The Supreme Court has added a new tax case to its docket for the 2023-24 term: Moore v. United States. As a result, the Court will consider whether a relatively new tax—the "mandatory repatriation tax"—created under a provision of the 2017 Tax Cuts and Jobs Act is unconstitutional under the Sixteenth Amendment.
The case could have significance for future taxes, including the much-discussed tax on unrealized gains aimed at the uber-wealthy.
The petitioners, Charles and Kathleen Moore, own a 13% stake in an Indian corporation, KisanKraft Machine Tools Private Limited, formed by a friend of theirs, to supply affordable equipment to small farmers in poor regions of India. They made the investment—worth about $40,000—in 2005.
Supreme Court Will Hear Case Targeting Tax On Unrealized Gains
- by: Kelly Phillips Erb
- 06-26-2023
- Source:
Forbes
- 06/28/2023
The front façade of the Supreme Court of the United States in Washington, DC. by Ian Hutchinson is licensed under Unsplash unsplash.com
The front façade of the Supreme Court of the United States in Washington, DC. by Ian Hutchinson is licensed under Unsplash unsplash.com
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