Trusted Media Brands, Inc. v. United States, No. 17-3733 (2d Cir. 2018)Annotate this Case
Section 6511(d)(3)(A) of the Internal Revenue Code, which establishes an elongated ten-year limitations period on refund claims resulting from foreign tax credits, was applicable only to overpayments attributable to foreign taxes for which the taxpayer elects to claim, but was not applicable to claims resulting from deductions for foreign taxes paid or accrued. The Second Circuit affirmed the district court's denial of taxpayer's claim for a deduction of foreign taxes under section 6511(d)(3)(A), holding that taxpayer's refund claim was time-barred. In this case, taxpayer's claim for refund was filed in December 2011 for an overpayment of taxes in 1995, that was attributable to its election to deduct foreign taxes paid in 2002.