Berkshire Unit Asks Nebraska High Court to Nab Foreign Tax Case

A Berkshire Hathaway Inc. unit wants the Nebraska Supreme Court to directly review its suit over the state’s tax treatment of repatriated foreign income.

Precision Castparts Corp. appealed a July trial court ruling upholding the Nebraska Department of Revenue’s decision denying its request to deduct income generated since 1986 by its foreign subsidiaries on its amended 2017 tax return. It told the Nebraska Court of Appeals the department “did an abrupt about-face” after a massive change in federal law and stopped allowing US corporations to subtract those earnings from their federal taxable income.

The same day the company filed its ...