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Stocks Can Be Taxed Like Currency, Gov't Tells High Court

Law360 (March 20, 2018, 7:19 PM EDT) -- The U.S. government urged the country’s highest court to affirm a Seventh Circuit ruling in a $13.3 million lawsuit that nonqualified stock options are taxable, saying in a brief Monday that stocks are the “practical equivalent” of currency.

Following the Supreme Court’s decision in January to review an appeal from subsidiaries of the Canadian National Railway Co., the federal government said stocks should be treated similarly to money for tax purposes since they have been used as a medium of exchange in the context of corporate...
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