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Oct 2, 2023

Moore: Due Diligence Would Not Have Helped

In a recent letter to the editor published by Tax Notes International, Michael Karlin responds to Mindy Herzfeld’s article, “Moore, Part 3: Should the Supreme Court Help Taxpayers Who Don’t Help Themselves?” regarding the case Moore v. United States, U.S., No. 22-800.

Disagreeing with Herzfield’s stance that the Moores were at fault for making an investment in an Indian company without doing due diligence of any kind on the tax consequences, Michael explains, “Where the Moores were really at fault was not purchasing a crystal ball or a genie in a bottle that could have predicted the enactment of section 965 and the global intangible low-taxed income regime a decade later, including Congress’s cruel and mischievous decision to have these apply untrammeled to individual investors.” 

He continues to note that “Congress, Treasury, and the IRS repeatedly give short shrift to the position of individual taxpayers caught up in the mind-numbing and counterintuitive complexities of U.S. taxation of cross-border activities.”

Read Michael’s full comments in the letter below.

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