Swallows Holding, Ltd. - Page 143

                                        -99-                                          
          application by the courts of a foreign corporation filing                   
          deadline for purposes of the predecessor of section 882(c)(2).              
               Section 1.882-4(a)(2) and (3)(i) and (ii), Income Tax                  
          Regs., reflects the Commissioner’s and the Secretary’s                      
          consistent and similar conclusion.  The specific foreign                    
          corporation tax return filing deadline that is reflected in the             
          regulation incorporates aspects of the judicially crafted                   
          deadline, is flexible to take into account unusual situations,              
          but also is modestly tightened up to reflect updated tax                    
          administration concerns relating to foreign corporate tax                   
          compliance.                                                                 
               For the reasons stated, I respectfully dissent from this               
          Opinion which invalidates section 1.882-4(a)(2) and (3)(i),                 
          Income Tax Regs.                                                            
               HOLMES, J., agrees with this dissenting opinion.                       




















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