Judge Questions Eaton's Role In Lowered Credit Rating
Tax Court Judge Albert Lauber questioned an expert for Eaton on Monday about how he arrived at a lowered credit rating for the U.S. company in a report he prepared in January 2013, shortly after it acquired an Irish-based global electrical products manufacturer and inverted.
NY Panel Probes Software Use In Temp Firm's $1M Tax Fight
Justices on a New York state appeals court grappled Monday with whether a company that helps businesses hire and manage temporary workers owes about $1 million in state sales tax because it provides its clients with software to execute its services.
IRS Expert Challenges Data Used In Eaton's Projections
An expert witness for the Internal Revenue Service questioned the financial projections prepared by Eaton Corp.'s experts Friday in U.S. Tax Court, saying the data they relied on wasn't available in 2012, when the company took on debt to acquire Ireland-based Cooper Industries, a global electrical products manufacturer, for $13 billion.
Judge Questions Eaton's Role In Lowered Credit Rating
Tax Court Judge Albert Lauber questioned an expert for Eaton on Monday about how he arrived at a lowered credit rating for the U.S. company in a report he prepared in January 2013, shortly after it acquired an Irish-based global electrical products manufacturer and inverted.
NY Panel Probes Software Use In Temp Firm's $1M Tax Fight
Justices on a New York state appeals court grappled Monday with whether a company that helps businesses hire and manage temporary workers owes about $1 million in state sales tax because it provides its clients with software to execute its services.
IRS Expert Challenges Data Used In Eaton's Projections
An expert witness for the Internal Revenue Service questioned the financial projections prepared by Eaton Corp.'s experts Friday in U.S. Tax Court, saying the data they relied on wasn't available in 2012, when the company took on debt to acquire Ireland-based Cooper Industries, a global electrical products manufacturer, for $13 billion.
Federal More
A former Eckert Seamans Cherin & Mellott LLC attorney accused of ethical violations related to promoting the Par Funding merchant cash advance business told a Pennsylvania disciplinary panel Monday that all he... (more story)
A Florida federal judge handed a nearly six-year prison term to a Russian gas company's former chief financial officer, who was convicted for tax evasion after the Eleventh Circuit vacated a prior sentence earlier this year.
An Internal Revenue Service agent must be allowed to testify in Tom Goldstein's tax evasion case, the U.S. government said, arguing that the agent's testimony is relevant to proving willfulness in the tax crim... (more story)
A baby formula maker's products designed as therapies for children with chronic medical conditions qualify for duty-free treatment, the Federal Circuit ruled Monday, overturning the U.S. Court of International... (more story)
Several recent federal court decisions illustrate how parties continue to grapple with the discovery of data in dynamic databases, so counsel involved in these disputes must consider how structured data should... (more story)
Isaac Wheeler of Sullivan & Cromwell LLP's tax practice advised RedBird Capital Partners on the Skydance and Paramount deal, helped xAI and X on a $113 billion transaction related to their merger and guided Ti... (more story)
The U.S. Department of Commerce's removal of countervailing duties on Turkish steel imports was properly justified by the government, and the lower trade court correctly upheld its determination despite object... (more story)
State & Local More
NY Senator Pitches Bill To Regulate, Tax Hemp Beverages
A New York state senator has prefiled a bill to regulate the sale of intoxicating hemp cannabinoid beverages while levying a 10% tax on them.
MVP: Latham's Pardis Zomorodi
Pardis Zomorodi, partner at Latham & Watkins LLP's transactional tax practice in Los Angeles, has guided companies through the tax aspects of major complex transactions, including 2024's largest IPO and the hi... (more story)
Taxation With Representation: Wachtell, Paul Hastings, Sidley
In this week's Taxation With Representation, Pfizer Inc. completes its acquisition of obesity drug developer Metsera Inc., motion and controls technologies company Parker-Hannifin Corp. acquires Filtration Gro... (more story)
Mass. Power Facility Due $2.7M Property Tax Abatement
A Massachusetts hydroelectric facility was overvalued by as much as $125 million by local assessors, the state Appellate Tax Board said in a decision released Thursday, ordering abatements topping $2.7 million.
Hawaiian Airlines Loses Appeal Over $1.6M Tax On Jet Parts
Hawaiian Airlines can't claim a nearly $1.6 million excise tax exemption on jet parts it purchased from Boeing, a Hawaii appeals court ruled, finding the parts don't qualify for a servicing or maintenance tax break.
Seaport Developer, Mass. Spar Over $15M Brownfields Credit
The developer of the Echelon Seaport luxury residential complex in Boston's Seaport District and the Massachusetts Department of Revenue have each made their case for a pretrial win in a long-running dispute o... (more story)
MVP: Kirkland's Adam Kool
Adam Kool, a tax partner at Kirkland & Ellis LLP, spent the past year advising on high-profile, industry-transforming transactions. Kool's work on AbbVie's $63 billion acquisition of the pharmaceutical giant A... (more story)
In-House Tax Controversy Director Joins Miller & Chevalier
The former director of tax controversy at Cleveland, Ohio-based real estate company GBX Group LLC has moved to Miller & Chevalier Chtd.'s Washington, D.C., office, where she'll continue working on a range of t... (more story)
Colo. Gov. Pitches $51B Budget With No Tax Hikes
Colorado would boost its state spending by 5.6% in the next fiscal year, to nearly $51 billion, while holding the line on taxes under a budget pitched Wednesday by Gov. Jared Polis, who also called for adjustm... (more story)
A New York state senator has prefiled a bill to regulate the sale of intoxicating hemp cannabinoid beverages while levying a 10% tax on them.
Pardis Zomorodi, partner at Latham & Watkins LLP's transactional tax practice in Los Angeles, has guided companies through the tax aspects of major complex transactions, including 2024's largest IPO and the hi... (more story)
In this week's Taxation With Representation, Pfizer Inc. completes its acquisition of obesity drug developer Metsera Inc., motion and controls technologies company Parker-Hannifin Corp. acquires Filtration Gro... (more story)
A Massachusetts hydroelectric facility was overvalued by as much as $125 million by local assessors, the state Appellate Tax Board said in a decision released Thursday, ordering abatements topping $2.7 million.
Hawaiian Airlines can't claim a nearly $1.6 million excise tax exemption on jet parts it purchased from Boeing, a Hawaii appeals court ruled, finding the parts don't qualify for a servicing or maintenance tax break.
The developer of the Echelon Seaport luxury residential complex in Boston's Seaport District and the Massachusetts Department of Revenue have each made their case for a pretrial win in a long-running dispute o... (more story)
Adam Kool, a tax partner at Kirkland & Ellis LLP, spent the past year advising on high-profile, industry-transforming transactions. Kool's work on AbbVie's $63 billion acquisition of the pharmaceutical giant A... (more story)
The former director of tax controversy at Cleveland, Ohio-based real estate company GBX Group LLC has moved to Miller & Chevalier Chtd.'s Washington, D.C., office, where she'll continue working on a range of t... (more story)
Colorado would boost its state spending by 5.6% in the next fiscal year, to nearly $51 billion, while holding the line on taxes under a budget pitched Wednesday by Gov. Jared Polis, who also called for adjustm... (more story)
International More
AI Use Has Spiked In Tax Agencies Globally, OECD Says
The use of artificial intelligence has skyrocketed in tax administrations around the world, leading to increased efficiency but also increased risks of data quality issues, according to an Organization for Eco... (more story)
DC Circ. Mulls Reviving Guinea $21M Award Suit
A D.C. Circuit panel on Friday appeared open to reviving a Seychelles company's bid to enforce an arbitral award of more than $21 million against the Republic of Guinea, focusing oral arguments on whether the ... (more story)
Perkins Coie Sued By Omani Co. Over Trade Case Defense
An Omani screw manufacturer has launched a legal malpractice suit in Washington state court accusing Perkins Coie LLP of a "series of deadly mistakes" while representing the Middle Eastern company in a U.S. De... (more story)
US To Slash Tariff On Swiss Imports To 15% In Trade Deal
The U.S. will reduce a 39% tariff on Swiss imports to 15% as part of a framework trade agreement reached with Switzerland, according to Friday announcements by the White House and the Swiss government.
EU To Boost Cooperation Among Enforcers To Fight Tax Fraud
The European Union pledged on Friday to bolster its fight against massive tax fraud that costs approximately €89 billion ($103 billion) across the bloc each year by rolling out a plan to deepen cross-border cooperation.
Denmark Has Until Dec. 12 To Appeal £1.4B Cum-Ex Defeat
Denmark has 28 days to try to revive its £1.4 billion ($1.8 billion) case over a tax fraud allegedly orchestrated by convicted hedge fund trader Sanjay Shah, a judge said Friday as he gave full reasons for ref... (more story)
Eaton Witnesses Probed About Data Used For Credit Analysis
An accounting expert and a former Eaton Corp. official both advised the U.S. Tax Court on Thursday about the data used to establish the financial position of the U.S. company after its acquisition of Irish-bas... (more story)
The use of artificial intelligence has skyrocketed in tax administrations around the world, leading to increased efficiency but also increased risks of data quality issues, according to an Organization for Eco... (more story)
A D.C. Circuit panel on Friday appeared open to reviving a Seychelles company's bid to enforce an arbitral award of more than $21 million against the Republic of Guinea, focusing oral arguments on whether the ... (more story)
An Omani screw manufacturer has launched a legal malpractice suit in Washington state court accusing Perkins Coie LLP of a "series of deadly mistakes" while representing the Middle Eastern company in a U.S. De... (more story)
The U.S. will reduce a 39% tariff on Swiss imports to 15% as part of a framework trade agreement reached with Switzerland, according to Friday announcements by the White House and the Swiss government.
The European Union pledged on Friday to bolster its fight against massive tax fraud that costs approximately €89 billion ($103 billion) across the bloc each year by rolling out a plan to deepen cross-border cooperation.
Denmark has 28 days to try to revive its £1.4 billion ($1.8 billion) case over a tax fraud allegedly orchestrated by convicted hedge fund trader Sanjay Shah, a judge said Friday as he gave full reasons for ref... (more story)
An accounting expert and a former Eaton Corp. official both advised the U.S. Tax Court on Thursday about the data used to establish the financial position of the U.S. company after its acquisition of Irish-bas... (more story)