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Supreme Court Shouldn’t Take Loan Guarantee Tax Case, IRS Says

Dec. 3, 2019, 5:36 PM

There is no reason for the U.S. Supreme Court to review the treatment of loan guarantees by controlled foreign corporations as taxable income, the IRS said in a court filing.

A Delaware-based partnership in September asked the high court to review a Third Circuit decision upholding the IRS’s determination that the partnership should have included about $380 million in its taxable income for 2007-08. The partnership, SIH Partners LLLP, argued that the Third Circuit’s opinion was “serious flawed” and in conflict with several other appellate courts.

The IRS, in a Dec. 2 brief, argued the partnership’s arguments have no...

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