North Face Maker’s New Claim Tossed After $505 Million Tax Loss

The maker of North Face and Timberland apparel can’t try to reduce its nearly $505 million tax loss by raising a new claim after the US Tax Court already decided the case, the court ruled Tuesday.

The Tuesday decision rejected TBL Licensing LLC’s request for permission to amend its tax court petition in order to claim a tax code Section 41 credit for increasing research activities. The company had “apparently” claimed the credit with the IRS in an amended return filed in 2015, after the agency issued the notice of deficiency challenged in the tax court case, ...