Mark Richards quoted in Bloomberg BNA article: "Audit Not Enough for Transfer Pricing Adjustment in Indiana"
Ice Miller partner Mark Richards was quoted in a Bloomberg BNA article, "Audit Not Enough for Transfer Pricing Adjustment in Indiana."
The article said:
Mark Richards, partner with Ice Miller LLP in Indianapolis, told Bloomberg BNA in an e-mail Sept. 6 that the state has “historically sidestepped transfer pricing studies” in audits in which it determined that the taxpayer's return didn't fairly reflect Indiana source income. In those cases, he said, the department of revenue required the taxpayer to use some form of alternative apportionment.
“In recent letters of findings, the Department appears to be trying to follow the direction of the Indiana Tax Court, while at the same time the Indiana Legislature has a study underway of the merits of Indiana converting to mandatory unitary combined reporting,” he said.
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