Monday, February 12, 2018

TOP NEWS

Analysis

Budget Bill Contains Energy Tax Credit Boon

Energy tax credit extenders included in the two-year budget deal signed by President Donald Trump on Friday provide potential boosts for renewable energy development and potential lifelines for nuclear and carbon capture and storage projects. Read more »

Interim Years Trivial In Partnership Audits, IRS Rep Says

A representative from the IRS said Friday that the intervening period between a reviewed year, which is the year examined during an audit, and an adjustment year, which is when an audit is finalized, does not matter under the new centralized partnership audit regime. Read more »

DOJ's No. 3 Checks Out For Walmart Gig

The U.S. Department of Justice’s associate attorney general who was tasked with overseeing numerous divisions, including antitrust, civil, civil rights, environment and natural resources, and tax, will leave the department for Walmart after nine months on the job, the DOJ and the retail giant announced Friday. Read more »

Biz Interest Anti-Abuse Tax Rule Possible, Official Says

Even though the IRS and Department of Treasury's Priority Guidance Plan update released Wednesday did not say that an anti-abuse rule was forthcoming on new limitations on business interest expense deductions enacted as part of the GOP tax cut bill, that doesn't mean it won't happen, a Treasury official said Friday. Read more »

Trump Signs Spending Bill, Ending Overnight Shutdown

President Donald Trump signed legislation Friday for a two-year budget deal and temporary spending measure, ending a brief government shutdown after Congress failed to pass the bill before midnight. Read more »

FEDERAL

Facebook Docs Not Privileged, US Argues In Tax Dispute

Documents withheld by Facebook Inc. in its transfer pricing dispute with the Internal Revenue Service are not protected by privilege because they pertain to business development and not trial preparation, U.S. Department of Justice attorneys said Thursday in California federal court ahead of a March 29 hearing on whether the company should produce the documents. Read more »

Texas Oil Co. Sues IRS In $222M Fuel Credit Dispute

An oil company sued the Internal Revenue Service in a Texas federal court Thursday, asking for a $222 million reduction in its income over the classification of alternative fuel credits. Read more »

STATE & LOCAL

Uber, Lyft Can’t Bypass Local Taxes, SF Lawsuit Claims

The city and county of San Francisco hit the state of California with a lawsuit Thursday, challenging a recently enacted law that allows ride-hailing services like Lyft and Uber to operate in cities without obtaining local licenses, causing the city to lose millions in associated taxes. Read more »

INTERNATIONAL

India Signs 7 APAs, Including First Deal With US

India’s tax authority has announced that last month it inked seven advance pricing agreements, which provide preemptive approval of multinational corporations' tax treatment of transactions with foreign subsidiaries, including the country’s first such deal with the U.S. Read more »

Texas, Nev. AGs Defend Ariz. Law Opposing Israel Boycotters

Attorneys general from Texas and Nevada on Friday filed an amicus brief in a lawsuit in Arizona federal court, offering their support for a law that bars state-funded contractors from boycotting Israel. Read more »

PEOPLE

Taxation With Representation: Wachtell, Weil, Latham

In this week’s Taxation With Representation, NuStar Holdings merged with a subsidiary to create a $7.9 billion partnership, Kroger made a $2.15 billion convenience store sale to EG Group, Enduring Resources bought WPX Energy’s San Juan Basin oil holdings for $700 million, and Tronc sold the Los Angeles Times and other newspapers to Nant Capital for $500 million. Read more »

EXPERT ANALYSIS

A Recent Tax Court View Of Statute Of Limitations Provisions

The U.S. Tax Court opinion in Rafizadeh v. Commissioner clarifies Internal Revenue Code Section 6501(e)(1)(A)(ii) and sheds light on the IRS approach to interpreting statute of limitations provisions, say Andrew Roberson and Elizabeth Chao of McDermott Will & Emery LLP. Read more »

LEGAL INDUSTRY

Dentons Partner Exits After Inappropriate Behavior Claims

A Dentons partner in Scotland has left the firm after a monthlong suspension following allegations of inappropriate behavior, a spokesperson confirmed Friday. Read more »

Feature

Why Virtual Law Firm Growth Is Outpacing BigLaw

As large and midsized law firms continue to see incremental increases in revenue and head count, cloud-based firms are reporting soaring growth figures, with one poised to enter the Am Law 200 next year. Here, Law360 takes a look at the rapid expansion of virtual and cloud-based law firms. Read more »

Enviro Analysis Says Congress Threatens Access To Courts

Earthjustice on Thursday released an analysis of more than 50 pieces of legislation introduced in Congress that it said could restrict the public’s ability to seek justice in court, saying the measures could “erect permanent obstacles” for people trying to defend their rights. Read more »

Bar Prep Co. Takes Another Shot At $50M Law School Suit

A rival to bar exam preparation company Barbri Inc. has filed another $50 million lawsuit against its competitor and a slew of law schools, accusing them — this time in a New York state court complaint — of colluding to exclude it from their campuses in the prep market for foreign students seeking advanced law degrees. Read more »

GC Cheat Sheet: The Hottest Corporate News Of The Week

Secretary of State Rex Tillerson announced plans to create a cybersecurity bureau in his department, three congressional Republicans worked on a paid parental leave proposal and the American Bar Association passed a policy change aimed at how legal industry employers handle sexual harassment and retaliation claims. These are some of the stories in corporate legal news you may have missed in the past week. Read more »

In Case You Missed It: Hottest Firms And Stories On Law360

For those who missed out, here's a look back at the law firms, stories and expert analyses that generated the most buzz on Law360 last week. Read more »

Podcast

Law360's Pro Say: What’s Next For #MeToo In The Law?

On the latest episode of Law360's Pro Say podcast, we discuss how the retirement of one judge accused of sexual harassment won’t quiet the law's #MeToo push, looming changes that could cause headaches for foreign companies looking to invest in the U.S., an FBI sting that busted a judge for accepting bribes, and Chuck Norris filing a lawsuit that is the legal equivalent of a roundhouse kick to the face. Read more »

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