Tax

  • August 8, 2017

    IRS Pushes To Trim Wells Fargo Tax Suit Over $1.25B Deal

    The Internal Revenue Service on Monday pushed a Minnesota federal judge to toss part of Wells Fargo’s suit over a more than $1.25 billion securities transaction, alleging that the bank had waived its arguments to deduct foreign taxes.

  • August 8, 2017

    AIG, Bank Leumi Settle Unpaid Reinsurance Claim Dispute

    The European arm of U.S. insurance giant American International Group has settled a claim seeking almost $600,000 from Bank Leumi under a reinsurance agreement after a tax evasion scandal engulfed the Israeli bank, according to court documents seen by Law360 Tuesday.

  • August 7, 2017

    Partisan Tax, Health Bills Still Most Likely Outcome

    Although bipartisanship occasionally broke out in the beginning months of the congressional session, the August recess is unlikely to produce any more agreement on taxes, health care and government spending legislation.

  • August 7, 2017

    Investor Seeks OK Of $19M Award Against Golf Club Co.

    A Korean investment fund asked a California federal court Monday to sign off on an approximately $18.8 million arbitral award it won against a golf club shaft manufacturer it had invested in, an award that was issued following a dispute that arose out of unpaid taxes.

  • August 7, 2017

    Tax Court Disallows $3.3B Losses In Partnership 'Scheme'

    The U.S. Tax Court on Monday disallowed deductions for more than $3.3 billion in losses claimed by client members in a purported partnership that was part of a tax avoidance "scheme" promoted by Ernst & Young, finding that its members did not intend to run a business together.

  • August 7, 2017

    Pa. Court Says Tax-Exempt Properties Can Vote On Biz Levies

    The Pennsylvania Commonwealth Court on Friday upheld the legitimacy of a vote that established a business improvement district in the city of Lebanon, rejecting a property owner’s claim that owners of tax-exempt properties were improperly allowed to weigh in.

  • August 7, 2017

    Think Tank Urges Treasury To Strengthen Anti-Inversion Regs

    A tax policy think tank is standing out as a rare voice among numerous experts and private interests calling for the death of Obama-era tax regulations discouraging corporations from shifting profits overseas, saying in a letter Monday that these rules should not only survive but also be widened in scope.

  • August 7, 2017

    Employee On The Hook For Boss' Tax Fraud, 11th Circ. Says

    The shareholder of a now-defunct construction company remains on the hook for his share of $5 million of the company’s tax debts after the Eleventh Circuit found Friday that even though he was a victim of fraud perpetrated by his former colleagues, the money he received from them was never his to begin with.

  • August 7, 2017

    BASF Can't Nix NJ Town's Expert In Superfund Site Tax Row

    A New Jersey Tax Court judge has ruled that BASF Corp. can't boot a municipality’s expert witness before trial in a challenge of a contaminated parcel's tax assessment, reasoning that a land development planning professional isn’t necessarily less qualified than a licensed real estate appraiser to weigh in on a zoning question.

  • August 4, 2017

    Coinbase Gets Support From 3 Groups In IRS Summons Spat

    The Competitive Enterprise Institute and two digital currency advocacy groups asked a California federal court Thursday to let them support Coinbase Inc.’s challenge to an IRS summons that seeks customer names and other information from the virtual currency exchange company, calling the request overbroad.

  • August 4, 2017

    How The ACA Survived A 7-Year War

    The Affordable Care Act has cheated death over and over during the past seven years, evading a number of potentially lethal lawsuits and somehow surviving the slings and arrows of a federal government controlled by hostile Republicans. Here’s a look at the ACA’s improbable journey through a harrowing gantlet of legal and political attacks.

  • August 4, 2017

    IRS Puts Off Dividend Payment Rules For Nonresident Aliens

    The Internal Revenue Service announced extensions Friday giving taxpayers more time before they’ll have to comply with rules governing dividend payments for nonresident aliens and foreign corporations, which the federal bureaucracy squeaked out in January despite an executive order from President Donald Trump freezing regulatory actions the day he took office.

  • August 4, 2017

    Treaties May Absolve Tribal Member Of Taxes, Judge Rules

    A New York federal judge handed the IRS its second defeat in a lawsuit from a member of the Seneca Nation of Indians when he ruled that two treaties could support the member’s claim for thousands of dollars in taxes and penalties.

  • August 4, 2017

    Puerto Rico Board Tees Up Fight With Gov't Over Furloughs

    The federally appointed board tasked with right-sizing Puerto Rico's flagging economy said Friday it planned to implement public employee furloughs to meet an $880 million savings benchmark for the 2018 fiscal year, in what amounts to a direct affront to the territory's governing leadership.

  • August 4, 2017

    Taxation With Representation: Debevoise, Weil, Davis, Hogan

    In this week’s Taxation With Representation, Discovery Communications agreed to buy Scripps Networks in a $14.6 billion deal, KKR and Walgreens teamed up to take PharMerica private in a $1.4 billion transaction, and Laboratory Corp. agreed to purchase Chiltern International in a move worth $1.2 billion.

