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Tax

  • August 18, 2014

    Detroit Ch. 9 Plan Will Boost Economy, Tax Expert Says

    The city of Detroit's plan to exit bankruptcy will result in growth in taxable income and employment in the city, a tax expert said in Michigan bankruptcy court Monday as part of the city's blockbuster Chapter 9 confirmation trial.

  • August 18, 2014

    CFTC Says RBC Wash-Trade Claim Isn't Time-Barred

    The U.S. Commodity Futures Trading Commission on Monday fired back at the Royal Bank of Canada, telling a New York federal judge that certain of its claims against the bank are not timed-barred as RBC had said in an earlier filing.

  • August 18, 2014

    Vorys Snags Ex-Assistant US Attorney As Partner In Cleveland

    Vorys Sater Seymour and Pease LLP has lured a fraud prosecutor from the U.S. Attorney's Office for the Northern District of Ohio to serve as partner in its government investigations, crisis management and white collar crime practices in the Cleveland office, the firm said Monday.

  • August 18, 2014

    Calif. Gov. OKs $465M Tax Credit For Northrop Grumman

    California Gov. Jerry Brown on Friday signed legislation giving Northrop Grumman Corp. a tax incentive of as much as $465 million if the company wins a U.S. Air Force contract to build its next-generation long-range bomber and performs contract work in the state.

  • August 18, 2014

    Building Owner Sues IRS Over Rejected $3.2M Easement

    A New York partnership that owned a historic building in Harlem says the Internal Revenue Service wrongly barred it from seeking a $3.2 million charitable contribution deduction for a conservation easement of the building's facade, according to a lawsuit filed in federal court on Friday.

  • August 18, 2014

    Zimmer Protests $79M IRS Transfer Pricing Assessment

    Medical device manufacturer Zimmer Holdings Inc. is protesting a $79 million Internal Revenue Service assessment arising from transfer pricing adjustments that the agency made on transactions, including licensing agreements, between itself and a Dutch subsidiary, according to court records made public on Monday.

  • August 18, 2014

    Japan, Oman Ready For Tax-Sharing Agreement

    Japan and the Sultanate of Oman on Sunday completed all necessary steps to bring a tax-sharing agreement into force this September, the Japanese government has said.

  • August 18, 2014

    Chase Owes IRS In Suit Over Bad Taxpayer Refund, Court Says

    A California federal judge ruled Friday that JPMorgan Chase Bank NA owes the Internal Revenue Service for failing to impose a levy on the bank accounts of a mistakenly refunded taxpayer before the taxpayer withdrew a portion of the refund, saying the burden to protect the money was on the bank.

  • August 18, 2014

    Nordstrom Must Pay Md. Profit-Shifting Tax Liability

    Maryland's top court ruled Monday that a statute requiring corporations to file separate state tax returns did not prevent authorities from assessing additional taxes and penalties to a Nordstrom Inc. subsidiary to which the retailer transferred its valuable trademark portfolio in a bid to avoid paying state taxes.

  • August 18, 2014

    British Banks Object To HMRC Tax Recovery Plan

    A top British banking association wants the U.K.'s tax agency HM Revenue and Customs to reconsider its plans to directly take unpaid tax debts from debtors' bank accounts because the scheme may violate the nation's human rights law, according to a letter released Monday.

  • August 18, 2014

    Proxy Play Further Complicates Chiquita Deal Outlook

    Chiquita Brands International Inc. is staring down a proxy fight after spurning a $611 million bid from a pair of Latin American suitors in favor of an earlier offer from Fyffes PLC, adding another layer to an M&A play already complicated by increasing scrutiny of inversion deals.

  • August 18, 2014

    4 Tips On Scoring Big For IRS Whistleblowers

    The Internal Revenue Service recently issued final rules detailing how tax whistleblowers can collect rewards, but the process for actually receiving a payout remains shrouded in mystery for informants with cases before the agency. Below, attorneys share four tips for counseling IRS whistleblowers.

  • August 15, 2014

    IRS Right To Deny BB&T Tax Credits, Fed. Circ. Told

    The federal government on Thursday hit back at BB&T Corp.’s bid to reinstate millions of dollars in tax credits it claimed for an overseas loan, telling the Federal Circuit the credits had been correctly rejected as connected to an “abusive” tax shelter scheme.

  • August 15, 2014

    7th Circ. Revives Blagojevich RICO Suit Over Casino Tax

    The Seventh Circuit revived a racketeering suit Friday over legislation that former Illinois Gov. Rod Blagojevich signed to benefit the state's horse-racing industry, saying the causal line between an alleged bribe and the signing of the tax on riverboat casinos was direct enough to qualify as proximate cause.

  • August 15, 2014

    Texas Supreme Court Rejects Export Sales Tax Question

    The Texas Supreme Court on Friday denied a petition for review that argued a state law requiring a 24-hour waiting period for customers to get sales tax refunds on goods they export outside the country violates the U.S. Constitution’s import-export clause.

  • August 15, 2014

    Taxation With Representation: Baker Botts, Alston, Skadden

    In this week's Taxation With Representation, attorneys from Weil, Bracewell and Baker Botts tackle different sides of Kinder Morgan's $70 billion energy and pipeline consolidation, while Skadden helps Coca-Cola transfer its energy-drink business to Monster Beverage in a $2.15 billion deal.

  • August 15, 2014

    Texas Court Affirms 'Small Tobacco' Tax Is Unconstitutional

    A Texas appeals court on Friday upheld the repeal of a state tax that was levied on small tobacco companies in 2013 following a 1998 settlement with several large tobacco companies that led to an increase in the price of Big Tobacco products, affirming the tax on Small Tobacco was "unconstitutional in its entirety."

  • August 15, 2014

    Sen. Durbin Fires Off Inversion-Shaming Letter To Hospira

    U.S. Sen. Dick Durbin, D-Ill., is urging his home state pharmaceutical company Hospira Inc. to not proceed with a potential tax inversion if it acquires a French business, a move that could enable the company to move abroad and take advantage of lower tax rates.

  • August 15, 2014

    IRS Must Explain Efforts To Find Ex-Director's Emails

    A D.C. federal judge ordered the Internal Revenue Service to detail its attempts to recover data from former director Lois Lerner's broken hard drive, including efforts to find emails sought by a conservative political group in a suit over the agency's politically-targeted auditing scandal.

  • August 15, 2014

    Berkeley Residents Sue Over 'Biased' Soda Tax Language

    Two Berkeley residents have filed suit in state court alleging that the city’s soda tax proposal, which will appear on the November ballot, uses biased and “politically charged” language and falsely implies that the tax will only affect high-calorie beverages.