By Jeffrey Maydew, Elizabeth Lu and Akiva Ungar ( May 27, 2026, 3:43 PM EDT) -- Following the U.S. Supreme Court's Feb. 20 decision in Learning Resources Inc. v. Trump, invalidating most tariffs imposed under the International Emergency Economic Powers Act, many companies expect to receive tariff refunds with respect to inventory. Companies that receive refunds must determine how these refunds are treated for tax purposes, which will depend on whether the underlying tariff costs already reduced the company's income through cost of goods sold....
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