Because of new restrictions on deductions for executive compensation unde= r federal tax reform, companies may be unable to deduct performance-based e= xecutive pay even though they followed previous regulations =E2=80=94 it al= l depends on how the IRS interprets a transition rule.

Tuesday, February 27, 2018

TOP NEWS

=09=09=09=09=09=09=09=09=09=09

=09=09=09=09

Analysis

Clarity Sought On T= ax Law's Treatment Of Executive Pay

Because of new restrictions on deductions for executive compensation = under federal tax reform, companies may be unable to deduct performance-bas= ed executive pay even though they followed previous regulations — it = all depends on how the IRS interprets a transition rule. Read more »

=09=09=09=09 =09=09=09=09

Prominent US Treasury Ta= x Official Abruptly Resigns

A top U.S. Department of Treasury official expected to work closely o= n promulgating the highly anticipated regulations under the new federal tax= legislation has resigned unexpectedly. Read more »

=09=09=09=09 =09=09=09=09

Lawsuit Over Trump's 2-= For-1 Regulation Order Tossed

A D.C. federal judge tossed out a complaint Monday from public intere= st groups fighting President Donald Trump’s executive order to repeal= two federal regulations for each new one issued, ruling the groups had fai= led to show how the order would harm them. Read more »

=09=09=09=09 =09=09=09=09

Apple Fails In Bid = To Ban Protesters From French Stores

The High Court of Paris declined to allow Apple Retail France to ban = protesters from its stores across the country and ordered the company to pa= y €2,000 ($2,460) in court costs to the Association for the= Taxation of Financial Transactions and for Citizen Action, or ATTAC, the g= roup organizing the protest. Read more »

=09=09=09=09 =09=09=09=09

Ga. Lt. Gov. Threatens= To Wield Tax Code To Punish Delta

The Republican lieutenant governor of Georgia threatened on Monday to= use the tax code to retaliate against Delta Air Lines Inc., one of the lar= gest employers in his state, because the company announced it was breaking = ties with the National Rifle Association. Read more »

FEDERAL

=09=09=09=09=09=09=09=09=09=09

=09=09=09=09 =09=09=09=09

Greenberg Traurig= Team Exits Suit By Vet-Led Former Client

A Florida federal judge on Friday allowed a Greenberg Traurig LLP tea= m representing a National Sourcing Inc. subcontractor and other defendants = to voluntarily withdraw from a suit in which NSI accuses former shareholder= s of diverting profits through another entity and accuses the firm of facil= itating the scheme. Read more »

=09=09=09=09 =09=09=09=09

Tax Cut Law More About= Political Optics, Panelist Says

Companies have been promising job growth and new investment in the U.= S. as a result of the recently passed federal tax cut bill, but those annou= ncements are likely motivated by politics and not the economic effects of t= he new law, William G. Gale, a senior fellow at the Brookings Institution, = said at a conference Monday. Read more »

=09=09=09=09 =09=09=09=09

Top Court Review Ba= seless In Va. Tax Case, Duty Free Says

Dulles Duty Free LLC told the U.S. Supreme Court on Monday to deny a = request to review a Virginia Supreme Court ruling that found a Loudoun Coun= ty gross receipts tax on duty-free item sales at an airport to be unconstit= utional, saying the U.S. import-export clause has always banned states from= taxing goods in transit. Read more »

=09=09=09=09 =09=09=09=09

Aviation Co.'s Doc Requ= est Called 'Fishing' In $4.7M Row

Black Hall LLC and its connected companies responded to a federa= l court motion by aviation contractor AAL USA Inc. to compel production of = tax returns in a $4.7 million claim, calling it nothing more than a “= fishing expedition” and “yet another hyperbolic attempt to obta= in one-sided discovery.” Read more »

STATE & LOCAL

=09=09=09=09=09=09=09=09=09=09

=09=09=09=09 =09=09=09=09

NJ Senate Passes Bi= ll To Protect Tax Agreement With Pa.

The New Jersey Senate on Monday voted unanimously to approve a bill t= hat would prevent the governor from unilaterally withdrawing from personal = income tax agreements with other states. Read more »

=09=09=09=09 =09=09=09=09

NJ Senate Passes C= harity Donations Bill To Fight SALT Cap

The New Jersey Senate passed a bill Monday that would allow for prope= rty tax credits for making certain qualified charitable donations on behalf= of real property, a rebuke to the Tax Cuts and Jobs Act, P.L. 115-97, whic= h limited the total state and local tax deduction to $10,000. Read more »

=09=09=09=09 =09=09=09=09

NJ Senate Passes Bi= ll To Extend Business-Friendly Zones

The New Jersey Senate passed a bill Monday that would extend urban en= terprise zone designations — providing reduced sales taxes and other = benefits to merchants — for 10 years. Read more »

INTERNATIONAL

=09=09=09=09=09=09=09=09=09=09

=09=09=09=09 =09=09=09=09

Expired Royalty Clo= sing Agreement Allowed In Coke Trial

With the trial due to start next week, the U.S. Tax Court Friday deni= ed an IRS motion to exclude from case evidence an expired closing agreement= describing the method the Coca-Cola Co. had used to calculate product roya= lties from its foreign units from 1996 through 2009. Read more »

=09=09=09=09 =09=09=09=09

EU State Aid Probes= Aim At Tax Loopholes, Specialist Says

The European Commission’s allegations accusing countries of gra= nting anticompetitive state aid to multinational companies are an attempt t= o tackle tax avoidance techniques that exploit loopholes in policy but are = not illegal, a practitioner said during a lecture on Monday. Read more »

