Berkshire Unit Fails in Nebraska High Court Foreign Income Case

A Berkshire Hathaway Inc. unit failed to convince the Nebraska Supreme Court on Friday that the company properly deducted income repatriated under the 2017 tax law.

Precision Castparts Corp. asked the high court to reverse a 2023 trial court opinion upholding the Department of Revenue’s decision to deny the manufacturer’s request to deduct income generated since 1986 by its foreign subsidiaries on its amended 2017 tax return.

The court affirmed, holding that the income included in federal taxable income under the Internal Revenue Code doesn’t qualify for a state deduction as “dividends ... deemed to be received.”

The US Supreme ...