Supreme Court Hears Oral Argument in PPL Corp. v. Commissioner

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:

• Forbes, Tax Case Asks Whether IRS Flip-Flopped On Key Position
• MarketWatch, Supreme Court Hears Case on Foreign-Tax Credits
• Reuters, Supreme Court Weighs UK-Related Foreign Tax Credit Dispute

Prior TaxProf Blog coverage:

• Jacob Goldin (Ph.D. Candidate (Economics), Princeton University), Reconsidering Substance Over Form in PPL, 137 Tax Notes 1229 (Dec. 17, 2012)
• Tax Prof Amicus Brief in PPL Corp. v. Commissioner (Jan. 27, 2013)
• Michael Knoll (Pennsylvania), Economic and Legal Arguments in PPL v. Commissioner (Feb. 15, 2013)