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Tax

  • August 29, 2014

    Taxation With Representation: Gibson Dunn, Cravath, Wachtell

    In this week's Taxation With Representation, Wachtell helps Tim Hortons combine with Burger King into a fast-food juggernaut, while Cravath guides California biotech company InterMune on its $8.4 billion sale to Roche.

  • August 29, 2014

    Couple Can't Count Investment Loss As Theft, Tax Court Says

    The U.S. Tax Court on Thursday said a couple who loaned more than $4 million to a now-defunct mortgage company cannot deduct the money as a bad debt or a loss caused by theft because they had an avenue to try to recover the money.

  • August 29, 2014

    Meal Delivery Cos. Not Liable For Sales Tax On Fees, NY Says

    Online food ordering companies don't count as food vendors and don't have to pay sales tax on their service fees on individual orders, according to an advisory opinion recently issued by the New York State Department of Taxation and Finance.

  • August 29, 2014

    IRS Wins $60M Tobacco Tax Suit, Must Credit Seized Assets

    A Washington federal court on Thursday shot down a Native American cigarette producer's defense against paying about $60 million in excise taxes but also told the U.S. Internal Revenue Service to clarify how it will credit toward that repayment assets it already has seized.

  • August 29, 2014

    Pa. Wants Out of Foxwood Developer's $50M Adversary Suit

    Pennsylvania told a bankruptcy court Thursday that the bankrupt developer of a planned Foxwoods casino project that fell through in 2010 is now improperly trying to revive a $50 million gaming license dispute with the state and sought dismissal of the debtor's adversary proceeding.

  • August 28, 2014

    Winners In 10th Circ. Marriage Ruling Seek High Court Review

    The couples who won a Tenth Circuit decision striking down Utah’s law against same-sex marriage joined their legal foes in asking the U.S. Supreme Court to review the decision in an unusual move intended to prompt the high court to make the decision apply nationally.

  • August 28, 2014

    More Deals Expected This Fall As Economy Pushes M&A Surge

    The surge in mergers and acquisitions activity over the first half of the year is expected to continue into the fall, with more deals expected in the health care and telecommunications sectors, M&A attorneys say.

  • August 28, 2014

    IRS Delivers Guidance, Forms For ACA Employer Mandate

    The Internal Revenue Service on Thursday released draft forms and guidance instructing employers on how to comply with reporting requirements arising from the Affordable Care Act’s employer mandate.

  • August 28, 2014

    Tax Dodgers Can't Blame Attys In Accuracy Penalty Row

    An investor couple can't avoid paying $603,093 in taxes and a $120,619 penalty to the Internal Revenue Service just because their lawyers were inexperienced on a foreign asset the couple donated, the U.S. Tax Court ruled Thursday.

  • August 28, 2014

    Gross Income Includes Investment Asset Sale Gains: Tax Court

    The U.S. Tax Court on Thursday reasserted that gross income includes gains from investment asset sales and isn't limited to amounts that are actually realized from those sales.

  • August 28, 2014

    Texas Judge Finds School Tax System Still Unconstitutional

    A Texas state judge on Thursday ruled for the second time that the state unevenly pays for its school system with an unconstitutional statewide property tax, echoing his February 2013 decision despite the subsequent passage of state laws restoring some funding cuts.

  • August 28, 2014

    NY State Withdraws $1.9M Claim From Cengage Ch. 11

    New York state has withdrawn a $1.9 million proof of claim it had lodged in textbook publisher Cengage Learning Inc.’s Chapter 11 bankruptcy case, a state tax representative told a federal bankruptcy court on Thursday.

  • August 28, 2014

    First Data Scores $6M NJ Tax Break To Stay In Jersey City

    Atlanta-based payment-processing company First Data has snagged $6 million in New Jersey tax credits to remain in its current Jersey City building and eschew a move to Atlanta in a deal expected to create 74 new local jobs, the city's mayor said Wednesday.

  • August 28, 2014

    NH Supreme Court Upholds Educational Voucher Tax Credit

    New Hampshire's Supreme Court on Thursday upheld a state education tax credit program that funds scholarships for religious and private school students, after finding the program's challengers lacked authority to bring the suit because they failed to show how the program specifically affects them.

  • August 28, 2014

    Watchdogs Warn States Against Floating Tesla Too Many Perks

    A five-state bidding war for Tesla Motors' $5 billion "Gigafactory" could give away more concessions than their treasuries could afford, said a coalition of Southwestern advocacy groups, joining other critics of the states' so-called "race to the bottom."

  • August 27, 2014

    Calif. Gov. Agrees To Boost Film, TV Tax Credits By $230M

    California Gov. Jerry Brown said Wednesday that he and the state Legislature have agreed to more than triple California's film and television production tax credits, to $330 million, in an effort to reduce production flight out of the state.

  • August 27, 2014

    1st Circ. Rules Fannie, Freddie Exempt From Transfer Taxes

    The First Circuit on Wednesday tossed two class actions demanding Fannie Mae and Freddie Mac pay state real estate transfer taxes, affirming the constitutionality of the tax exemptions in the mortgage giants' congressionally authorized charters.

  • August 27, 2014

    Anti-Inversion Push Causing PR Blowback For Burger King

    Burger King's preemptive stance against claims that its proposed tie-up with Tim Hortons Inc. is an attempt to skirt U.S. taxes highlights how domestic companies considering foreign acquisitions must fight anti-inversion critics regardless of their business motives.

  • August 27, 2014

    Fla. High Court Asked To Weigh In On Same-Sex Marriage Ban

    A Florida appeals court on Wednesday asked the Florida Supreme Court to rule on the constitutionality of the state's ban on same-sex marriage in a case involving a gay couple who married in Massachusetts and want to get a divorce in Florida.

  • August 27, 2014

    The 5 Biggest M&A Moves Of The Summer

    A handful of major transactions have kept deal makers busy in recent weeks despite the usual August lull, reinforcing the strong deal-making prospects that have propped up the market all year. As the clock ticks down to Labor Day, Law360 reviews five of the summer's biggest M&A plays.