Unisys Corp. v. United States

Opinion1

WEINSTEIN, Judge.

This case is before the court on the parties’ cross-motions for summary judgment (partial only as to the plaintiff). The parties dispute whether the “no diminution” rule within the regulation implementing Internal Revenue Code (I.R.C. or Code) § 952(c), 26 U.S.C. § 952(c) (1976)2 — which limits the subpart F income of a controlled foreign corporation (CFC) that may be imputed to a U.S. stockholder to the total earnings and profits of that CFC undiminished by distributions— applies to earnings and profits calculated under a regulation promulgated to implement 1. R.C. §…