On May 23 the Tax Court ordered Medtronic and the IRS to file a stipulated decision stating that the resolution of Medtronic's transfer pricing case does not preclude Medtronic from seeking future foreign tax credits.
The Tax Cuts and Jobs Act (TCJA) was hastily enacted and ushered in a sea change to how the U.S. imposes tax on international operations; it was inevitable that litigation.
The U.S. government may have avoided a challenge to a controversial section 78 regulation by issuing the taxpayer a refund. In Kyocera, 1 the taxpayer challenged the validity of a regulation.