Tax,
9th U.S. Circuit Court of Appeals
Nov. 23, 2022
Circuit upholds direct tax on unrealized gains, dissenters say
Four conservative judges dissented from the decision not to reconsider the case en banc, arguing that the 9th Circuit court has become the first in the country to allow such unrealized gains to be taxed.
The 9th U.S. Circuit Court of Appeals on Tuesday upheld the constitutionality of a provision in the Tax Cuts and Jobs Act of 2017 that requires a one-time payment of taxes from earnings of controlled foreign corporations.
But four conservative judges dissented from the decision not to reconsider the case en banc, arguing that the court has become the first in the country to allow such unrealized gains to be taxed.
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