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Monday, March 26, 2018

TOP NEWS

Analysis

Tax Court Ruling Could Widen Divide Over Substance Doctrine

The U.S. Tax Court recently found that an arrangement that channeled money from a family business through a Bermuda-based foreign corporation to their Roth IRA ran afoul of the substance-over-form doctrine, threatening to crack open a divide over whether transactions that comply with the tax code can be invalidated under the doctrine. Read more »

Use TCJA's New Rules To Fight Profit Shifts, States Urged

A leading state tax expert said Friday that states should conform to international tax provisions in the federal tax overhaul, arguing that conformity is needed to combat income shifting. Read more »

Kansas Senate Introduces Sports Betting Bill With 5% Tax

Lawmakers in Kansas have introduced a bill to the state Senate that would legalize sports betting in person at specific locations as well as online with a 5 percent tax on revenue, according to a filing Friday. Read more »

Taxation With Representation: Gibson, Weil, Davis Polk

In this week’s Taxation With Representation, TPG bought $2.66 billion in oil and gas assets from EverVest, Fidelity snapped up Stewart Information Services for $1.2 billion, and Campbell priced a $5.3 billion senior notes offering to finance its Snyder’s-Lance acquisition. Read more »

FEDERAL

Rapper DMX Deserves 5-Year Sentence For Tax Evasion: Feds

The U.S. Attorney’s Office told a New York federal judge Friday that the rapper known as DMX, who admitted late last year to dodging $1.7 million in taxes, deserves up to five years in prison to show that “star power does not entitle someone to a free pass.” Read more »

Beaufort, Loyal Bank Execs Face More Charges In $50M Fraud

A New York federal grand jury has returned a superseding indictment slapping four banking executives at Beaufort and Loyal Bank with more charges related to allegations they engaged in a $50 million securities fraud and money laundering scheme, saying their actions constitute conspiracy to defraud the United States. Read more »

STATE & LOCAL

Analysis

State Opioid Taxes Seen As Well-Intentioned But Misguided

Facing a mounting death toll, soaring costs and growing public anger over the opioid crisis, an increasing number of states are considering new laws that would tax the powerful painkillers, despite concerns that some states may be using the crisis to raise general revenue. Read more »

INTERNATIONAL

Broadcom Investors OK Plan To Move Domicile Back to US

Broadcom’s shareholders voted Friday in favor of the chipmaker’s efforts to move its legal domicile back to the U.S., as the semiconductor company moves forward with its exit from Singapore after President Donald Trump blocked its hostile pursuit of California-based Qualcomm amid national security concerns. Read more »

EXPERT ANALYSIS

Top Tax Changes For Law Firms: What Lawyers Need To Know

For those structured as corporations, the decrease in the maximum corporate tax rate and the repeal of the corporate alternative minimum tax offer good news. But since many law firms are organized as pass-through entities, several limitations on deductions mean they won’t see as much benefit from the new tax law as some other industries, says Evan Morgan of CPA and advisory firm Kaufman Rossin PA. Read more »

High Court Criminal Tax Ruling Is Part Of A Trend

The U.S. Supreme Court's tax decision last week in Marinello follows three prior rulings that have narrowed the reach of obstruction of justice statutes in white collar criminal investigations — Aguilar in 1995, Andersen in 2005 and Yates in 2015, say Nicholas Hartmann and Harry Sandick of Patterson Belknap Webb & Tyler LLP. Read more »

LEGAL INDUSTRY

How Law Firms Are Adapting To #MeToo Era

Some firms have added initiatives in response to the #MeToo movement, but experts say the vast majority have a long way to go. Here’s a glimpse of the steps some are taking. Editor’s note: First in a three-part series. Read more »

Chadbourne Gets Nod For $3.1M Deal Ending Sex Bias Suit

A Manhattan federal judge has signed off on a $3.1 million deal to end a proposed class action brought by three female lawyers alleging that Chadbourne & Parke LLP, which merged with Norton Rose Fulbright LLP last year, systematically underpaid women. Read more »

Senate Confirms 5th Circ.'s Prado As Envoy To Argentina

The Senate has approved of sending Fifth Circuit Judge Edward C. Prado to Argentina as President Donald Trump’s ambassador there, ending his 35-year career as a federal judge. Read more »

Bar Prep Co. Blasts Rival's Appeal In Antitrust Row

Barbri Inc. joined a chorus of law schools in urging the Second Circuit not to revive a rival’s antitrust and racketeering claims, which allege that Barbri and the schools conspired to stifle competition for bar exam preparation, arguing Thursday LLM Bar Exam LLC hadn’t plausibly alleged a monopoly existed. Read more »

GC Cheat Sheet: The Hottest Corporate News Of The Week

President Donald Trump said he will likely nominate the solo practitioner who took on UPS in a pregnancy discrimination case that went all the way to the U.S. Supreme Court as general counsel of the U.S. Equal Employment Opportunity Commission, and female general counsels shared with Law360 how they're transforming their legal departments and other women's professional lives. These are some of the stories in corporate legal news you may have missed in the past week. Read more »

Podcast

Law360's Pro Say: Inside The Downfall Of Latham's Chairman

On the latest episode of Law360's Pro Say podcast, we share the inside story of Latham & Watkins Chair Bill Voge's resignation after revelations that he'd engaged in a pattern of reckless behavior. We also discuss a controversial copyright ruling over the song "Blurred Lines," the legal blowback Facebook will face over the Cambridge Analytica scandal, and Lindsay Lohan’s new gig for a lawyer referral site. 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 »

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COMPANIES

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Airbnb Inc.

American Enterprise Institute

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Association of Corporate Counsel

Broadcom Ltd.

Brocade Communications Systems, Inc.

Campbell Soup Company

Center on Budget and Policy Priorities

Edge International Inc.

EnerVest Ltd.

Ernst & Young

Facebook

Fidelity National Financial Inc.

Garden City Group Inc.

Google Inc.

Kaufman Rossin & Co.

NXP Semiconductors NV

National Association of Counties Inc.

National Collegiate Athletic Association

National Conference of State Legislatures

QUALCOMM Incorporated

Recording Industry Association of America

Snyder's-Lance Inc.

Stewart Information Services Corporation

Twitter Inc.

Uber Technologies Inc.

United Parcel Service Inc.

GOVERNMENT AGENCIES

Committee on Foreign Investment in the United States

Equal Employment Opportunity Commission

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