Friday, March 2, 2018

TOP NEWS

Treasury Plans To Ax Carried Interest Earnings Loophole

The Internal Revenue Service gave notice Thursday that it intends to issue regulations aimed at eliminating a loophole in the new federal tax law that grants fund managers a preferential tax rate on carried interest earnings. Read more »

Ga. Bill Passed, Denying Delta Tax Break Over NRA Stance

The Georgia Legislature passed a comprehensive tax bill Thursday that no longer includes a jet fuel tax break after legislators hastily removed it in response to Delta Air Lines’ decision to drop a discount program for National Rifle Association members. Read more »

European Lawmakers Back Plans For Tax Haven Crackdown

European lawmakers signed off Thursday on new proposals that would require tax intermediaries such as banks, accountants and law firms to disclose more information on their cross-border tax activities. Read more »

Oregon Moves Toward Repeal Of Controversial Tax Haven Law

The Oregon Legislature took another big step toward repealing the state's tax haven legislation Wednesday, a controversial law in which the state compiled a list of countries and designated them as places where U.S. corporations would hide income from state and federal tax authorities. Read more »

IRS, Anadarko Seek Early Wins In $26M Tax Refund Row

The government and Anadarko Petroleum Corp. on Wednesday both urged a Texas federal court to grant them quick wins in a dispute over whether the company can claim a $26 million tax refund on a loss stemming from the liquidation of a Venezuelan subsidiary. Read more »

FEDERAL

Tax Court Says Gravel Sold From Native Land Can Be Taxed

A member of the Seneca Nation of Indians and her husband have to pay more than $400,000 in federal income taxes on their sale of gravel taken from Native American land after the U.S. Tax Court ruled Thursday that they are not entitled to treaty-based tax exemptions. Read more »

Linklaters, Deloitte Pass Buck Over Arsenal Investor's Loss

Linklaters LLP and accounting firm Deloitte LLP denied Wednesday they provided negligent tax advice that allegedly caused a former Arsenal shareholder to lose up to £11.6 million ($16.2 million) when she sold her shares in the Premier League soccer club. Read more »

STATE & LOCAL

Mass. Board Wants Sports Betting On Par With Black Market

The Massachusetts Gaming Commission on Thursday released a report tackling sports betting if it becomes legal in the state, stressing the need to make gambling easy to access online and comparable to what is already being offered by black-market bookies. Read more »

School Board Wants Pistons Arena Funding Fight Put To Rest

Detroit Public Schools’ community district and its board of education on Wednesday urged a Michigan federal judge to toss the remaining claims from a suit brought by residents looking to block the use of $56.5 million in taxpayer funds for a new arena for the NBA's Detroit Pistons, after previously gutting the suit. Read more »

INTERNATIONAL

Tax-Free Interest Payments Could Be Abusive, EU Court Told

A Danish company’s tax-free interest payments that ultimately go to capital funds located outside of the European Union could potentially be taking advantage of information gaps between the bloc and certain non-member states, according to a recommendation provided to the EU’s top court on Thursday. Read more »

EU Court Denies Lithuania A Cut In Interest On VAT Refund

The Lithuanian government can’t reduce the interest it owes on a €3.4 million ($4.2 million) value-added tax refund paid to grain trader Nidera even though disputes over the amount delayed its payment, the European Union’s top court ruled Wednesday. Read more »

EXPERT ANALYSIS

How Tax Reform Affects Gov't Environmental Enforcement

The most important environmental enforcement legislation of 2017 was in the tax reform law, which casts into doubt the federal income tax deductibility of costs companies incur in connection with government settlements and court orders. This new provision applies to all settlements of any kind with any government entity, say Timothy Webster and Thomas Yancey of Sidley Austin LLP. Read more »

Murphy’s Law: What Can Be, Will Be Taxed In New Jersey?

New Jersey's new governor is eager to change how his state taxes individuals and businesses, though similar proposals have been criticized or even defeated during past administrations. If he succeeds, Gov. Phil Murphy will significantly change the state's tax regime, say Mitchell Newmark and Eva Niedbala of Morrison & Foerster LLP. Read more »

Protecting Privilege In Litigation Financing Negotiations

Multiple courts have held that discoverable material from negotiations with a litigation funder, when executed properly, can be attorney work product and immune from disclosure in the later litigation. The recent Acceleration Bay decision is indicative of what happens when difficult facts conflict with best practices, says Eric Robinson of Stevens & Lee PC. Read more »

LEGAL INDUSTRY

BigLaw Life Drove Him To Crime, Ex-Akin Gump Atty Says

An ex-Akin Gump Strauss Hauer & Feld LLP attorney said the stress of his work in private practice drove him to try to sell stolen U.S. Department of Justice information, and he asked for leniency as prosecutors seek a nearly three-year sentence, according to filings in California federal court Wednesday. Read more »

Senate OKs Nelson Mullins Vet For South Carolina Judgeship

The U.S. Senate confirmed President Donald Trump’s choice for a South Carolina district court vacancy Thursday, even as Democrats used the pick to decry a lack of diversity among Trump’s nominees. Read more »

Ex-Hunton Atty Urges 2nd Circ. To Undo Insider Trading Rap

Former Hunton & Williams LLP patent lawyer Robert Schulman asked the Second Circuit to give him an acquittal after being convicted and sentenced to probation for passing a nebulous trading tip to his friend and financial adviser, saying the government didn’t show an essential element: that it would be traded on. Read more »

US Leads In GC Gender Pay Equity, One Report Says

Female general counsel are more likely to be paid the same as their male counterparts in the U.S. than elsewhere in the world, according to one recent report. Read more »

Orrick, Shearman & Sterling Nab 22 Andrews Kurth Attys

In the latest round of departures from Andrews Kurth Kenyon LLP amid its decision to merge with Hunton & Williams LLP, Shearman & Sterling LLP announced on Thursday that it has opened an Austin, Texas, office with eight partners joining, and Orrick Herrington & Sutcliffe picked up 14 lawyers from Andrews Kurth's public finance team. Read more »

Law360's Weekly Verdict: Legal Lions & Lambs

New York civil rights attorney Gregory Antollino grabbed a seat at the top of this week’s legal lions list after the Second Circuit sided with his client and concluded that anti-gay discrimination is sex discrimination, while Pillsbury landed on the lambs list after a California appeals court threw out its client's $55 million jury award in insurance litigation with AIG. Read more »

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Major Lindsey & Africa

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National Collegiate Athletic Association

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