Depending on the scope of the rule, it could affect the future taxation of so-called pass-through entities, such as partnerships, limited liability corporations and S-corporations.
The plaintiffs are fighting taxes on earnings that weren't distributed to them by arguing about the definition of income, which could have broader implications, according to policy experts."This could have the biggest fiscal policy effects of any court decision in the modern era," said Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, who recently.
While the 16th Amendment outlines the legal definition of income, the Moore case questions whether individuals must"realize" or receive profits before incurring taxes.
"You've got to pay attention to the way the rules are going to impact your business, especially if you're doing things in a cross-border context," Bunn said.
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