Exclusive: IRS responds to Xilinx petition for rehearing
October 06, 2009
The commissioner for Internal Revenue has lodged the IRS’ response to the petition for rehearing in the landmark Xilinx case.
The ultimate outcome of the case is one of the the most anticipated in transfer pricing litigation history. In this 32 page response, the IRS declares that a rehearing should be denied.
The retort is based on three main points of argument.
First, that “rehearing on the basis of “exceptional importance” – the only ground proffered by Xilinx – is not warranted.” The IRS cites case law to say that exceptional importance is not sufficient basis for rehearing; rather, it must be accompanied by the need to correct an erroneous judgment.
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