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Tax

  • July 30, 2018

    Mass. Legislators Approve Taxation On Short-Term Rentals

    Massachusetts lawmakers approved legislation Monday that would tax and regulate short-term rentals such as Airbnb, sending the measure to the governor's desk. 

  • July 30, 2018

    Uzbekistan Owes $13M Award For Tax Changes, US Suit Says

    The Republic of Uzbekistan has failed to pay any of the $13 million that a European tribunal awarded to U.K.-based Oxus Gold PLC after finding changes in the country’s tax regime harmed the mining company, according to a complaint filed in a D.C. federal court.

  • July 30, 2018

    Fla. Tells 11th Circ. Seminole Suit Over Utility Tax Barred

    An American Indian tribe cannot file suit over whether it may be taxed by the state of Florida for the electricity it uses for federally regulated activities because a lower court already has denied the relief it seeks, the state has told the Eleventh Circuit.

  • July 30, 2018

    The Lateral Audit: Tax Attorney Moves In July

    In the July edition of the Lateral Audit, Kirkland & Ellis LLP strengthens its Palo Alto, California, office with a new partner, Pepper Hamilton joins forces with a tax planning and estate litigation attorney, and Fried Frank brings on a partner who spent almost 10 years at Paul Weiss Rifkind Wharton & Garrison LLP.

  • July 30, 2018

    States Move Fast To Make Out-Of-State Retailers Collect Tax

    Less than six weeks after the U.S. Supreme Court’s landmark decision in South Dakota v. Wayfair, more than half of states with a sales tax have taken steps toward compelling out-of-state retailers to collect and remit sales and use tax.

  • July 27, 2018

    Law360 Names Top Attorneys Under 40

    The 168 attorneys selected as Law360's 2018 Rising Stars are lawyers whose accomplishments belie their age. From guiding eye-popping deals to handling bet-the-company litigation, these elite attorneys under 40 are leading the pack.

  • July 27, 2018

    8th Circ. Upholds Tax Court’s Refusal To Hear Atty FICA Row

    An Eighth Circuit panel on Friday affirmed the U.S. Tax Court’s finding that it lacked jurisdiction to hear a Minnesota law firm’s challenge to an IRS bill of nearly $47,000 in unpaid employment taxes and penalties.

  • July 27, 2018

    IRS Loses Foreign Tax Treatment Case In DC Circ.

    The Internal Revenue Service lost a fight in the D.C. Circuit on Friday when the court ruled that it unreasonably interpreted tax law to prevent Marshall Islands-based Good Fortune Shipping from proving it was entitled to a tax break based on its ownership.

  • July 27, 2018

    Swiss Bank Will Pay US $10M To Avoid Prosecution

    In exchange for paying a $10 million penalty, a Swiss bank that Americans used to evade tax payments will not face prosecution, the U.S. Department of Justice announced Friday.

  • July 27, 2018

    Fed. Circ. Vacates $207M Win For Wind Farms In Grant Case

    The Federal Circuit on Friday vacated and remanded a decision by the U.S. Court of Federal Claims that found the government owed the owners of California-based wind farms nearly $207 million in cash grants after the U.S. Department of Treasury undervalued their cost basis.

  • July 27, 2018

    Tribes And Taxes: 4 Cases To Watch

    The U.S. Supreme Court’s decision to hear a Yakama Nation company’s challenge to a Washington state fuel tax will be closely watched by Native American law practitioners this fall, but that's just one of several pending cases that could help define when states can tax tribal businesses. Here, Law360 looks at four other suits that could have a big impact on tribes and taxes. 

  • July 27, 2018

    Trump-Linked Businessman Won’t Fight IRS On $88M Freeze

    A businessman who partnered with Ivanka Trump on her now-defunct jewelry line showed up in Brooklyn federal court without a lawyer on Friday and told a federal judge that he wouldn’t fight the IRS’ request to extend an asset freeze over $88 million allegedly owed by him and his family.

  • July 27, 2018

    Taxation With Representation: Simpson Thacher, Fried Frank

    In this week’s Taxation With Representation, Synovus Financial Corp. is to take over Florida Community Bank for $2.9 billion, Novelis Inc. agrees to buy Aleris Corp. for $2.6 billion, and United Natural Foods Inc. reaches a $2.9 billion deal for Supervalu Inc. 

  • July 27, 2018

    Morgan Stanley Atty's $10M Tax Fine Upheld In ​​​​​​​2nd Circ.

    A three-judge panel of the Second Circuit on Friday upheld a $10 million fine for a former Morgan Stanley counsel's tax evasion, noting than an earlier $233,000 penalty was a “slap on the wrist” that failed to stop him from defrauding the Internal Revenue Service for years.

  • July 27, 2018

    OECD Tax Chief Finds Trump Admin. Open On Transfer Pricing

    The current U.S. administration is much more cooperative than the previous one on reforming transfer pricing rules, a top tax official at the Organization for Economic Cooperation and Development said in an interview with Law360, in which he also praised the federal tax overhaul for its broadening of the tax base.

  • July 26, 2018

    Mass. Gov. Signs $41B Budget With Increase In EITC

    Massachusetts Gov. Charlie Baker signed a state budget Thursday totaling more than $41 billion with five days to spare in the legislative session, raising the state’s earned income tax credit and its dairy tax credit cap, with no other significant tax-related provisions highlighted by the governor.

