Tax Update Blog: Permalink
« Previous · Tax Update Blog Home · Next »
IRS bags a Deere
October 23, 2009
Ag implement giant and big local employer Deere & Company had a bad day in Tax Court yesterday, likely costing it millions in research credits.
The research credit rules reward taxpayers who increase their R&D expenses as a percentage of their sales. Deere argued that it could leave revenue from overseas divisions out of the gross receipts calculations. The IRS thought otherwise, and the Tax Court sided with the IRS.
The decision covered fiscal years ending in 1997 through 2001, showing just how long it can take a big corporate tax case to move through the system -- not even counting a possible appeal to the Seventh Circuit.
Cite: Deere & Company, 113 T.C. No. 11.
Bookmark: del.icio.us • Digg • reddit
TrackBack
TrackBack URL for this entry:
http://www.rothcpa.com/mt/contages.cgi/1157
Tax Updates
Subscribe to Tax Updates
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not neccesarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to
Search Tax Updates
Friends and Neighbors
Economics Nerds
Hard-Core Tax Nerds
Gigablogs
Insurance Folk
Goners
Legislation
Tax Update Data Feeds
