Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Massachusetts High Court Refuses to Redo Capital Gains Ruling

July 1, 2022, 6:51 PM

A ruling that Massachusetts lacks the statutory authority to tax capital gains realized by a Florida company on its sale of a Massachusetts limited liability company will stand after the state high court denied the state’s request for a do-over.

The state revenue commissioner asked the Massachusetts Supreme Judicial Court to reconsider its May ruling, which found that the state’s taxing statutes bar it from deviating from the unitary business principle to tax the Florida company, VAS Holdings & Investments LLC, for the financial benefit it gained from selling its 50% ownership interest with in-state company Cloud5 LLC.