Section 482

Section 482

US Department of Treasury regulations governing transfer prices.

Section 482

A section of the U.S. Tax Code allowing the IRS to allocate assets, income, deductions, and so forth between different branches of the same company or between different companies controlled by the same interests. That is, the IRS may treat these branches or companies as one branch or one company for tax purposes. This section exists to reduce tax evasion by preventing a company from hiding its taxable income in a subsidiary or a separate company.
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Budihal said: " I am of the opinion that it is not a case to invoke section 482 CrPC to quash the proceedings.
The resolution phase envisions the Examination team working with the taxpayer to hopefully reach an agreed-upon position on any proposed Section 482 adjustments.
Except as provided in this paragraph, section 482 grants no other right to a controlled taxpayer to apply the provisions of section 482 at will or to compel the [IRS] to apply such provisions.
Tax Executives Institute (TEI) would like to express its opposition to the Income Tax Uniformity Subcommittee's proposed project to draft a model regulation regarding state application of IRC Section 482.
The petition has said that the high court in exercise of its powers under Section 482 of CrPC has grossly erred in quashing the FIR on ground of denial of opportunity as FIR requires only prima facie material to commence investigation which is very much on record and has been completely ignored by the high court.
Current section 482 of the Tax Code "authorizes the IRS to adjust the income, deductions, credits, or allowances of commonly controlled taxpayers to prevent the evasion of taxes or to clearly reflect their income.
In its appeal brief before the Sixth Circuit, P&G argued that the district court's summa17 judgment was incorrect because it did not consider whether the IRS correctly assessed tax according to the Service's arm's-length position under section 482, among other reasons.
Within the last year, the Treasury Department and the Internal Revenue Service issued proposed Cost-Sharing regulations under Section 482 and Notice 2006-34 -- Taxation of Cross Licensing Arrangements that will likely affect how companies transact and, ultimately, value their IP.
83 percent of gross receipts method, the 23 percent of combined taxable income method, and the marginal costing method are referred to as "administrative" pricing methods, while the Internal Revenue Code section 482 method is the "nonadministrative" pricing method [8].
In the United States, the Internal Revenue Service (IRS) can utilize Internal Revenue Code (IRC) Section 482 to attack such tax avoidance strategies.
Only by invoking section 482 could mining claims on national forests gain extralateral and surface rights.