Posted 12/5/2023, 12:00:00 PM
Supreme Court Hears Case on Taxing Foreign Investments Without Income
- Supreme Court hearing tax case where Justice Alito faced calls to recuse himself due to ties with lawyer David Rivkin
- Case involves whether people can be forced to pay taxes on foreign-owned companies if they did not derive income
- Charles and Kathleen Moore invested in Indian company KisanKraft but did not receive dividends, reinvested profits instead
- After 2017 law, Moores paid $15K in additional taxes and sought refund, arguing increased investment value is not taxable income
- Lower courts sided with government; Moores appealed to Supreme Court