This week’s Taxation With Representation sees the formation of a $65 billion industrial gas heavyweight, the $2.8 billion sale of American Railcar Leasing and a $445 million merger between KLR Energy and Tema Oil and Gas.
The owner of a rooftop overlooking Wrigley Field who was convicted of defrauding the Chicago Cubs out of owed royalties should spend 78 to 97 months in prison, prosecutors told an Illinois federal court
A Corpus Christi newspaper was able to trim some claims brought against it by a businessman who says the paper defamed him, but a Texas state appeals court held Wednesday that some articles did contain “defamatory per se” statements and those claims must remain in the suit.
A Kansas federal judge on Wednesday denied class certification to a group of medical centers claiming the IRS owes them additional interest after they were refunded for overpaying the employer portion of the Federal Insurance Contributions Act tax, finding the court lacked jurisdiction over certain claims.
A Pennsylvania construction contractor cannot claim exceptions on more than $2 million in sales and use taxes after a state appellate court ruled Wednesday that the road signs the company installed do not qualify as exempt building machinery and equipment.
The European Court of Justice on Wednesday set aside a lower court’s decision on tax breaks granted to Spanish companies on their foreign holdings when it found that these tax breaks constituted illegal state aid.
The Pennsylvania Superior Court on Wednesday upheld a decision affirming Range Resources has rights to more than 2,800 acres of subsurface gas in Lycoming County, concluding the landowner who leased the rights to the company properly acquired them via a 1932 tax sale.
Europe’s largest budget airline, Ryanair, and Aer Lingus are on the hook for millions of dollars in Irish taxes on air travel, after the European Union’s top court affirmed Wednesday that the companies benefited from illegal state aid for short-haul flights.
The Indiana Tax Court on Tuesday handed a win to Orbitz LLC in its challenge to the state’s tax assessment, finding that the online travel company did not have to collect taxes based on the retail rate of Indiana hotel rooms because Orbtiz is not a retail merchant.
A Texas federal judge on Tuesday temporarily denied a bid from creditors for the heir to the Hunt Petroleum Corp. dynasty for $10.5 million in potential gift tax refunds in connection with a family dispute over trusts, finding that the refund at issue is speculative.
The Michigan Court of Appeals on Tuesday kept in line with earlier court rulings in finding that a multistate tax compact was not a binding contract, rejecting Solo Cup Operating Corp.’s challenge to Michigan’s decision to withdraw from the accord.
Treasury Secretary Jacob Lew warned the incoming Trump administration on Tuesday that it will have to either cut spending or raise taxes if it makes economic decisions that widen the fiscal deficit.
Chevron, ConocoPhillips, ExxonMobil and Forest Oil lost their bid for a $500 million production tax refund when the Alaska Supreme Court recently ruled that the state revenue department could reach a common-sense interpretation of the relevant tax statute without issuing new regulations.
A Canadian aluminum mining company scored a partial win on tax deductions for more than CA$97 million ($72.66 million) in expenses related to a corporate restructuring after the Tax Court of Canada ruled that a substantial portion of fees paid to advisers qualify as deductible ongoing expenses.
Colorado Gov. John Hickenlooper has asked a federal judge to toss a challenge to the state’s Taxpayer Bill of Rights, arguing that the none groups behind the lawsuit — citizens, educators and political subdivisions — can show concrete injury traced back to the bill.
A Doar Rieck DeVita Kaley & Mack partner can’t shake an income tax deficiency notice and related $28,000 penalty, the U.S. Tax Court ruled Monday, rejecting the attorney’s contention that he didn’t have to report income he used to cover his firm’s expenses.
A California judge on Monday rejected KPMG's bid for a quick win in billionaire Ron Burkle's $10 million suit alleging the accounting firm led him to invest in tax shelters the state rejected, ruling there are disputed facts about when KPMG knew it was giving bad advice.
The U.S. Department of Transportation on Sunday urged a federal court to deny two Florida counties' motions for hastened jurisdictional discovery in a challenge to the DOT's approval of $1.75 billion in tax-exempt bonds for a Miami-to-Orlando passenger railroad, saying they haven’t proved the additional discovery is appropriate.
More than 70 percent of chief financial officers polled by Deloitte LLP said that President-elect Donald Trump’s proposed tax plan would be good for their companies, while the results were more mixed on whether the plan would be good for the country, according to survey results released Monday.
U.S. companies that rely on imports will “have to adjust” to a House Republican plan that would boost taxes on those goods while lessening the burden on exports, the chairman of the House Ways and Means Committee said Sunday.
Getting larger isn’t a good enough reason to merge. Focus on whether the merger will make your firm better. Also, it’s possible that a merger can reduce profitability, says John Remsen Jr. of TheRemsenGroup.
While many law firm mergers have been successful, some have been spectacularly unsuccessful — to the point of firm dissolution. Some have exceeded expectations, while others have had little impact on the overall competitiveness of the combined firm. In both failed discussions and less-than-successful mergers, there are mistakes that are made along the way, says Lisa Smith of Fairfax Associates.
A word of caution to our fellow Republicans — one lesson learned from President Obama’s first two years in office is that pushing through partisan legislation could come back to haunt a party and a presidency, say former Sen. Kay Bailey Hutchison, R-Texas, and Curt Beaulieu of Bracewell LLP.
Among the many ethical issues that can arise, conflicts of interest from current or past representation of each firm’s clients should be at the forefront of merger discussions. Recently, we have seen such conflicts disqualify firms in the middle of high-cost litigation, say Allison Martin Rhodes of Holland & Knight LLP and Robert Hillman of the University of California, Davis.
Some have claimed that emerging legal technologies and increasingly cost-conscious clients will mean the extinction of the legal profession as we know it. However, innovations in legal technology may actually benefit attorneys, allowing them to spend their time doing more meaningful work, say Abdi Shayesteh and Elnaz Zarrini of AltaClaro.
Following a six-week recess for the contentious campaign season leading up to an outcome that surprised most in Washington, members of the 114th Congress return this week to begin the lame duck session. Beyond the politics and organizing for next year, this session will be dominated by two “must-pass” items of legislation, according to Richard Hertling and Kaitlyn McClure of Covington & Burling LLP.
The verdict on Nov. 8, was not unanimous, especially when Secretary Hillary Clinton will end up with a popular vote advantage. Yet, it is a message of extreme magnitude from voters willing to overlook the serious flaws of a candidate because they could not reconcile themselves to ratifying the perpetuation of politics as usual, says Reuben Guttman, a partner of Guttman Buschner & Brooks PLLC and adjunct professor at Emory Law School.
The taxpayer in a recent U.S. Tax Court case was the wife of a passive investor of the employer corporation, but had no control over its finances, no ownership interest, no authority to hire and fire, and no real decision-making power. Yet the Internal Revenue Service assessed her for a trust fund recovery penalty — illustrating how aggressive the IRS has become on this subject, says Douglas W. Charnas of McGuire Woods LLP.
As shown by the impending merger between Arnold & Porter LLP and Kaye Scholer LLP, consolidation in the legal industry remains a popular strategy among firms looking to boost revenue and acquire new clients. J. Warren Gorrell Jr., a key architect of the 2010 merger that created Hogan Lovells, reflects on his own experience and why mergers of equals are particularly difficult.
Last week's election will be viewed as a turning point in the emergence of new economies centered around marijuana. Ballot initiatives around the country resulted in important changes in eight states — with four legalizing adult recreational use of marijuana and another four legalizing medicinal use. Two of the most notable developments are in California and Florida, say Jonathan Robbins and Joshua Mandell of Akerman LLP.