Not only that, but tax experts say potentially millions of other taxpayers could benefit from his victory.
The accountant from Baxter, Minn., challenged the method the IRS has used for more than 20 years to tax shares and cash distributed by mutual life insurance firms to their policyholders when they reorganize as public companies.
A federal court recently agreed with his interpretation.
If a company distributed shares worth $30 and a recipient subsequently sold them at $32, under the IRS' view they would pay taxes on all $32. Under Ulrich's interpretation, they would owe taxes only on the $2 per share gain.
Janet Yellen, the Treasury secretary, said her agency will need to start taking “extraordinary measures”, or...
JPMorgan Chase is summoning all staff back to the office, becoming the latest corporate giant to...
US corporations and their supporters in Washington are pushing aggressively to roll back tax policies they...
