If the U.S. government allows a taxpayer to call a liability an asset and then acts to make the asset worthless, can the taxpayer take a tax loss for the loss of the so-called asset? The Citigroup, Inc. v. United States, No. 15-953T (Ct. Cl. 2018) court case addresses this fact pattern. The case gets to one […]
The post Court May Explain How to Allocate Tax Basis to Intangible Assets appeared first on Houston Tax Attorneys: Mitchell & Patel.