Tuesday, March 6, 2018

TOP NEWS

Coke Says Foreign Licensees Key Marketers In $3.3B Case

An attorney for Coca-Cola Co. said Monday that the company's foreign licensees performed a key marketing function for the group, while an IRS lawyer said the entities did little to deserve the high profits they collected as the sides squared off in their Tax Court case over a $3.3 billion transfer pricing assessment. Read more »

Tax Court Affirms Excise Tax On Family's Roth IRA Payments

Members of a family business that sells a patented product for mixing chemicals have to pay excise taxes on their Roth IRA contributions after the U.S. Tax Court ruled on Monday that they had exceeded their limits by trying to channel their income through a Bermuda-based corporation. Read more »

Quill Can Go Without Harming Sellers, Sens. Tell High Court

Four U.S. senators who have been actively involved in sales and use tax issues told the U.S. Supreme Court Monday that it is time to overturn Quill v. North Dakota and that the court can do so without harming out-of-state sellers. Read more »

Fla. Measure To Make Tax Hikes Harder Goes To Gov.

The Florida Senate overwhelmingly passed a bill Monday authorizing a ballot measure that now needs only the governor's signature before it asks voters to determine whether any bill imposing a tax increase on Florida voters should require a two-thirds vote of both state houses to become law. Read more »

Maryland Tax Court Affirms Baltimore Billboard Tax

The Maryland Tax Court has found an excise tax on billboards in Baltimore enacted in 2013 does not impose a free speech burden on billboard operator Clear Channel Outdoor, ruling in favor of Baltimore's Finance Department and against a refund for Clear Channel. Read more »

FEDERAL

Pa. Utility Asks High Court To Review $199M Deduction Claim

A Pennsylvania-based electricity supplier has asked the U.S. Supreme Court to review the Third Circuit’s decision to deny it a $199 million tax deduction, saying that the lower court has effectively authorized the IRS to take actions contradicting the agency’s own rules. Read more »

US Slams Ingersoll's Bid for $25M Foreign Tax Credit

The U.S. government on Friday hit back against Ingersoll-Rand Co.’s suit accusing the Internal Revenue Service of wrongly disallowing a $25 million credit for Swiss taxes paid by a foreign subsidiary, telling a North Carolina federal judge that the company is trying to “double its benefit.” Read more »

Facebook Backs Tax Docs Privilege In Transfer Pricing Row

Facebook Inc. argued on Friday that the IRS’ statement that some of the company’s documents in a transfer pricing dispute should not be protected by privilege was incorrect because they reflect confidential tax advice, not business advice, and the online social media giant properly followed legal requirements in its discovery entry logs. Read more »

Kokesh Must Disgorge $5M To SEC, 10th Circ. Rules

A panel of the Tenth Circuit on Monday lowered the amount that investment adviser Charles Kokesh must disgorge from $35 million to $5 million, validating his resounding victory before the U.S. Supreme Court but using revised figures from the U.S. Securities and Exchange Commission. Read more »

STATE & LOCAL

Water Fee Not An Unlawful Tax, Calif. Appeals Court Says

A California appeals court ruled on Friday that a new annual fee imposed by the state’s water control board on water right permit and license holders is constitutional, reversing a lower court decision that determined the fee was an unlawful tax. Read more »

Ohio, City Seek To Bar Soccer Team's Move To Texas

The state of Ohio and the city of Columbus are seeking a declaratory judgment and injunction against the owners of the Columbus Crew soccer team in an attempt to bar the team from moving to Austin, Texas, without providing Columbus and its residents a chance to buy the franchise, according to a complaint filed Monday in Ohio state court. Read more »

INTERNATIONAL

UK To Require Digital Records To Reduce $13B VAT Gaffes

The U.K. has amended its value-added tax policy to require businesses to keep related electronic accounts, saying the move was aimed to lessen taxpayer mistakes that have deepened the gap between what was owed to the government and what was paid on time by £9.4 billion ($13 billion). Read more »

