YA Global Investments, LP v. Commissioner

161 T.C. 173 (2023)

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YA Global Investments, LP v. Commissioner

United States Tax Court
161 T.C. 173 (2023)

  • Written by Nathan Benedict, JD

Facts

YA Global Investments, LP (YA Global) (petitioner) was a Cayman Islands limited partnership. YA Global retained Yorkville Advisers, a United States entity, as its agent and attorney-in-fact, with full power to buy and sell on YA Global’s account. YA Global provided funding to portfolio companies, which also paid transactional and structuring fees. Applicable law required foreign partnerships to pay taxes on income connected with conducting a trade or business in the United States but created an exception for managing investments. The Internal Revenue Service (IRS) (respondent) sought to tax YA Global, claiming that Yorkville Advisers was conducting business within the United States on YA Global’s behalf.

Rule of Law

Issue

Holding and Reasoning (Halpern, J.)

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Casebooks

International Taxation

Key Terms

  • PartnershipAn association of two or more persons or entities carrying on, as co-owners, a business for profit.
  • Tax CreditA benefit that reduces a person’s tax liability. A tax credit lessens the amount of tax owed, whereas a tax deduction lessens the amount of taxable income.
  • Trade or BusinessAny activity carried on for the production of income. Trade generally refers to an occupation, and business refers more generally to commercial activity.
  • 26 U.S.C. § 882A provision of the tax code that imposes a tax on foreign corporations engaged in trade or business in the United States.

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