Tax News & Views - July 17, 2009Vol. 10, No. 35 |
Publish date:
Author
Tax Policy Group, Deloitte Tax LLP
- House taxwriters approve health care revenue package; income tax surcharge remains intact – The House Ways and Means Committee on July 17 voted 23-18 to approve a net $587.3 billion package of revenue provisions – including an income tax surcharge on certain high-income individuals and a proposed codification of the economic substance doctrine – to pay for overhauling the nation’s health care system.
- Corporation’s stock redemption payments to ESOP trust not deductible – The U.S. Court of Appeals for the Third Circuit affirmed a district court decision holding that a C corporation was not entitled to deductions under section 404(k)(1) for payments made to its employee stock ownership plan (ESOP) trust to redeem shares allocated to the accounts of ESOP participants who requested cash payouts upon the termination of their employment.
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Tax News & Views - July 17, 2009
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