{"id":642,"date":"2024-09-25T02:41:51","date_gmt":"2024-09-25T02:41:51","guid":{"rendered":"https:\/\/wtpadvisors.com\/tp-blog\/?p=642"},"modified":"2024-09-25T04:04:19","modified_gmt":"2024-09-25T04:04:19","slug":"what-does-a-case-about-fishing-have-to-do-with-transfer-pricing","status":"publish","type":"post","link":"https:\/\/wtpadvisors.com\/tp-blog\/what-does-a-case-about-fishing-have-to-do-with-transfer-pricing\/","title":{"rendered":"What does a case about fishing have to do with transfer pricing?"},"content":{"rendered":"

by Lisa Yashar, WTP Advisors<\/em>
\n———-
\nIn the case Loper Bright Enterprises v. Raimondo, regarding a U.S. law governing marine fisheries management, the Supreme Court overturned the longstanding Chevron Doctrine. Its impact will be wide-reaching, providing opportunities to challenge agency interpretations of laws. This includes the treasury regulations under IRC \u00a7 482.<\/p>\n

What is the Chevron Doctrine?<\/strong>
\nThe \u2018Chevron Doctrine\u2019 or \u2018Chevron Deference\u2019 refers to the doctrine of judicial deference given to administrative action and has been a key principle of administrative law for 40 years. Prior to the Loper Bright decision, a court had to defer to a federal agency\u2019s interpretation of its ambiguous statute so long as that interpretation was reasonable. The Supreme Court overturned the longstanding Chevron Doctrine in Loper Bright, stating that courts must exercise independent judgment in determining the meaning of statutory provisions.<\/p>\n

Will the reversal of the Chevron Doctrine impact Transfer Pricing?<\/strong>
\nWhy would a case about fishing impact transfer pricing? The Loper Bright decision will likely result in more legal challenges to the IRS and Treasury Department\u2019s interpretation of tax statutes and could materially impact the outcome of ongoing transfer pricing cases. The Loper Bright decision states that lower courts must still defer to agencies if the statute has a clear congressional delegation of authority. While Congress granted the IRS authority under Code \u00a7 482, the regulations under \u00a7 482 may not be as clearly protected. The IRS believes it will see more legal challenges to its transfer pricing rules.<\/p>\n","protected":false},"excerpt":{"rendered":"

by Lisa Yashar, WTP Advisors ———- In the case Loper Bright Enterprises v. Raimondo, regarding a U.S. law governing marine fisheries management, the Supreme Court overturned the longstanding Chevron Doctrine. Its impact will be wide-reaching, providing opportunities to challenge agency interpretations of laws. This includes the treasury regulations under IRC \u00a7 482. What is the […]<\/p>\n","protected":false},"author":2,"featured_media":644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,20],"tags":[],"class_list":["post-642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-controversy","category-irs"],"yoast_head":"\nWhat does a case about fishing have to do with transfer pricing? -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wtpadvisors.com\/tp-blog\/what-does-a-case-about-fishing-have-to-do-with-transfer-pricing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What does a case about fishing have to do with transfer pricing? -\" \/>\n<meta property=\"og:description\" content=\"by Lisa Yashar, WTP Advisors ———- In the case Loper Bright Enterprises v. Raimondo, regarding a U.S. law governing marine fisheries management, the Supreme Court overturned the longstanding Chevron Doctrine. Its impact will be wide-reaching, providing opportunities to challenge agency interpretations of laws. This includes the treasury regulations under IRC \u00a7 482. 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