TITLE

Maryland Can Tax Two Delaware Shell Companies, Court Rules

AUTHOR(S)
Newman, Emily
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/11/2003, Vol. 344 Issue 31654, p32
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The Maryland Court of Appeals ruled in June 2003 that the profits of two Delaware, Ohio-based holding companies are taxable by Maryland under existing law. The decision could generate more than $33 million in revenue for the state. The decision effectively eliminates a popular corporate tax loophole that allowed Maryland firms to set up shell companies in Delaware, which does not require companies to pay tariffs on certain assets that Maryland taxes.
ACCESSION #
10104674

 

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