8th Circ. Judge Presses IRS On 3M Transfer Pricing Tax Ruling
An Eighth Circuit judge cast doubt during oral arguments Tuesday on the government's interpretation of regulations the IRS relied on to reallocate almost $24 million of income to 3M from its Brazilian affiliate that was subject to legal restrictions on royalty payments.
Netflix, DirecTV Win Mo. Video Fee Dispute After Law Change
A Missouri law enacted this year that exempted streaming and satellite television companies from local video service provider fees blocked a class of cities from pursuing the fees from Netflix, DirecTV and similar companies for prior years, a Missouri circuit judge ruled.
Wafer Factories Qualify For CHIPS Tax Credit In Final Regs
Semiconductor wafer production facilities will qualify for the 25% investment tax credit that incentivizes advanced chip manufacturing development projects under final regulations the U.S. Department of the Treasury released Tuesday.
8th Circ. Judge Presses IRS On 3M Transfer Pricing Tax Ruling
An Eighth Circuit judge cast doubt during oral arguments Tuesday on the government's interpretation of regulations the IRS relied on to reallocate almost $24 million of income to 3M from its Brazilian affiliate that was subject to legal restrictions on royalty payments.
Netflix, DirecTV Win Mo. Video Fee Dispute After Law Change
A Missouri law enacted this year that exempted streaming and satellite television companies from local video service provider fees blocked a class of cities from pursuing the fees from Netflix, DirecTV and similar companies for prior years, a Missouri circuit judge ruled.
Wafer Factories Qualify For CHIPS Tax Credit In Final Regs
Semiconductor wafer production facilities will qualify for the 25% investment tax credit that incentivizes advanced chip manufacturing development projects under final regulations the U.S. Department of the Treasury released Tuesday.
Federal More
The Federal Trade Commission has come to an agreement with H&R Block to settle claims of deceptive advertising and has withdrawn its complaint in order for the full commission to vote on the deal.
The Internal Revenue Service is planning to propose regulations that may amend positions in an existing revenue procedure that narrowed the range of spinoff transactions the agency will approve as tax-free ahe... (more story)
As Winston & Strawn LLP continues to build out its transactions team, the firm has hired a new attorney from Hunton Andrews Kurth LLP with a focus on the tax aspects of real estate financing.
Counsel for an ex-lobbyist standing trial on public corruption charges alongside former Illinois House Speaker Michael Madigan told an Illinois federal jury Tuesday that the government is treating legal lobbyi... (more story)
The standard deduction will rise by $400, to $15,000, for individuals and married couples filing separately for the 2025 tax year, the IRS said Tuesday in announcing inflation adjustments to over 60 tax provisions.
The U.S. Tax Court wrongly barred a business owner from taking a $13 million bad debt deduction for loans he made to his companies, he told the Ninth Circuit, saying the lower court treated the debt inconsistently.
For decades, a handful of New York-based law firms thoroughly dominated the national consciousness when it came to power, profitability and prestige. But in today's legal market, increased movement of partners... (more story)
State & Local More
NJ Panel Revives Casino Tax Break Amendment
A New Jersey state appeals court has reinstated an enhanced casino tax break measure that a trial court had deemed unconstitutional, reasoning that the judge neglected to analyze the measure's interplay with t... (more story)
NY High Court Won't Hear Medical Laser Tax Break Claim
A judgment affirming the taxability of usage agreements on laser medical equipment will not get reviewed by New York's top court, according to an order Tuesday, letting stand a sales tax determination of about $500,000.
West Virginia To Cut Personal Income Taxes Further
West Virginia will cut its personal income tax rates further and will pay for the reduction by tapping the state's general revenue fund under a bill signed into law by Republican Gov. Jim Justice.
The 2024 Prestige Leaders
Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades... (more story)
MVP: Jones Day's Charles 'Chuck' Hodges
Chuck Hodges, a tax partner with Jones Day, led a gravel company to victory in May at the U.S. Tax Court in a case regarding an $11.1 million sale of a freeway pit, helping him earn a spot as one of the 2024 Law360 Tax MVPs.
Madigan Part Of 'Corruption At The Highest Levels,' Jury Told
Former Illinois House Speaker Michael Madigan and his loyal right hand Michael McClain engaged in an eight-year "campaign of bribery," leveraging his public office and leadership roles to steer business to Mad... (more story)
MVP: Paul Weiss' Brian Krause
Brian Krause of Paul Weiss Rifkind Wharton & Garrison LLP's tax practice designed a novel tax approach for the merger of World Wrestling Entertainment and Ultimate Fighting Championship, raced to create a tax-... (more story)
How Cos. Can Build A Strong In-House Pro Bono Program
During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says ... (more story)
Law360 MVP Awards Go To Top Attys From 74 Firms
The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.
