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Pat Smith Quoted in Tax Notes on Petition for Rehearing En Banc in Altera

Tax Notes

IPB attorney Pat Smith was quoted in a Tax Notes article on the petition for rehearing en banc that has been filed by the taxpayer in the Ninth Circuit in the Altera case.

Patrick J. Smith of Ivins, Phillips & Barker Chtd. told Tax Notes he was pleased to see that Altera emphasized the point that the government’s inconsistent position on the need for comparability analyses violated the Chenery doctrine.

“I wish the petition had gone on to say that an additional violation of Chenery is that Treasury never said it believed cost-sharing arrangements are transfers or licenses of intangibles so as to be directly subject to the commensurate with income standard,” Smith said. He noted that the majority’s finding that cost-sharing arrangements should be considered transfers of intangible property provided a key basis for its decision to uphold the regs.

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