Thursday, February 21, 2013
The U.S. Supreme Court yesterday heard oral argument in PPL Corp. v. Commissioner, Docket No. 12-43 (Third Circuit's opinion here). The issue presented is:
Whether, in determining the creditability of a foreign tax, courts should employ a formalistic approach that looks solely at the form of the foreign tax statute and ignores how the tax actually operates, or should employ a substance-based approach that considers factors such as the practical operation and intended effect of the foreign tax.
The transcript of the oral argument is here. Allison Christians (McGill) previews the oral argument on SCOTUSBlog. Press coverage of the oral argument:
Prior TaxProf Blog coverage: