Recently the U.S. Tax Court issued another opinion in the long-running saga of a UK vessel that was chartered for use in U.S. waters.  The case has been in audit or before the Tax Court since 2014 and highlights several issues that directly impact foreign equipment leasing firms. On January 8, 2020, the U.S. Tax Court issued the first opinion in the case, addressing whether the income from leasing the vessel was subject to U.S. taxation.  Because the owner of the vessel was a U.K. resident, special rules in the U.S.-U.K. tax treaty came into play.  (Note that these rules… Read more