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On 26 June 2023, the US Supreme Court granted certiorari in Moore v. United States, a case challenging the constitutionality of the transition tax, the keystone provision of the Tax Cuts and Jobs Act of 2017. If the Court ultimately holds that the transition tax is unconstitutional because it is not a tax on income within the meaning of the Sixteenth Amendment, that decision will render it void ab initio. On this point, the authors are neither advocating for nor predicting a particular outcome. Instead, this article highlights one challenge we anticipate: If the transition tax is held to be unconstitutional, how can taxpayers recover a 2017 tax in 2024?
Read the full article, as published by Bloomberg Tax in Tax Management International Journal, here.
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