In the first of a two-episode series, Professor Young Ran (Christine) Kim of the University of Utah S.J. Quinney College of Law discusses her views on the federal lawsuit challenging Maryland’s digital advertising tax.
Loans are not income, but in Novoselsky, a lawyer was taxed on loans that the IRS recharacterized. The IRS said they were not loans and instead were taxable as income. The Tax Court agreed with the IRS, causing concerns in the litigation funding industry.