The Eighth Circuit Court of Appeals affirmed the Tax Court's decision that taxpayers' research was funded and thus ineligible for research tax credits under Section 41. The taxpayers had claimed research tax credits for their development of software, but the IRS disallowed the credits because the research was funded by a third party. The court found that the taxpayers had not met the requirements for the research tax credits and upheld the IRS's disallowance.
The U.S. Court of Appeals for the Eighth Circuit affirmed a decision of the Tax Court that the taxpayer was not entitled to research tax credits because the taxpayer’s research was “funded” within the meaning of section 41(d)(4)(H).
The case is: Meyer, Borgman & Johnson, Inc. v. Commissioner, No. 23-1523 (8th Cir. May 6, 2024). Read the Eighth Circuit’s decision
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