A New Jersey state appeals court has reinstated an enhanced casino tax break measure that a trial court had deemed unconstitutional, reasoning that the judge neglected to analyze the measure's interplay with t... (more story)
A judgment affirming the taxability of usage agreements on laser medical equipment will not get reviewed by New York's top court, according to an order Tuesday, letting stand a sales tax determination of about $500,000.
West Virginia will cut its personal income tax rates further and will pay for the reduction by tapping the state's general revenue fund under a bill signed into law by Republican Gov. Jim Justice.
Check out our Prestige Leaders ranking, analysis and interactive graphics to see which firms stand out for their financial performance, attractiveness to attorneys and law students, ability to secure accolades... (more story)
Chuck Hodges, a tax partner with Jones Day, led a gravel company to victory in May at the U.S. Tax Court in a case regarding an $11.1 million sale of a freeway pit, helping him earn a spot as one of the 2024 Law360 Tax MVPs.
Former Illinois House Speaker Michael Madigan and his loyal right hand Michael McClain engaged in an eight-year "campaign of bribery," leveraging his public office and leadership roles to steer business to Mad... (more story)
Brian Krause of Paul Weiss Rifkind Wharton & Garrison LLP's tax practice designed a novel tax approach for the merger of World Wrestling Entertainment and Ultimate Fighting Championship, raced to create a tax-... (more story)
During this year’s pro bono celebration week, companies should consider some key pointers to grow and maintain a vibrant in-house program for attorneys to provide free legal services for the public good, says ... (more story)
The attorneys chosen as Law360's 2024 MVPs have distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals.
International More
Brazil Eyes Shifting Talks On Wealth Taxation To UN
Brazil is campaigning for the United Nations to commit to creating a minimum tax on high-net-worth individuals in February during expected talks on the organization's burgeoning global tax convention, a Brazil... (more story)
Director Imprisoned For Concealing £220K Tax Debt
The former director of a wholesale company has been jailed for 10 months after failing to deliver accounting records when his business went into liquidation owing more than £220,000 ($290,000), the Insolvency ... (more story)
Budget Fears Spark Surge Of Savers Raiding Pensions
A third of financial advisers have seen an uptick in customers tapping into their pensions, an investment platform company said, amid speculation the government could reduce the amount that Britons can withdra... (more story)
BDO Appoints Former HMRC Official, 3 Others To UK Offices
An HM Revenue & Customs official is among four tax professionals BDO LLP has appointed to its offices in the U.K., the firm announced.
UK Director's Use Of Tax Planning Data Subject For Retrial
Whether a director of a U.K. company is liable for a breach of confidence over the misuse of information in marketing a complex tax structure is an issue to be retried, a London court ruled.
Home Canning Makes Me A Better Lawyer
Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the F... (more story)
Taxation With Representation: Baker, Simpson, Ropes
In this week's Taxation With Representation, Lundbeck inks a $2.6 billion cash deal for Longboard, Silver Lake agrees to buy Zuora for $1.7 billion, and PPG and American Industrial Partners reach a $550 million deal.
Brazil is campaigning for the United Nations to commit to creating a minimum tax on high-net-worth individuals in February during expected talks on the organization's burgeoning global tax convention, a Brazil... (more story)
The former director of a wholesale company has been jailed for 10 months after failing to deliver accounting records when his business went into liquidation owing more than £220,000 ($290,000), the Insolvency ... (more story)
A third of financial advisers have seen an uptick in customers tapping into their pensions, an investment platform company said, amid speculation the government could reduce the amount that Britons can withdra... (more story)
An HM Revenue & Customs official is among four tax professionals BDO LLP has appointed to its offices in the U.K., the firm announced.
Whether a director of a U.K. company is liable for a breach of confidence over the misuse of information in marketing a complex tax structure is an issue to be retried, a London court ruled.
Making my own pickles and jams requires seeing a process through from start to finish, as does representing clients from the start of a dispute at the Patent Trial and Appeal Board through any appeals to the F... (more story)
In this week's Taxation With Representation, Lundbeck inks a $2.6 billion cash deal for Longboard, Silver Lake agrees to buy Zuora for $1.7 billion, and PPG and American Industrial Partners reach a $550 million deal.