REIT Tax News - October 2024
Loper Bright standard takes hold in Varian Medical case
In the landmark case of Loper Bright v. Raimondo, the Supreme Court transferred deference in interpreting statutory ambiguity from federal agencies to the courts. Recently, the Tax Court applied this new standard in Varian Medical Systems Inc. v. Commissioner, holding that the US Treasury Department, through its regulations, overstepped its bounds by “impermissibly attempt[ing] to change an unambiguous provision of the [Section 78 dividend] statute.” This ruling highlights the immediate impact of the Loper Bright decision on how courts are approaching disputes involving the IRS and other agencies, particularly in cases where the legitimacy of regulatory interpretations is challenged. For more on Loper Bright, see our client alert.
Elizabeth Warren urges the IRS to increase scrutiny on REITs
IRS issues private letter ruling on clean energy assets to REMIC
Revised IRM on FIRPTA and REITs
Presidential discussions of REIT tax-related updates
Meet the team
To learn more about DLA Piper’s National REIT Tax practice, please contact any of our REIT Tax attorneys.
See our team snapshot and visit our REIT Tax Resource Center.