Berkshire Unit’s Nebraska Foreign Tax Case Leaves Open Questions

A Berkshire Hathaway Inc. unit will try to convince the Nebraska Supreme Court at arguments Monday to reject the state tax department’s treatment of income repatriated under the 2017 tax law, but the case leaves other foreign income issues on the table.

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

The one-time federal tax on repatriated income is one part of the Tax Cuts and Jobs Act of ...