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Tax

  • October 3, 2014

    Tax Cases To Watch As Supreme Court Term Kicks Off

    The notoriously tax-averse U.S. Supreme Court is wading deep into complex state tax issues this upcoming term, with the high court ready to determine whether states must allow residents a credit toward county income taxes for taxes paid to another state and whether federal courts are the proper venue to challenge state tax administration procedures. Here's a closer look at each.

  • October 3, 2014

    ‘Jersey Shore’ Star Gets Tax Case Delay To Film Show

    "Jersey Shore" star Michael "The Situation" Sorrentino’s request to a New Jersey federal court to delay his arraignment on charges of evading taxes on $8.9 million because he had a commitment to film a different reality television show has been granted, a representative of Sorrentino told Law360 on Friday.

  • October 3, 2014

    EU Puts Condition On $500M-Plus Chiquita-Fyffes Inversion

    European regulators on Friday put a single condition on Chiquita Brands International Inc.'s plans to merge with Ireland's Fyffes PLC in a deal worth more than $500 million, bringing the high-profile inversion deal a step closer to completion despite a heftier rival bid in the wings.

  • October 3, 2014

    Wash. Silicon Factory Undervalued By $730M, Tax Board Says

    The Washington State Board of Tax Appeals on Thursday set the value of a polysilicon manufacturing facility at $904 million, about $730 million more than owner REC Solar Grade Silicon LLC’s valuation, ruling that the factory’s machinery and equipment should be classified as real property.

  • October 3, 2014

    New Inversion Rules Force Medtronic Into Costlier Financing

    Medtronic Inc. said Friday it would rely on $16 billion in loans to cover its $42.9 billion merger with Ireland's Covidien PLC after a U.S. government crackdown on tax-motivated M&A forbade its original plans to tap into its own overseas cash stores to back the deal.

  • October 3, 2014

    $2.7B Salix Inversion 1st Casualty Of Government Crackdown

    Rules introduced last month to curb tax benefits tied to cross-border mergers claimed their first casualty on Friday, when Salix Pharmaceuticals Ltd. scrapped its $2.7 billion plan to unite with the Irish operations of Cosmo Pharmaceuticals SpA.

  • October 2, 2014

    IBM, PwC Lose Protest Of $55M Army Audit Award

    IBM Corp. and PricewaterhouseCoopers LLP lost protests challenging the U.S. Army’s $55 million contract award to Ernst & Young LLP for audit readiness support services, according to a Sept. 5 Government Accountability Office decision unsealed Thursday.

  • October 2, 2014

    IRS Commissioner Must Face Rejected-Whistleblower Suit

    The U.S. Tax Court on Thursday refused to toss a suit brought against the Commissioner of Internal Revenue over rejected whistleblower claims, saying the court has jurisdiction because a letter sent by the commissioner to a Utah couple counted as a “determination” under the tax code.

  • October 2, 2014

    NJ 'Real Housewives' Stars Land Jail Time For Fraud Charges

    Giuseppe and Teresa Giudice, stars of “The Real Housewives of New Jersey,” will serve 41 months and 15 months in prison, respectively, after pleading guilty to bankruptcy fraud, tax evasion and other charges, federal prosecutors said Thursday.

  • October 2, 2014

    Ore. High Court Ruling To Cost Comcast Hundreds Of Millions

    The Oregon Supreme Court said Thursday that both Comcast Corp.'s cable and Internet services are data transmission services subject to central tax assessment by the state as “communication,” a move that will cost Comcast several hundred million dollars per year.

  • October 2, 2014

    Wash. High Court OKs Retroactive QTIP Estate Tax Change

    The Washington Supreme Court on Thursday gave its approval to an estate tax law amendment that harmonized the state’s treatment of so-called qualified terminal interest property with federal law, saying the law's retroactivity was constitutional.

  • October 2, 2014

    ETP Unit Stuck With Texas Tax Bill On $162M In Stored Gas

    A Texas appeals court said Thursday that a subsidiary of Energy Transfer Partners LP must pay tax on $162 million in stored natural gas, rejecting the company’s argument that the gas was exempt from taxation because it would ultimately be sold out of state.

  • October 2, 2014

    $7B Tax Bill Could Force Energy Future Into Ch. 7

    Energy Future Holdings Corp. told a Delaware bankruptcy court on Wednesday that it may be forced to scrap plans to reorganize under Chapter 11 and instead liquidate under Chapter 7 because the sale of its assets could generate a tax bill of up to $7 billion, which the company cannot pay.

  • October 2, 2014

    OECD Warns Of Unintended Effects Of Green Tax Benefits

    Although tax preferences are often an appealing tool to encourage environmentally beneficial behavior, policymakers should take care to make sure they are well designed and do not have unintended consequences, according to an Organization for Economic Cooperation and Development working paper released on Thursday.

  • October 2, 2014

    Supreme Court To Hear Texas FHA Tax Credit Dispute

    The U.S. Supreme Court on Thursday said it will consider whether an advocacy group can sue the state of Texas under the Fair Housing Act over an allegedly disproportionate allocation of tax credits to properties in minority-populated areas.

  • October 1, 2014

    2nd Circ. Asked To Deny AIG $306M Tax Refund Appeal

    American International Group Inc. is not entitled to a refund of $306 million resulting from foreign tax credits disallowed by the Internal Revenue Service because the underlying transactions lacked economic substance, the federal government told the Second Circuit in a brief filed Monday.

  • October 1, 2014

    Tax Court Reverses Decision On Law Firm Excise Tax

    The U.S. Tax Court on Wednesday said a law office must pay an excise tax on its employee stock ownership plan, finding that a previous decision wrongly said the Internal Revenue Service's time to assess the tax expired.

  • October 1, 2014

    Congresswoman Demands Military End Burger King Contracts

    California Democrat Jackie Speier on Wednesday called on the U.S. Department of Defense to cancel its contracts with Burger King over the company's plans to move its company headquarters to Canada following a merger with Tim Horton's.

  • October 1, 2014

    FDIC, JPMorgan Pare Some WaMu Tax Liability Claims

    JPMorgan Chase NA and the Federal Deposit Insurance Corp. told a D.C. federal court Tuesday that they will stop fighting about the FDIC's responsibility to cover some outstanding tax liabilities imposed against JPMorgan after buying Washington Mutual Inc. because some tax authorities dropped their claims.

  • October 1, 2014

    Ford Isn't Owed $445M In Tax Interest, 6th Circ. Says

    The Internal Revenue Service doesn't owe Ford Motor Co. $445 million in interest on alleged overpaid taxes, a Sixth Circuit panel ruled Wednesday, saying a law that Ford had relied upon had not been enacted when the automaker remitted the payments at the center of the dispute.