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Taxation – Real Property – Civil Practice – Standing – Fair Market Value
Taylor v. Aiken County Assessor Although plaintiff did not buy the real property at issue until a foreclosure sale on Sept. 7, 2010 and so did not own it when the 2010 tax was assessed as of Dec. 31, 2009, plaintiff has standing to challenge the 2010 property tax assessment as a person whose property is subject to the property tax under S.C .Code Ann. §§ 12-60-30(22) and 12-60-2510(A)([...]
Taxation – Real Property – Civil Practice – Standing – Fair Market Value
Taylor v. Aiken County Assessor Although plaintiff did not buy the real property at issue until a foreclosure sale on Sept. 7, 2010 and so did not own it when the 2010 tax was assessed as of Dec. 31, 2009, plaintiff has standing to challenge the 2010 property tax assessment as a person whose property is subject to the property tax under S.C .Code Ann. §§ 12-60-30(22) and 12-60-2510(A)[...]
Taxation – Real Property – Valuation Date – Highest & Best Use
Charleston County Assessor v. LMP Properties, Inc. S.C. Code Ann. § n 12-43-215 states merely that any adjustments to a property's value must be "based on the market values of real property as they existed in the year that the equalization and reassessment program was conducted...." The statute is silent on the date to be used for determining the highest and best use of the property. Acc[...]
Taxation – Real Property – Exempt Corporation – Purchase Date
Hampton Friends of the Arts v. South Carolina Department of Revenue Since the real property at issue was owned by a non-exempt entity – and was therefore subject to taxation – on Dec. 31, 2007, the property was not exempt from 2008 property taxes, despite the fact that it was purchased by a non-profit corporation in March 2008, before the taxes were levied.
Taxation – Public Utilities – ‘Telephone Company’ – Cell Phone Service Providers – Statutory Ambiguity
Alltel Communications, Inc. v. South Carolina Department of Revenue S.C. Code Ann. § 12-20-100 imposes higher license fees on certain companies, including every “telephone company.” Since the statute does not define “telephone company”, it is ambiguous. We construe the ambiguity in favor of the petitioner-taxpayers – cellular telephone service providers – and rule that the st[...]
Taxation – Criminal Practice – Tax Evasion – Pastors – Underreported Income
U.S. v. Jinwright A couple who served as co-pastors of a North Carolina church are convicted of tax evasion for omitting millions of dollars of taxable income from their jointly filed tax returns; the 4th Circuit rejects the taxpayers’ claims that they did not “knowingly” underreport their income.
Taxation – Real Property – Rate – Residence – Summer Rental
Ford v. Beaufort County Assessor Since petitioners rented out their Hilton Head home for more than 14 days a year, the respondent-assessor properly taxed their home at the rate applicable to rental property rather than at the lower rate applicable to residences.
Taxation – Corporate – Business Sale – Back Taxes – Buyer’s Obligation
Starnes v. Comm’r of Internal Revenue Four former owners of a trucking business who sold their stake to a company that in turn sold it to another buyer, without following through on an agreement to pay taxes the former owners owed on the sale proceeds, do not have to pay the back taxes to the IRS; the 4th Circuit upholds a Tax Court decision that the IRS could not collect from the forme[...]
Taxation – Subdivision Association – Parking Lot & Beach Club – Net Income – Private Interests
Ocean Pines Ass’n Inc. v. Comm’r of Internal Revenue A tax-exempt subdivision association must pay taxes on net income from two parking lots and a beach club that benefit the private interests of association members rather than the general public; the 4th Circuit affirms the Tax Court judgment, as the income is not “substantially related” to the association purpose of promoting so[...]
Taxation – Burden of Proof — Multi-State Corporation – Gross Receipts Method – Alternative Method
CarMax Auto Superstores West Coast, Inc. v. South Carolina Department of Revenue The Department of Revenue first bears the burden of proving the gross receipts formula does not fairly represent the plaintiff-taxpayer’s business activity in South Carolina. Second, the Department bears the burden of proving that its alternative accounting method is reasonable and more fairly represents th[...]
Taxation – Constitutional – Commerce Clause – Multistate Business – Expense Allocation – Matching Principle
Emerson Electric Co. v. South Carolina Department of Revenue Where the taxpayer’s income was allocated to its principal place of business, Missouri, then the taxpayer’s related expenses were properly allocated to Missouri also.
Taxation – Accounting Method – Credit Card Company – Late Fees
Capital One Financial Corp. v. Comm’r of Internal Revenue The 4th Circuit says Capital One credit card company may not retroactively change its accounting method for reporting credit-card late fees on its 1998 and 1999 tax returns in order to reduce its tax liability by about $400 million, nor may it deduct the estimated costs of coupon redemption related to its MilesOne credit card pro[...]
Business Law
- Economy forces attorneys to get down to business
- Business Court judges trawl for customers
- Va. company's Web site did not subject business to personal jurisdiction in S.C., appeals panel rules
- Former running back from S.C. wins courtroom victory in contract dispute
- Contract – Government Contract – Qui Tam – False Claims Act
- Tort – Business Tort – Va. Computer Crimes Act – Trade Secrets
- Consumer Protection – FCRA – Auto Loan – Bank Accounting Errors
- Licenses & Permits – Beer & Wine Permit – Restrictive Covenant – Suitable Location
- Licenses & Permits – Veterinarian – Vaccine Maintenance
- State regulators look at car dealer accused of lying to customers
- Textile firm, railroad settle Graniteville train wreck lawsuit
- Subprime mortgage meltdown hits securities law
Commentary
- High court justices cross the line of propriety
- High court’s term was rough on big business
- The flip side of generative AI in law and how to address it
- The fight for equal educational opportunity continues
- Letter From The Editor – Working from Home
- NLRB joins FTC in taking aim at non-competes
- Supreme Court leaves key internet protection untouched
- US Supreme Court bites back at parody’s use of the First Amendment
- My goal: Provide the information that you need now
- Case study: North Carolina courts provide guidance on scope, limitations of attorney-client privilege
- A Different Ode to Pro Bono Work
- N.C. Bar Association embraces homophobia
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