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M&A Land Mark Victory cited in recent Florida Tech Advice

Florida - Gambling Ship Eligible for Exemption on Certain Receipts, Advisory Explains
SUMMARY

Facts: The taxpayer is a Florida Limited Liability Company organized in the state of Florida. The taxpayer will operate a gaming and entertainment ship, which will operate out of the Port Authority, Florida.

Question: Is the taxpayer eligible for the partial exemption provided for in s. 212.08(8), F.S., on the purchase of the vessel used in the operation of the “cruise to nowhere”?

Answer: Yes. Pursuant to the recent Florida Supreme Court case, Department of Revenue vs. New Sea Escape Cruises, Ltd., 894 So.2d 954 (Fla. 2005), the taxpayer is eligible for the partial exemption provided in s. 212.08(8), F.S.

Read more at: Tax Times blog

 
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