Sentence examples for disallowed tax from inspiring English sources

A number of lawsuits over disallowed tax shelters been have filed by investors against the accounting and law firms that sold them, but this complaint appears unusual in that it accuses KPMG of offering favorable tax opinions for shelters sold by a rival accounting firm.

If it does not win on appeal, the company could face a maximum exposure of about $39 million in disallowed tax benefits from a 1999 transaction.

In 1996, the city put the property on its grand list, citing the state statute that disallows tax-exempt status for properties used for housing.

Clients were told by KPMG that its tax shelters were "sure win" deals with no risk, according to a suit that Joseph J. Jacoboni, a Lake Mary, Fla., software entrepreneur, filed against KPMG on April 29 after I.R.S. auditors disallowed his tax shelter and demanded millions in taxes and penalties.

The Treasury Department and the Internal Revenue Service disallowed a tax shelter yesterday that executives bought to delay taxes on exercised stock options for 15 years.

While he disallowed the tax losses, he found that Beal and Montgomery had obtained opinions from two sets of independent tax lawyers concluding that there was a greater than 50% chance that the tax losses Beal claimed would be upheld by the courts if the IRS challenged them.

The judge disallowed this tax credit.

These will now be disallowed for tax purposes except for the "moderate" entertainment of overseas buyers and clients.

Five of those banks are challenging IRS rulings that disallowed foreign tax credits generated in those transactions.

If you sell a security at a loss and buy the same or a "substantially identical" security within thirty days, the loss is generally disallowed for tax purposes.

While Tribune disclosed only recently that the Internal Revenue Service had disallowed the tax-free basis of the transactions -- with the company now estimating that the liability could be as much as $880 million -- the company reported in an S.E.C. filing at least a year ago that it could be liable for back taxes, interest and penalties because of the I.R.S. review.