Salem Financial, Inc. v. United States

Case Updates

The petition for writ of certiorari was denied.

In its brief, the U.S. Chamber urged the Supreme Court to address a circuit split relating to the application of the “economic substance” doctrine to override the foreign tax credit provisions of the Internal Revenue Code. The brief argues that the economic substance doctrine should be applied only narrowly and that applying the doctrine to disallow attempts to avoid double taxation conflicts with the express purpose of the foreign tax credit and imposes costs on the economy by undermining predictability in the Tax Code.

Scott P. Martin of Gibson, Dunn & Crutcher LLP served as counsel for the U.S. Chamber of Commerce on behalf of the U.S. Chamber Litigation Center.