In one of three recent decisions issued by the Texas Supreme Court involving the Texas franchise tax, the Court held that certain costs associated with the rental of heavy construction equipment could not be included in the...
Category: Blog
The Texas Supreme Court Denies a Cost of Goods Sold Deduction to a Movie Theater Company in a Texas Franchise Tax Case
April 13, 2020
In the recent case of American Multi-Cinema, Inc. v. Hegar, Cause No. 17-0464 (Tex. Apr. 3, 2020), the Texas Supreme Court held that a taxpayer engaged in exhibiting movies in movie theaters could not claim a cost of goods...
COVID-19 – EXCUSAL FROM PERFORMANCE UNDER THE TERMS OF A CONTRACT
April 9, 2020
By Meadows Collier, Blog
Businesses across Texas are facing many uncertainties with several counties and municipalities ordering citizens to either “shelter–in–place” or “stay–at–home” and banning gatherings of more than 10 people,...
For those partnerships who had not elected early application or validly elected out, the 2018 tax year was the first year in which the new partnership audit rules, enacted by the Bipartisan Budget Act of 2015 (the “BBA”),...
In one of three recent cases addressing the Texas franchise tax, the Texas Supreme Court held that a company engaged in performing work on offshore oil-and-gas drilling rigs could not claim a cost of goods sold deduction with...