=09=09=09=09 =09=09=09=09

Luxembourg Appeals = EU Ruling On Tax Treatment Of Amazon

Luxembourg denied it gave Amazon.com Inc. special tax treatment in an= appeal filed with the European Court of Justice that was released Monday, = claiming the European Commission usurped its powers in an October 2017 deci= sion that found the online retailer had received as much as €250 mill= ion ($308 million) in impermissible state aid. Read more »

EXPERT ANALYSIS

=09=09=09=09=09=09=09=09=09= =09

=09=09=09=09 =09=09=09=09

Businesses Beware: SAL= T Effects Of Tax Reform May Vary

Changes to the federal tax code implemented by the Tax Cuts and Jobs = Act may significantly impact a business' state tax bill, depending on wheth= er and how the state in question references the IRC in its own tax law. Bus= iness owners need to carefully assess the law of states in which they are t= axed, particularly if they are affected by one of five important provisions= , say attorneys at Morrison & Foerster LLP. Read more »

=09=09=09=09 =09=09=09=09

Getting Back To Bas= ics With Master Limited Partnerships

It has been a rough three years in the energy sector. During the down= turn, upstream master limited partnerships, large and small, were dispropor= tionately affected. If we have learned anything from this cycle, it is that= we should endeavor to structure MLPs to withstand even the harshest price = environments, says Jeffery Malonson of King & Spalding LLP. Read more »

=09=09=09=09 =09=09=09=09

Tax Reform's Impacts On Pass-T= hrough Entities 3D=

3D"2 The tax reform bill passed at the end of 2017 includes numerous provi= sions affecting pass-through entities and their owners. These provisions ar= e complex, and create both strategic opportunities and pitfalls for the unw= ary. In this video, Wes Sheumaker and Eric Santos of Eversheds Sutherland L= LP discuss the 20 percent deduction for qualified business income and the l= imitation on excess business losses. Read more »

LEGAL INDUSTRY

=09=09=09=09=09=09=09=09=09=09

=09=09=09=09=09

Feature

4 Essential Tasks New = GCs Should Immediately Conquer

The beginning days, weeks and months as a new general counsel or chi= ef legal officer are vital to success. First impressions and chaos control = count, and there’s a lot of groundwork to cover when settling in to a= position, whether it’s at a different company or the result of a pro= motion. Here, Law360 looks at the crucial first steps for every new top law= yer to tackle. Read more »

=09=09=09=09=09

Feature

15 Minutes With Twilio's General= Counsel

Karyn Smith's journey from BigLaw attorney to general counsel for co= mmunications platform Twilio has given her a unique vantage point on the ch= anging media world, from net neutrality to customer confidence to data priv= acy concerns. Read more »

=09=09=09=09=09 =09=09=09=09=09

Law Partners' Hourly Rates Keep Cli= mbing

The U.S. legal sector saw widespread increases in partner billing ra= tes last year, led by a dominant 8 percent hike in the median rate amo= ng the 50 largest law firms, according to a report out Tuesday. Read more &r= aquo;

=09=09=09=09=09 =09=09=09=09=09

Bryan Cave And BLP Approve = Transatlantic Merger

St. Louis-headquartered Bryan Cave LLP and U.K.-based Berwin Leighto= n Paisner have agreed to merge and will launch a new fully integrated trans= atlantic firm in April, the firms announced on Monday. Read more &r= aquo;

=09=09=09=09=09 =09=09=09=09=09

Ex-Dechert Clie= nt Seeks Subpoena For Leaked Letter's Source

A former Dechert LLP client petitioned a California federal court on= Friday to subpoena a correspondent for a British paper to discover how he = obtained an allegedly damaging letter penned by the firm, claiming after an= “acrimonious” split with Dechert, the firm “had an appar= ent motive to leak the letter.” Read more »<= /a>

JOBS
Search full listings or advertise your job opening=09=09=09

=09=09=09=09=09=09

Trusts and Est= ates Partner for Premier Area Firm
Parker + Lynch Legal
Philadelphia, Pennsylvania

Listen to our new p= odcast here

LAW FIRMS

Andrews Kurth Kenyon

Baker Botts

Baker McKenzie

Berwin Leighton Paisner

The Barry A. Cohen = Legal Team

Wiley Rein

Womble Bond Dickinson

COMPANIES

Amazon.com Inc.

American Bar Associ= ation

American Enterpr= ise Institute

Apple Inc.

Association o= f Corporate Counsel

Cagle's, Inc

Communicatio= ns Workers of America

Delta Air Lines Inc.

Fiat Chrysler Aut= omobiles NV

LexisNexis Group

Lyft Inc.

Major Lindsey & Afric= a

Michelin Group

NASDAQ OMX Group Inc.=

National= Rifle Association of America

Natural Reso= urces Defense Council

Public Citizen Inc.

Reed Elsevier

Starbucks Corporation

Tax Foundation

The Coca-Cola Company

Twilio Inc.

Twitter Inc.

Zynga Inc.

GOVERNMENT = AGENCIES

European Commission

European Union

Executive Off= ice of the President

Federal Commu= nications Commission

Georgia General Assemb= ly

Internal Revenue Servi= ce

New Jersey Legislature

Securities a= nd Exchange Commission

Serious Fraud Office

U.S. Department of = Justice

U.S. Supreme Court

Not sure if your firm subscribes? Ask your librarian.

= We hope you found this message to be useful.
However, if you'd rather = not receive future emails of this sort,
you may unsubscribe here.

Please DO NOT reply to this email. For customer suppo= rt inquiries, please call 1-646-783-7100 or visit our Contact Us page.

Law360 | Portfoli= o Media, Inc, 111 West 19th Street, 5th Floor, New York, NY 10011