| Appeal Brief Filed in TEFRA Disallowance Case |
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10/30/2009 |
The appelants' opening brief has been filed in Jerome R. Vainisi , et al. v. Commissioner of Internal Revenue, the landmark case regarding the TEFRA Disallowance for S corporation financial institutions.
The brief, drafted by Debra Koenig of the Milwaukee-based law firm Godfrey & Kahn, SP, is the first step in efforts to overturn the US Tax Court’s decision that that banks owned by S corporations must apply the TEFRA disallowance (thereby reducing interest expense deductions) in all tax years (rather than just the first three years).
The Subchapter S Bank Association, in partnership with the Community Bankers Associations of Iowa, Illinois and Wisconsin, the Council of Community Banking Associations, The Independent Community Bankers of America, Independent Bankers Association of Texas and the Wisconsin Bankers Association, has led the efforts in raising funds for the appeal.
To view the full text of the brief submitted to the 7th Circuit Court of Appeals, please click here.
If you are interested in supporting the Subchapter S Bank Association in the appeal of the case, please click here to download a contribution form. |
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