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Court slates IRS approach in Veritas litigation

December 16, 2009

In a landmark decision, the US Tax Court has addressed the fundamental issues in the valuation of cost-sharing buy-ins and slammed the approach of the Internal Revenue Service (IRS) to the case.

On December 10, the court released its opinion in Veritas Software Corp (Symantec Corp) v Commissioner, awarding victory to the taxpayer.

“This ruling is a major defeat for the IRS's attempt to enforce the prior buy-in regulations using current rules,” said Irv Plotkin, a managing director at PricewaterhouseCoopers in Boston.

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