PEOPLE

Winston Strawn Adds 7 Partners From Jenner & Block

Winston & Strawn LLP on Monday announced that it is adding seven former Jenner & Block LLP partners, including the former chairman of the firm’s private equity practice, to the corporate and tax practice in its Chicago office. Read more »

EXPERT ANALYSIS

6 Tips For Tribal Governments To Reduce Member Taxes

Last December, President Donald Trump signed the Tax Cuts and Jobs Act, which included several provisions with real impacts on tribal governments and their members, including the reduction of individual tax rates and the treatment of the Kiddie Tax, say attorneys with Holland & Knight LLP. Read more »

Obligors: Beware Of Bond Reissuance Triggers

Public finance tax lawyers have begun to see an indirect effect of the Tax Cuts and Jobs Act — the triggering of automatic bank rate adjustments resulting from the drop in the corporate tax rate. Though many banks have been willing to forgo or reduce interest rate increases that would otherwise occur under loan documents, obligors should know that this seeming benefit can have significant tax consequences, says Robert Eidnier of Squire Patton Boggs LLP. Read more »

LEGAL INDUSTRY

Feature

How To Raise Rates Without Driving Clients Away

The largest and most financially successful law firms in the U.S. have consistently raised rates over the past few years at a faster pace than the rest of the industry. Here, Law360 takes a look at how they’ve done it without scaring clients away and how others may be able to follow in their footsteps. Read more »

Feature

Oscars Shine Spotlight On Atty's Work On 'Inclusion Rider'

Kalpana Kotagal, a civil rights and employment partner at Cohen Milstein Sellers & Toll PLLC, had already switched off the TV on Sunday night when Frances McDormand took the stage at the Academy Awards and drew the world's attention to her work. Read more »

Ex-Akin Gump Atty's Wife Pleads For Speaking Tour, Not Jail

The wife of the ex-Akin Gump Strauss Hauer & Feld LLP attorney who admitted to trying to sell U.S. Department of Justice information asked a California federal judge to pass on sentencing him to jail and send him on a speaking tour instead, saying Monday that his kids need him at home. Read more »

Senate Approves Trump Picks For Texas, Ga. Judgeships

The Senate approved President Donald Trump’s choices for open judgeships in Texas and Georgia on Monday, including a former pick by President Barack Obama for the Lone Star State. Read more »

Heller Can't Take Ex-Partners' Fees, Calif. High Court Says

The California Supreme Court ruled Monday that a dissolved law partnership is not entitled to profits from former partners’ continued work on hourly fee matters, in a long-fought battle stemming from the Heller Ehrman LLP dissolution. Read more »

Feature

15 Minutes With Northeastern University’s General Counsel

Since becoming senior vice president and general counsel of Northeastern University in 2011, former Boston District Attorney Ralph Martin II has learned that the city school is a large, research, urban-based academic institution with global reach that emphasizes cooperative education. Here, he shared with Law360 details about his diverse and engaging workday and his approach to explaining complicated legal matters to nonlawyers. Read more »

JOBS
Search full listings or advertise your job opening

Listen to our new podcast here

LAW FIRMS

Davis Wright Tremaine

Keker Van Nest & Peters

McDermott Will

Morgan Lewis

Morrison & Foerster

Norton Rose Fulbright

COMPANIES

BTI Consulting Group Inc.

Blaqwell Inc.

California Farm Bureau Federation

Clear Channel Outdoor Holdings, Inc.

Duquesne Light Holdings Inc.

Lehman Brothers Holdings Inc.

MAPFRE SA

Major League Soccer LLC

NFL Enterprises LLC

National Congress of American Indians

Northeastern University

Retail Litigation Center Inc.

Sierra Club

Tax Foundation

The Coca-Cola Company

Wayfair LLC

Wells Fargo & Co.

GOVERNMENT AGENCIES

Bureau of Reclamation

California Environmental Protection Agency

Florida State Senate

House of Commons of the United Kingdom

Indian Health Service

Internal Revenue Service

Ohio Attorney General's Office

Securities and Exchange Commission

U.S. Attorney's Office

U.S. Department of Justice

U.S. House of Representatives

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 support inquiries, please call 1-646-783-7100 or visit our Contact Us page.

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