As has been discussed in previous posts, Monte Silver, a U.S. tax lawyer based in Israel launched an important challenge to the legality in how the S. 965 transition tax regulations impacted Americans abroad who owned small business corporations. The challenge included the claim that Treasury had failed to meet its statutory obligations as prescribed under the Regulatory Flexibility Act. lawsuit has been discussed in previous posts. The bottom line is that Mr. Silver was unable to meet the “standing requirements” needed to pursue the lawsuit.
Important events include:
March 2023 – the cert petition:
Petition filed with the Supreme Court in Transition Tax case
To read the petition click below. The petition provide a very good analysis of what “standing” means and how the lower courts have manipulated the law to rule against us.https://t.co/pPDE0NPxO3 pic.twitter.com/AqwzITyj8v
— Monte Silver (@MonteSilver1) March 18, 2023
May 2023 – the denial of the cert petition: