Under Regulation T, the margin requirements for "open" T-bill options are higher than the deposits required as margins for offsetting spread positions. It was not feasible for Merit to offer open positions, and it offered only spreads. Merit provided a private placement memorandum (PPM) to each of its T-bill option investors. This

Under Regulation T, the margin requirements for "open" T-bill options are higher than the deposits required as margins for offsetting spread positions. It was not feasible for Merit to offer open positions, and it offered only spreads. Merit provided a private placement memorandum (PPM) to each of its T-bill option investors. This

Under Regulation T, the margin requirements for "open" T-bill options are higher than the deposits required as margins for offsetting spread positions. It was not feasible for Merit to offer open positions, and it offered only spreads. Merit provided a private placement memorandum (PPM) to each of its T-bill option investors. This

Under Regulation T, the margin requirements for "open" T-bill options are higher than the deposits required as margins for offsetting spread positiorts. It was not feasible for Merit to offer open positions, and it offered only spreads. Merit provided a private placement memorandum (PPM) to each of its T-bill option investors. Thi

oses of this subpart, a domestic corporation which owns 10 percent or more of the voting stock of a foreign corporation from which it receives dividends in any taxable year shall be deemed to have paid the same proportion of such foreign corporation’s post-1986 foreign income taxes as— (1) the amount of such dividends (determined without regard to section 78), bears to (2) such foreign corporation’s post-1986 undistributed earnings.

ided by section 362 * * * shall be [one of the] additional exceptions to Rule 62(a)." Fed. R. Civ. P. 62 provides (with exceptions) that a judgment generally shall not be enforced until 10 days after its entry. 3 Norton, Bankruptcy Law and Practice, sec. 78.06 (1992) discusses the effect of Bankruptcy rule 7062 as follows: By the terms of [Bankruptcy] Code section 362(c), the automatic stay terminates at the time a bankruptcy case is dismissed. A request for dismissal of a bankruptcy case, filed

78o, became effective in July 1987. Before that time, most dealers in Treasury securities were not required to register with the Securities and Exchange Commission (SEC) or the NASD. The 1986 Act required Government securities brokers and dealers to register with the SEC and the NASD unless an exemption applied. Initially, there was uncertaint

78o, became effective in July 1987. Before that time, most dealers in Treasury securities were not required to register with the Securities and Exchange Commission (SEC) or the NASD. The 1986 Act required Government securities brokers and dealers to register with the SEC and the NASD unless an exemption applied. Initially, there was uncertaint

78m, which requires petitioners to file quarterly and annual reports with the SEC and to have the annual reports audited by an independent public auditor. C. Petitioners’ Employee Benefits Plans Before 1985, petitioners adopted various employee benefit plans for their employees. As employee benefit plan 5 administrators, petitioners are subje

78m, which requires petitioners to file quarterly and annual reports with the SEC and to have the annual reports audited by an independent public auditor. C. Petitioners’ Employee Benefits Plans Before 1985, petitioners adopted various employee benefit plans for their employees. As employee benefit plan 5 administrators, petitioners are subje

78m, which requires petitioners to file quarterly and annual reports with the SEC and to have the annual reports audited by an independent public auditor. C. Petitioners’ Employee Benefits Plans Before 1985, petitioners adopted various employee benefit plans for their employees. As employee benefit plan 5 administrators, petitioners are subje

78m, which requires petitioners to file quarterly and annual reports with the SEC and to have the annual reports audited by an independent public auditor. C. Petitioners’ Employee Benefits Plans Before 1985, petitioners adopted various employee benefit plans for their employees. As employee benefit plan 5 administrators, petitioners are subje

78m, which requires petitioners to file quarterly and annual reports with the SEC and to have the annual reports audited by an independent public auditor. C. Petitioners’ Employee Benefits Plans Before 1985, petitioners adopted various employee benefit plans for their employees. As employee benefit plan 5 administrators, petitioners are subje

78m, which requires petitioners to file quarterly and annual reports with the sec and to have the annual reports audited by an independent public auditor. C. Petitioners’ Employee Benefits Plans Before 1985, petitioners adopted various employee benefit plans for their employees. As employee benefit plan administrators, petitioners are subject

78-37-1 (1992).3 3 Utah Code Ann. sec. 78-37-1 (1992) provides: There can be one action for the recovery of any debt or the enforcement of any right secured solely by mortgage upon real estate which action must be in accordance with the provisions of this chapter. Judgment shall be given adjudging the amount due, with costs and disbursements,