U.S. Supreme Court decides corporate tax dispute in MeadWestvaco.

Yesterday, on tax day, the U.S. Supreme Court issued its decision in MeadWestvaco Corp. v. Illinois Department of Revenue, holding that an Illinois appellate court had gone well beyond constitutional limits in allowing the State of Illinois to tax part of a capital gain resulting from Mead’s $1.5 billion sale in 1994 of Lexis/Nexis. The full opinion is here. On January 16, the day of oral arguments, Julie McGuire and Tom Welshonce previewed MeadWestvaco in “Boundary Flare-Up: U.S. Supreme Court Revisits Constitutional Limitation on States’ Power to Tax“. We’ll soon post more on yesterday’s decision.