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No Tax On $4M Gain For Greek Mining Co., DC Circ. Affirms

Law360 (June 11, 2019, 7:31 PM EDT) -- The Internal Revenue Service again lost arguments to tax $4 million that a Greek mining company accrued after redeeming a U.S. partnership interest when the D.C. Circuit ruled Tuesday that the sale did not result in U.S.-sourced income.  

A panel of three judges unanimously upheld a July 2017 U.S. Tax Court decision finding that Grecian Magnesite Mining Industrial & Shipping Co. SA does not owe U.S. tax on the 2008 sale of its interest in Premier Chemicals LLC, a Pennsylvania-based partnership that produces and distributes magnesite. The U.S. company is now known as Premier Magnesia LLC.

The IRS had argued that...

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Appellate - DC Circuit

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Date Filed

December 18, 2017

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