Tax

  • November 17, 2017

    Tax Bill’s Ambiguity Increases Investors’ Litigation Risk

    The tax bill that recently passed the U.S. House of Representatives is missing key definitions and contains ambiguous terms relating to the use of so-called carried interest in the asset management business, which could result in investors taking risky positions on their tax returns to seek clarification from the courts.

  • November 17, 2017

    High Court Asked To Review Attorney Fee Denial In Tax Case

    A taxpayer petitioned the U.S. Supreme Court to review a Fourth Circuit decision upholding a district court’s rejection of his motion to recover nearly $600,000 in attorneys' fees, even though he prevailed on the merits of the underlying case.

  • November 17, 2017

    Senate Tax Bill Amendments Include Whistleblower Incentives

    Sen. Orrin Hatch, R-Utah, on Thursday night offered last-minute amendments to the GOP tax bill that included tax deductions and potentially larger awards for whistleblower claims.

  • November 17, 2017

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen a consulting firm sue the shareholder rights group that challenged the Royal Bank of Scotland, Lehman Brothers' bankrupt European unit take on HMRC, and three reinsurers lodge a claim against Petroleos de Venezuela's captive insurer. Here, Law360 looks at those and other new claims in the U.K.

  • November 17, 2017

    Industry Defends Senate Tax Bill's Private Jet Fee Exemption

    Aviation industry groups are defending a new provision affecting private aircraft management firms in the Senate GOP tax reform bill.

  • November 17, 2017

    FERC Finds Utilities' Tax Recording Could Affect Rates

    Utilities have incorrectly recorded income tax overpayments as prepayments for the next year even though they elected to receive refunds, according to a Federal Energy Regulatory Commission report issued Thursday, which flagged other accounting errors that may have affected certain consumer billings.

  • November 17, 2017

    Mich. Tribe Wins Bid To Strengthen Casino Doc Protections

    A federal magistrate judge on Thursday granted the Keweenaw Bay Indian Community’s request to strengthen the protective order in its suit against Michigan officials over the state’s taxing authority.

  • November 17, 2017

    9th Circ. Affirms Tax Atty's $27K Penalty For Bogus Claims

    The Ninth Circuit on Thursday affirmed the U.S. Tax Court's imposition of over $27,000 in sanctions against an Arizona tax attorney for repeatedly advising clients to make frivolous arguments.

  • November 17, 2017

    Calif. Court Upholds Money Launderer's $1.3M Tax Liability

    A California appeals court found Thursday that a lower court correctly calculated an admitted money launderer’s $1.25 million liability to the state Franchise Tax Board.

  • November 17, 2017

    Denmark, India Downgraded In Tax Transparency Compliance

    Denmark and India are no longer fully compliant with international standards for exchanging tax information, while Italy and Jersey have made more steps toward transparency, according to a set of peer reviews that the Organization for Economic Cooperation and Development issued Friday.

  • November 17, 2017

    Taxation With Representation: Andrews, Mayer, Jones, Delaby

    In this week’s Taxation With Representation, Marathon Petroleum dropped down $8.1 billion in assets to its master limited partnership, Caesars Entertainment acquired Centaur for $1.7 billion, Shanghai Pharma snapped up the China business of Cardinal Health for $557 million, and OMERS bought Trescal in a $788.6 million deal.

  • November 17, 2017

    Philly Wants Suits Against Property Revaluation Plan Tossed

    The city of Philadelphia asked a state court judge on Thursday to toss two lawsuits challenging its effort to raise $118 million in new tax revenue through targeted property revaluations, saying the petitioners were first obligated to appeal their new assessments.

  • November 16, 2017

    Senate GOP’s Tax Plan Approved By Finance Committee

    The Senate GOP’s sweeping tax overhaul made it out of committee along a party-line vote Thursday, culminating a jam-packed week of markup that saw last-minute changes on pass-throughs, carried interest and a surprise repeal of the Affordable Care Act’s individual mandate.

  • November 16, 2017

    Gov't Asks 2nd Circ. To Toss Pfizer's $8.3M Interest Case

    The U.S. on Wednesday slammed Pfizer's appeal to the Second Circuit of a district court order dismissing its $8.3 million interest suit, saying the pharmaceutical giant brought its action in the wrong court and after the proper statute of limitations period had passed.

  • November 16, 2017

    Tribes Hoping Overhaul Of BIA Regs Will Catalyze Deals

    The Bureau of Indian Affairs' invitation for tribes to comment on the potential impact of updating the federal government's regulations for doing business on Native American lands elicited stories of economic development deals hampered by red tape and calls to stop state governments from imposing taxes in Indian Country. Here, Law360 looks at why and how tribes and tribal organizations say the so-called Indian Trader regulations need to be changed.

  • November 16, 2017

    Ignition Interlock Co. Seller Is Withholding Escrow, Buyer Says

    The private equity firm that purchased ignition interlock device maker 1A Smart Start Inc. in 2015 filed suit in Delaware late Wednesday, saying the seller is trying to claim escrowed funds from the deal despite failing to achieve a favorable result in a tax dispute, as required in the escrow agreement.

