Overview
IRS Loses Motion for Summary Judgment in Mylan Inc.: The United States Tax Court denied the IRS’s motion for summary judgment in Mylan Inc. v. Commissioner, due to “substantial unresolved questions of fact.” The case involves a $104 million assessment issued by the IRS, which argued that the proceeds from the alleged sale of the drug nebivolol to an Irish company was actually a license and should be characterized as ordinary income. The taxpayer argued that it sold its rights to the drug and that the proceeds should be treated as capital gains.
FAA Spending Authorization Legislation Introduced in House: Legislation introduced today by House Transportation and Infrastructure Committee Chairman Bill Shuster (R-PA) and Ways and Means Chairman Kevin Brady (R-TX) would reauthorize the Federal Aviation Administration’s (FAA) spending authority through July 15 of this year and extend certain aviation taxes through March 31, 2017.