June 18, 2018
The U.S. Supreme Court on Monday turned down a Pennsylvania utility's challenge to a Third Circuit ruling that denied the company a $199 million capital loss deduction on the sale of a subsidiary.
May 29, 2018
Duquesne Light Holdings Inc. told the U.S. Supreme Court on Tuesday it should hear its $199 million tax deduction case because the Third Circuit decision that the electricity supplier is challenging deepens a circuit conflict and because the regulations in existence in 2002 and 2003 expressly allowed those deductions.
May 11, 2018
The IRS has insisted further review by the U.S. Supreme Court is not warranted for a lower court's finding in support of the government in its denial of a $199 million tax deduction for a Pennsylvania-based electricity supplier, saying legal precedent was correctly applied and no circuit conflicts existed.
March 20, 2018
In denying a $199 million tax deduction when it is allowed by statute, the Third Circuit created "perverse incentives" for federal agencies to interpret their own law and violated the separation-of-powers doctrine, the Cato Institute argued in a Supreme Court amicus brief Monday.
March 05, 2018
A Pennsylvania-based electricity supplier has asked the U.S. Supreme Court to review the Third Circuit's decision to deny it a $199 million tax deduction, saying that the lower court has effectively authorized the IRS to take actions contradicting the agency's own rules.