  • August 4, 2017

    $2M IRS Bill Came For Income Never Received, Co. Says

    A company connected with a Chicago private equity firm is asking the U.S. Tax Court to throw out a $2 million bill from the Internal Revenue Service that it says is pegged to proceeds from securities it merely collected on behalf of others. 

  • August 4, 2017

    Michael Jackson Estate Opposes Reopening Tax Court Record

    Michael Jackson’s estate urged a Tax Court judge on Thursday not to reopen the record, months after the conclusion of a high-profile trial in Los Angeles with hundreds of millions of dollars at stake, so the IRS can add a supervisor’s form signing off on penalties assessed against the estate.

  • August 4, 2017

    Trump Names Husch, Nelson Mullins Partners To Bench

    President Donald Trump named his latest round of 10 judicial nominees late Thursday, advancing BigLaw attorneys who range from firms like Nelson Mullins Riley & Scarborough LLP to Husch Blackwell LLP for spots on appellate and district courts across the country.

  • August 4, 2017

    Court OKs Move By Lehman Brothers Unit To Dodge Tax

    London’s High Court has agreed to let the administrators for a unit of defunct investment bank Lehman Brothers appoint a company director in order to distribute assets to a separate Lehman unit, a move that will allow it to avoid capital gains tax and speed up the prospect of settling a suit over related assets.

  • August 3, 2017

    Outdoor Gear Co. Gets Partial Atty Fees After IRS Fight

    An outdoor gear company's jury win in a tax refund suit entitles it to some but not all of the attorneys' fees it requested, an Idaho federal judge ruled on Thursday, saying that there was some reasonable cause for the IRS to bring the case and that the attorney’s requested rate was too high.

Expert Analysis

  • Key Factors In Selling Wind Farm Tax Equity Investments

    Jai Khanna

    Recently, a vibrant market has developed for secondary sales of tax equity partnerships that own wind farms in the U.S. However, sellers and purchasers of such membership interests should consider several important points in connection with any sale, say Jai Khanna and Maher Haddad of Baker McKenzie and Paul Vercruyssen, assistant deputy general counsel at Hannon Armstrong.

  • Rebuttal

    The Rise Of Midsize Firms

    Ronald Shechtman

    Recently, this publication featured an op-ed in which one law firm partner contended that midsize firms will be the next casualty of the legal market, due to a supposed inability to compete with BigLaw or boutique firms for business. Though we can expect to see Am Law firms continue to lead the market in megadeals and life-or-death litigations, by all indications midsize is on the rise, says Ronald Shechtman of Pryor Cashman LLP.

  • 5 Questions To Ask Yourself Before Submitting Litigation AFA

    Gregory Lantier

    Outside counsel should be able to articulate why she is proposing an alternative fee arrangement for this matter. If the client has not requested an AFA or the case is unusually difficult to budget with accuracy, this might not be the case to propose an AFA, say attorneys with WilmerHale.

  • How Mobile Apps Can Benefit Your Practice

    Sean Cleary.jpg

    Despite the boom in mobile application development, many lawyers are still reluctant when it comes to using apps in their daily work. Attorney Sean Cleary explores the benefits and shares some recommendations for apps geared toward attorneys.

  • Rebuttal

    The Future Of Litigation Finance Is Analytics

    Eva Shang

    In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.

  • 2 Bills Would Help Level Playing Field For Tribal Governments

    Kathleen Nilles

    Notwithstanding the fact that Indian tribal governments are recognized sovereign entities by the United States, they are frequently treated less favorably than their state and local government counterparts. This is particularly true with respect to their tax treatment under IRS rulings and the Internal Revenue Code. In the past month, however, Congress has introduced two bills that promote parity for tribal governments, say members... (continued)

  • Why Conn.’s Renewable Program Survived A Legal Challenge

    Jennifer Mersing

    Last month, the Second Circuit rejected challenges to Connecticut’s renewable energy procurement process and credit program. While the decision raises some questions about the boundaries of states' renewable energy programs, its narrow reading of the U.S. Supreme Court’s ruling in Hughes v. Talen Energy supports a wide range of state incentives in this area, says Jennifer Mersing of Stoel Rives LLP.

  • Where AI Meets Cybersecurity And The Legal Profession

    Randy Sabett

    Artificial intelligence and machine learning will continue to be a major focus for the legal community, whether as an isolated topic, as it intersects with cybersecurity, or within the legal profession itself. Each of these raises unique concerns for attorneys, says Randy Sabett, vice chair of Cooley LLP's privacy and data protection practice group.

  • Mortgage Servicers Should Review Escheat Compliance

    Kendall Houghton

    Several significant developments have transpired in the world of unclaimed property law that could have a significant impact on mortgage servicers’ compliance efforts. Fortunately, there are several defenses to escheatment that a mortgage servicer could potentially rely on, at least in certain states, say attorneys with Alston & Bird LLP.

  • Weekly Column

    Innovating For Wise Juries: Interim Arguments

    Roy Futterman

    By allowing attorneys to summarize what has just occurred in testimony and how it fits into the wider case narrative, courts can substantially improve juror comprehension through every step of a trial. Yet interim arguments are not practiced regularly, say Stephen Susman, Richard Lorren Jolly and Dr. Roy Futterman of the NYU School of Law Civil Jury Project.