Supreme Court

Justices seem to favor IRS in dispute over shareholder’s life insurance policy

Justices seem to favor IRS in dispute over shareholder’s life insurance policy

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The justices were considerably more subdued in the argument in Connelly v. Internal Revenue Service than they were on Tuesday, when they confronted the FDA’s treatment of the abortion drug mifepristone. This is a case about the tax treatment of life insurance policies that closely held corporations use to manage the death of a shareholder. Assume, as is common, a small corporation owned by members of the same family. When one dies, if the surviving shareholders want to keep … Read the rest

Supreme Court

Fannie Mae and Freddie Mac shareholders return to the court after Collins

Fannie Mae and Freddie Mac shareholders return to the court after <em>Collins</em>

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The Petitions of the Week column highlights a selection of cert petitions recently filed in the Supreme Court. A list of all petitions we’re watching is available here.

Under the Fifth Amendment, “private property” cannot be “taken for public use” by the government “without just compensation.” This week, we highlight cert petitions that ask the court to consider, among other things, whether the federal government’s decision to essentially nationalize the country’s largest federal backed mortgage-securities companies in the … Read the rest