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The U.S. Tax Court issues a lengthy opinion in VERITAS Software Corp. v. Commissionerthat finds IRS's determination that a cost-sharing arrangement VERITAS Software Corp. entered into with an Irish subsidiary should have been valued at $1.675 billion was arbitrary, capricious, and unreasonable. Additionally, the Tax Court holds that VERITAS U.S.'s comparable uncontrolled transaction method, with appropriate adjustments, is the best method for determining the requisite buy-in payment.
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