  • November 16, 2017

    SALT Deduction Debate Stokes Fight Over Fairness

    The highly emotional and largely partisan battle over the deductibility of state and local taxes is not only dividing lawmakers and citizens, it is also pitting states against one another in a fight over the fairness of repealing the tax benefit.

  • November 16, 2017

    Tax Bill's Legal Fee Provision May Burden Attorneys

    Some attorneys are reeling from a provision inserted in the House and Senate’s tax plans that would effectively erase a Ninth Circuit decision allowing attorneys to deduct expenses advanced to clients in contingent-fee cases, potentially placing a burden on practitioners and affecting the availability of legal services.

  • November 16, 2017

    Foreign Credits At Risk In Senate Tax Bill, Analysts Say

    A provision in the Senate’s version of the Tax Cuts and Jobs Act requiring U.S. multinationals to calculate their foreign tax credits on an annual basis means that companies could end up with unusable leftover credits and bookkeeping anomalies due to mismatches with other countries’ accounting rules, tax specialists say.

  • November 16, 2017

    Tobacco Groups Blast FDA For ‘Massive’ Speech Restriction

    Advocacy groups representing smokers and the cigar and pipe industries blasted the U.S. Food and Drug Administration in D.C. federal court Tuesday, saying the agency's rule increasing the size of warning labels on tobacco products is a "massive" free speech restriction imposed without adequate scientific analysis.

Expert Analysis

  • From Snaps To Tweets: The Craft Of Social Media Discovery

    Matthew Hamilton

    Courts have consistently held that social media accounts are subject to established discovery principles but are reluctant to allow parties to rummage through private social media accounts. Recent case law confirms that narrowly tailored information requests get the best results, say Matthew Hamilton, Donna Fisher and Jessica Bae of Pepper Hamilton LLP.

  • The Conspiracy And FBAR Charges Against Manafort, Gates

    Robert Adler

    The charges against Paul Manafort and Richard Gates differ in significant respects from similar cases where the government has charged a Klein conspiracy as well as a willful failure to file reports of foreign bank and financial accounts, says Robert Adler of Nossaman LLP.

  • Learning From The Greystone Affordable Development Case

    Ray Jones

    Affordable housing developers face the challenge of developing projects that are pleasing to both tenants and the community, while keeping rents at permissible levels. A South Carolina developer recently demonstrated that renovating low income housing units with the help of multifaceted deal structures is one possible solution, says Roy Jones of Parker Poe Adams & Bernstein LLP.

  • Manafort Attorney's Testimony And The Limits Of Privilege

    Justin C. Danilewitz

    A D.C. federal judge's recent opinion requiring former counsel to Paul Manafort and Rick Gates to testify before a federal grand jury offers four lessons for defense counsel and their clients, says Justin C. Danilewitz of Saul Ewing Arnstein & Lehr LLP.

  • An Interview With Former DHS Secretary Jeh Johnson

    Randy Maniloff

    Jeh Johnson, the former secretary of homeland security, was kind enough to let me visit him to reflect on his diverse career. He told stories that left me speechless. And yes, the man who was responsible for the Transportation Security Administration removed his shoes when going through airport security. You bet I asked, says Randy Maniloff of White and Williams LLP.

  • Series

    Judging A Book: Gilstrap Reviews 'Alexander Hamilton'

    Judge Rodney Gilstrap

    While Alexander Hamilton is the subject of a hit Broadway musical and renewed biographical examinations, professor Kate Brown takes us down a road less traveled in her book "Alexander Hamilton and the Development of American Law" — showing Hamilton as first, last and foremost an American lawyer, says U.S. District Judge Rodney Gilstrap of the Eastern District of Texas.

  • How Tax Reform May Hit Aircraft Owners’ Pocketbooks

    Sandra Shippey

    If proposed tax reform legislation passes as written, owners of physical assets such as corporate aircraft would not be able to defer taxable gains when upgrading to newer aircraft. This could negatively affect, among other industries, aircraft manufacturers, resellers, brokers, appraisers, insurers and lenders, says Sandra Shippey of Procopio Cory Hargreaves & Savitch LLP.

  • Pennsylvania NOL Cap Ruling Presents Taxpayer Challenges

    Jeffrey Friedman

    The Pennsylvania Supreme Court recently held that the state’s flat $3 million cap on net operating loss carryforwards violates the state constitution’s uniformity clause. While the court’s reasoning is based upon the application of a Pennsylvania constitutional provision, it may be applicable to other states that have net operating loss carryforward caps, say attorneys with Eversheds Sutherland LLP.

  • The Case For Creating A Mediation Department At Your Firm

    Dennis Klein

    There are at least four reasons supporting the need for some form of a mediation group within a law firm, especially in firms with larger practices, according to Dennis Klein, owner of Critical Matter Mediation and former litigation partner at Hughes Hubbard & Reed LLP.

  • How Tax Reform Proposals Would Impact PE, VC Funds

    Christian Kimball

    While many of the tax changes currently proposed in Congress will significantly affect the after-tax returns of investors in private equity and venture capital funds, most of the proposals will likely not change the manner in which funds operate, say attorneys with Jenner & Block LLP.