Timothy S. Shuman
Subscribe to Timothy S. Shuman's PostsTimothy (Tim) S. Shuman focuses his practice on corporate and international tax matters for US and non-US multinationals, with particular emphasis on domestic and cross-border acquisitions, dispositions, restructurings and liquidations. He has extensive experience in structuring spin-offs and tax-free reorganizations involving publicly traded and privately held companies, and regularly represents clients in obtaining private letter rulings and other guidance from the Internal Revenue Service (IRS). He also works on tax issues involving regulated investment companies. Read Tim Shuman's full bio.
Supreme Court Overrules Chevron, Opening Door for New Tax Reg Challenges
By Timothy S. Shuman, Susan E. Ryba, Parisa M. Griess and Samuel J. Preston on Jul 10, 2024
Posted In Court Procedure Matters
On June 28, 2024, the Supreme Court of the United States reshaped the federal tax landscape when it overturned the long-standing Chevron doctrine in Loper Bright Enterprises v. Raimondo, No. 22-451. The Chevron doctrine, a pillar of US administrative law for four decades, required courts to defer to an agency’s reasonable interpretation of an ambiguous statute even where the court...
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Federal District Court Rules Codified Economic Substance Doctrine Vitiates Tax Transaction Benefits
By Timothy S. Shuman, Kevin Spencer and Samuel J. Preston on Nov 3, 2023
Posted In Court Procedure Matters, Trial Courts
On October 31, 2023, the US District Court for the District of Colorado, in Liberty Global, Inc. v. United States, applied the codified economic substance doctrine and held—on summary judgment—that Liberty Global, Inc. (LGI) must recognize $2.4 billion in taxable gain. At issue was a four-step transaction that took place in 2018, as a result...
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Taxpayers Already Seeking to Hold Treasury and IRS to Policy Statement
By Timothy S. Shuman and McDermott Will & Emery on Mar 20, 2019
Posted In IRS Guidance, Uncategorized
On March 5, 2019, the US Department of Treasury (Treasury) issued a policy statement on the tax regulatory process. We previously wrote an article for Law360 on the policy statement, which can be accessed here. In our article, we noted the disclaimer language in the policy statement that “is not intended to, and does not,...
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Law360: Significant Changes in IRS Regulatory Process Ahead
By Timothy S. Shuman and McDermott Will & Emery on Mar 13, 2019
Posted In IRS Guidance, Uncategorized
We recently wrote an article for Law360 on the US Department of Treasury’s policy statement on the tax regulatory process. The Law360 article, “Significant Changes in IRS Regulatory Process Ahead,” can be accessed here.
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Government Files Its Brief in Auer Deference Case
By Timothy S. Shuman and McDermott Will & Emery on Feb 27, 2019
Posted In Court Procedure Matters, Tax Reform, Uncategorized
As we discussed in a prior post and in our article for Law360, the Supreme Court is poised to decide in Kisor v. Wilkie whether to overrule the Auer deference doctrine. This doctrine, which originated in the 1945 Seminole Rock case, generally affords controlling deference to an agency’s interpretation of its own ambiguous regulations. To...
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Proposed Regulations under Section 956 Provide Benefits for Corporate Taxpayers
By Bradford E. LaBonte, Lowell D. Yoder and Timothy S. Shuman on Nov 20, 2018
Posted In IRS Guidance, Tax Reform, Uncategorized
On October 31, 2018, the Internal Revenue Service (IRS) and US Department of the Treasury (Treasury) released proposed regulations (REG-114540-18) (the Proposed Regulations) that would prevent, in many cases, income inclusions for corporate US shareholders of controlled foreign corporations (CFCs) under section 956. As a result, among other considerations, the Proposed Regulations could significantly expand...
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Tax Reform Insight: US Tax Costs Significantly Reduced on Sale of CFC Stock
By Jonathan D. Lockhart, Lowell D. Yoder, Michael J. Wilder and Timothy S. Shuman on Sep 13, 2018
Posted In IRS Guidance, Tax Reform, Uncategorized
Following the 2017 Tax Act, the US tax costs to a corporate US shareholder that sells stock in a controlled foreign corporation (CFC) are significantly reduced. Beginning in 2018, the amount of gain will be generally less than in prior years and most or all such gain will frequently not be subject to any US...
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Tax Takes Video: Issues Facing CFCs
By McDermott Will & Emery, Jay M. Singer and Timothy S. Shuman on Apr 11, 2018
Posted In Tax Reform, Uncategorized
Partners Alexander Lee, Tim Shuman, Britt Haxton and Jay Singer discuss novel concerns facing CFCs in light of tax reform.
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Tax Reform Conference Committee Reaches Agreement
By McDermott Will & Emery, David G. Noren, Lowell D. Yoder, Sandra P. McGill and Timothy S. Shuman on Dec 18, 2017
Posted In IRS Guidance, Tax Reform, Uncategorized
A House-Senate conference committee has reached agreement on a compromise version of the Tax Cuts and Jobs Act, which includes substantial changes to the corporate and international business taxation rules. The stage now appears to be set for final passage and enactment of the legislation before the end of 2017. Continue Reading.
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Read the October Issue of Focus on Tax Strategies & Developments
By Sandra P. McGill, Timothy S. Shuman, McDermott Will & Emery, Alejandro Ruiz, David G. Noren, Jean A. Pawlow, Kevin Spencer, Kristen E. Hazel and Robin L. Greenhouse on Nov 1, 2017
Posted In Court Procedure Matters, IRS Guidance, State Controversy, Tax Reform, Tax Refunds, Transfer Pricing Resource, Trial Courts, Uncategorized
The October 2017 issue of Focus on Tax Strategies & Developments has been published. This issue includes five articles that provide insight into US federal and international tax developments and trends across a range of industries, as well as strategies for navigating these complex issues. Republican Leaders Release Tax Reform Framework By David G. Noren Alexander Lee M&A Tax Aspects...
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