Good Fortune Shipping SA v. Commissioner of IRS
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July 27, 2018
IRS Loses Foreign Tax Treatment Case In DC Circ.
The Internal Revenue Service lost a fight in the D.C. Circuit on Friday when the court ruled that it unreasonably interpreted tax law to prevent Marshall Islands-based Good Fortune Shipping from proving it was entitled to a tax break based on its ownership.
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April 26, 2018
DC Circ. Questions Foreign Tax Treatment Of Bearer Shares
An international shipping company urged a D.C. Circuit panel Thursday to grant it the chance to prove it is owned predominantly by residents of other countries, despite the fact its stock is issued in hard-to-trace bearer shares.
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December 11, 2017
Shipper Can't Dodge US Tax On $3.6M, IRS Tells DC Circ.
The Internal Revenue Service urged a D.C. Circuit panel on Friday to grant it another quick win against a Marshall Islands-based shipping company over the denial of a tax exemption on $3.6 million in income, saying the company was not qualified for the exemption because it could not prove its ownership.