A 2019 rule on the calculation of global intangible low-taxed income that the IRS relied on to allocate $8 million to Abbott Laboratories in 2020 is invalid, the company said, citing a recent ruling by the U.S. Court of Federal Claims.
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Keysight Invalidates IRS Rule On GILTI, Abbott Says

By Molly Moses

A 2019 rule on the calculation of global intangible low-taxed income that the IRS relied on to allocate $8 million to Abbott Laboratories in 2020 is invalid, the company said, citing a recent ruling by the U.S. Court of Federal Claims.

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Oil Co. Asks Tax Court To Make Additional Tax Credit Claim

By Asha Glover

An energy company that the U.S. Tax Court allowed to give up the normal carryback period for its net operating losses without waiving the 10-year period for specified liability losses wants the court to amend its claim to include a higher foreign tax credit.

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DC Circ. Backs Maximum Prison Term For Trump Tax Leaker

By Phillip Bantz

The D.C. Circuit has upheld the maximum prison sentence handed down in the case of an IRS contractor who pled guilty to leaking President Donald Trump's tax returns, along with thousands of others, ruling Friday that the punishment was "reasonable."

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ENFORCEMENT

Wash. Owner Of Sites Gets 20 Months For $4.8M Tax Evasion

By Gina Kim

A commercial real estate owner who was convicted of tax evasion for concealing roughly $4.8 million in income from the IRS was sentenced to nearly two years in prison by a Washington federal judge.

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IRS RELEASES

Weekly Internal Revenue Bulletin

By Jack McLoone

The Internal Revenue Service's weekly bulletin, released Friday, included an update to the list of Native American tribes that have settled tribal trust cases with the federal government for tax purposes.

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PEOPLE

Roundup

Taxation With Representation: Freshfields, Slaughter And May

By Zak Kostro

In this week's Taxation With Representation, Uber Technologies Inc. buys food delivery company Delivery Hero SE, engineering group ABB Ltd. acquires flow technology company Rotork PLC, and Eli Lilly and Co. buys drug developer AtaiBeckley Inc.

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LAW FIRMS IN TODAY'S NEWS

Freshfields

Hochman Salkin

Latham & Watkins

Mayer Brown

McDermott Will & Schulte

Morgan Lewis

Robert Chicoine Law

Ropes & Gray

Slaughter and May

Sullivan & Cromwell

COMPANIES IN TODAY'S NEWS

ABB Asea Brown Boveri Ltd.

APA Corp.

Abbott Laboratories

Apache Inc.

Delivery Hero

Eli Lilly & Co.

Keysight Technologies Inc.

The New York Times Co.

Uber Eats

Uber Technologies Inc.

Varian Medical Systems Inc.

GOVERNMENT AGENCIES IN TODAY'S NEWS

Internal Revenue Service

U.S. Attorney's Office

U.S. Attorney's Office for the Western District of Washington

U.S. Court of Appeals for the District of Columbia Circuit

U.S. Department of Justice

U.S. Department of the Treasury

U.S. District Court for the District of Columbia

U.S. District Court for the Western District of Washington

U.S. Tax Court