Unprecedented Supreme Court Case On Unrealized Gains
Moore v. United States is a recently docketed case that the Supreme Court will hear within its 2023-24 term. While the Moores have previously lost in the 9th Circuit of Appeals Court, they remain confident in their case against the taxation of shares they have in an Indian corporation. Due to never receiving dividends from the corporation, they argue that they are being unfairly taxed on nonexistent income. However, the mandatory repatriation tax under the 2017 Tax Cuts and Jobs Act may be what stands between the Moores and their victory. On the other hand, if they do win the favor of the Supreme Court, it could mean new precedent for stakeholders in foreign corporations. If you would like a deeper dive into the case, please refer to this source: https://www.scotusblog.com/2023/06/justices-take-up-cases-on-veterans-education-benefits-and-16th-amendment/. For more tax news and updates, follow us on social media. Have any comments? We would love to hear from you.