  • July 26, 2018

    Aussie Casino Co. Disputes $267M Tax Bill Tied To US Deal

    Australia-based Crown Resorts Ltd. is appealing AU$362 million ($267 million) in tax assessments in a dispute over deductions the company had claimed in its failed bid to acquire a Las Vegas casino company in 2007.

  • July 26, 2018

    9th Circ. Altera Decision Could Warrant Rare En Banc Review

    A set of unusual factors surrounding the IRS’ win in an Intel Corp. subsidiary’s lawsuit challenging a cost-sharing rule, including a dissent pointing out that the win was based on arguments the agency itself didn’t provide, could lead to a reconsideration of the issue by the entire Ninth Circuit bench.

  • July 26, 2018

    Sens. Push For IRS Structural Reforms, Taxpayer Protections

    Decrying an agency that he said was not responding to the needs of taxpayers, the top Republican on a Senate panel that oversees the Internal Revenue Service, along with a Democratic colleague, introduced a bill Thursday that would reform several IRS administrative functions and reinforce taxpayer protections.

  • July 26, 2018

    Feds Notch 1st Plea Deal In Beaufort Fraud Investigation

    A Mauritius man with a law degree who made shell companies for an undercover agent in the Beaufort Securities fraud case admitted to money laundering in Brooklyn federal court Thursday and will face a potential sentence of four to six years behind bars.

Expert Analysis

  • Congressional Forecast: July

    Layth Elhassani

    While Senate hearings on the nomination of Brett Kavanaugh to the U.S. Supreme Court will draw much attention during July, Congress remains very busy with fiscal year 2019 appropriations bills. The chambers may go to conference this month on the first of several appropriations "minibuses," says Layth Elhassani of Covington & Burling LLP.

  • What Kavanaugh's Writing Tells Us About His Personality

    Matthew Hall

    People with certain personality traits tend to use certain words. A computer analysis of Judge Brett Kavanaugh’s D.C. Circuit opinions reveals that he is highly extraverted, which means that he would be a prominent voice on the U.S. Supreme Court, says Matthew Hall, a professor at the University of Notre Dame.

  • Opinion

    3 Pros, 3 Cons Of Litigation Finance

    Ralph Sutton

    An educated guess puts the number of new litigation funders launched in the past 18 months at 30 — an astonishing number, with more to come. Is this a blessing to our legal system or something more akin to tulip mania? Maybe both, says Ralph Sutton, founder and CEO of litigation funding firm Validity Finance LLC.

  • Why Louisiana Won't Currently Benefit From Wayfair

    Andre Burvant

    South Dakota v. Wayfair Inc., has undoubtedly provided various states with an additional opportunity to require remote sellers to collect and remit sales tax. The Supreme Court’s decision in that case similarly leaves no doubt that Louisiana’s complex state and local sales tax systems are presently lacking those features that would prevent undue burdens upon interstate commerce, say Andre Burvant and Matt Mantle of Jones Walker LLP.

  • Reopening Door To Leveraged Partnership Contribution Deals

    Andrew Mason.JPG

    The Treasury Department has issued proposed regulations addressing disguised partnership sales and allocation of partner liability. The new proposed regulations, if finalized, would reopen the door to limited use of so-called “leveraged partnership contribution transactions” that were effectively ended by temporary regulations issued in 2016, say attorneys at Sullivan & Cromwell LLP.

  • A Federal Tax Perspective On Judge Kavanaugh

    Mary Monahan

    Judge Brett Kavanaugh’s nomination to the U.S. Supreme Court has prompted a collective deep dive into his nearly 300 opinions for the D.C. Circuit. Mary Monahan and Bradley Seltzer of Eversheds Sutherland LLP review Judge Kavanaugh’s opinions considering matters of federal tax and statutory interpretation to glean how he might rule as a justice.

  • The NJ Jughandle Facing Corporations

    Leah Robinson

    At the beginning of July, the New Jersey Legislature passed a budget bill which has significant implications for virtually all payors of corporation business tax, say attorneys from Mayer Brown.

  • Modern Communication Brings E-Discovery Challenges

    Thomas Bonk

    As new communications platforms displace email, the legal industry is awkwardly grappling with complex e-discovery questions. Fortunately, this environment provides a very fertile ground of incentives for innovation in both e-discovery technology and service offerings, says Thomas Bonk of Epiq.

  • Recent Trends In Structuring CRE-CLOs

    Jason Schwartz

    Commercial real estate collateralized loan obligations are growing in popularity as a way to securitize mortgage loans. With careful tax planning, CRE-CLO structures can be powerful tools for securitizing pools of assets that are inappropriate for acquisition by a real estate mortgage investment conduit, say attorneys with Cadwalader Wickersham & Taft LLP.

  • Opinion

    It's Not All About The Benjamins, Baby (Lawyer)

    J.B. Heaton

    Notwithstanding the latest salary war among prominent law firms, I urge my middle-aged and older colleagues to help the recent graduates we know focus on the long term. Even if the salary is the same, there is a big difference between an institutional firm and the relatively younger firms matching BigLaw, says J.B. Heaton, a University of Chicago business law fellow and former partner at Bartlit Beck.