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.
In FedEx, 1 the U.S. District Court for the Western District of Tennessee invalidated reg. section 1.965-5(c)(1)(ii) and granted FedEx a tax refund of $89 million for improperly denied foreign tax credits.
Watch Foley Hoag partner Jesse Alderman participate in a hearing with the PA senate law and justice committee on adult-use marijuana where he discusses recommendations and best practices for future legislation. View the video.