Leading provider of exchange trading products and services achieves complete victory in lease transaction tax audit

Client(s) Leading provider of exchange trading products and services

Jones Day achieved a complete victory for a leading provider of exchange trading products and services in a contested City of Chicago lease transaction tax audit. Jones Day assumed midstream responsibility for the audit when a preliminary assessment had already been made and a final demand for documents was pending. We identified a new reason why the taxpayer was not liable for the additional tax, developed evidence and arguments to support that new reason, and delivered a lengthy presentation to the Department of Revenue. The taxpayer subsequently received a letter affirming that no tax was due.