The US Supreme Court on Tuesday unanimously ruled that, even in cases concerning federal bankruptcy and tax law, state tax law is to be applied concerning corporate property. The ruling vacates the decision of the lower court that applied a federal common-law rule known as the Bob Richards rule on how to allocate a tax refund paid to an affiliated group.
The decision arises from a dispute between Simon Rodriguez, trustee for United Western Bancorp, Inc., and the Federal Deposits Insurance Corp (FDIC).
