A case that could punch holes in the federal tax code headed to the Supreme Court on Tuesday.
- The court will hear arguments in Moore v. U.S., which challenges a piece of the 2017 tax law that imposed a one-time levy on profits that companies had accumulated outside the U.S.
- The case raises a seemingly simple question: Must income be “realized,” or received, before it can be taxed?
In a win for Moore, investors and companies could demand billions of dollars in refunds tied to the 2017 law. And a loss for the government could prompt a wave of lawsuits over other tax-code provisions, according to lawyers.