The U.S. Supreme Court has agreed to consider two tax cases, one arising out of a criminal case and the other a business case.
The first case, Michael Boulware v. the United States, revolves around the question of whether the diversion of corporate funds to a shareholder of a corporation without earnings and profits automatically qualifies as a non-taxable return of capital up to the shareholder's stock basis, even if the diversion was not intended as a return of capital.
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