How have the courts interpreted the meaning of Section 530(5) of the Tax Code?
MultiRegion, United States of America
The following excerpt is from 303 W. 42nd St. Enter. v. Internal Revenue, 181 F.3d 272 (2nd Cir. 1997):
plain language of 530 makes clear that to demonstrate a reasonable basis for the tax treatment, a taxpayer must prove that a significant segment of the industry follows a particular practice - not that every segment of the industry follows that practice." Springfield v. United States, 88 F.3d 750, 754 (9th Cir. 1996).
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