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Famous Tax Quote #28 - Purpose of Subpart F Income

2010-06-27

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Continuing our series on Famous Tax Quotes (quotes from court opinions with language that is colorful or that concisely states an important tax principle) today's tax quote is:

Subpart F of the IRC was enacted in order to deter United States taxpayers from using foreign base companies located in tax haven countries to accumulate earnings that could have been accumulated just as easily in the United States.

Koehring Company v. United States of America, 583 F.2d 313 (7th Cir. 1978)

Tags: Other - Famous Tax Quotes