On July 13, the U.S. Tax Court, issued a decision that is of major importance to non-U.S. investors. In Grecian Magnesite Mining, Industrial & Shipping v. Commissioner (Grecian), the court held that if a non-U.S. person sells an interest in a partnership that is engaged in business in the United States, the non-U.S. seller is not subject to U.S. federal income tax on the gain from the sale. By so holding, the Tax Court, in no uncertain terms, rejected a long-standing IRS ruling to the contrary.
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