Ill. Car Dealership Can't Escape $5M Sales Tax Liability

Law360, Washington (March 28, 2017, 1:58 PM EDT) -- The Illinois Independent Tax Tribunal rejected a car dealer’s effort to wriggle free from a $5 million tax bill based on cash-back payments given to customers for vehicle trade-ins, finding that the payments should have reduced the valuation of trade-in credits the dealer deducted from its tax liability.

The tribunal rejected Motor Werks of Hoffman Estates Inc.’s claim that Illinois sales tax regulations permitted it to deduct the full credit it gave customers for vehicle trade-ins from its tax liability between 2003 and 2010, including advance...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.