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Wednesday, April 4, 2018

TOP NEWS

Ex-Investment Banker Tapped As Treasury Deputy Secretary

President Donald Trump has nominated Justin George Muzinich, a top aide to Treasury Secretary Steven Mnuchin and a former hedge fund manager, to become deputy secretary of the Treasury, according to a Monday announcement from the White House. Read more »

Amazon's Public Search Occurs In Dark, Watchdog Contends

Despite the worldwide public attention that Amazon.com Inc. attracted when it announced that it would solicit bids for a second headquarters, the bidding process itself has been cloaked in secrecy, according to a watchdog’s report released Tuesday. Read more »

Insurance Co. Urges 6th Circ. To Revive IRS Reporting Case

An insurance company that sued the Internal Revenue Service for unfairly labeling it as a tax scammer in a notice on captive insurance companies asked the Sixth Circuit on Monday to reverse a district court’s dismissal of the case, claiming pre-enforcement review of an IRS notice is not barred by certain statutes. Read more »

Tax Court Far Undervalued $33M Land Gift, DC Circ. Told

The U.S. Tax Court made a $30 million mistake by using a “wildly inflated” discount rate to determine the value of a land donation, the now-dissolved real estate partnership RERI Holdings I said in an appellant brief filed Monday with the D.C. Circuit in its long-running dispute with the Internal Revenue Service. Read more »

FEDERAL

Ill. Court Hands Win To Gov't In IRS Lien Typo Row

An Internal Revenue Service lien on an Illinois property is valid and enforceable despite a misspelling of the property owner’s name because the lien would have popped up in a reasonable database search, an Illinois federal judge said Tuesday. Read more »

$13M In Stock Options Not Taxable As Cash, High Court Told

Subsidiaries of the Canadian National Railway Co. told the U.S. Supreme Court on Tuesday that transfers of $13.3 million of corporate stock options do not qualify as money remuneration that is taxable under the Railroad Retirement Tax Act because stock is not a generally accepted medium of exchange. Read more »

AbbVie Says Suit Over Nixed $54B Shire Merger Should End

Biopharmaceutical company AbbVie Inc. said Tuesday that an absence of specific claims should shut down a stockholder suit seeking damages for the company from directors in the wake of AbbVie's 2014 decision to drop a $54 billion merger with Shire Plc. Read more »

Feds Say Atty's Charitable Tax Scheme Cost Gov't $35M

Federal authorities filed a civil lawsuit Tuesday against an attorney who lives in Florida for allegedly running a nationwide charitable-giving tax scheme that has cost the U.S. more than $35 million. Read more »

INTERNATIONAL

Aussie Gets 10 Years For 'Largest Ever' Tax Fraud Case

An Australian businessman has been sentenced to 10 years in prison after he was convicted for his role in what the Australian government has called the largest prosecuted tax fraud case in the country’s history. Read more »

EXPERT ANALYSIS

Tax Reform’s Impact On Private Equity

The Tax Cuts and Jobs Act significantly changed income tax laws for individuals and business entities. Attorneys at Nixon Peabody LLP map out the provisions that will impact the private equity industry, including managers, investors and portfolio companies. Read more »

LEGAL INDUSTRY

Feature

Attys Must Tread Carefully In Litigation Funding's Next Stage

A recent $107 million Burford Capital deal is the latest signal that litigation funding’s secondary market is starting to bloom under investor interest — a development that will bring more opportunities for lawyers, but also increased risks of being taken in by a funder that can't afford to finance the case on its own. Read more »

Feature

Bryan Cave Leighton Paisner's 'One Firm' Approach Pays Off

Before the official launch on Tuesday of the combined firm Bryan Cave Leighton Paisner LLP, the firm's co-chairs noted that they were already witnessing the benefits offered by a new, relatively rare, fully integrated international structure. Read more »

Corporate Counsel Are Keen On Moving Work In-House

The desire of general counsel to in-source legal work has not let up, with 65 percent of corporate counsel responding to a survey released Tuesday by saying they would prefer to bring additional talent in-house rather than rely on outside counsel. Read more »

Hogan Lovells Says Female Partners Out-Earn Men In UK

Hogan Lovells became the latest law firm Tuesday to voluntarily include partner compensation in its U.K. pay gap figures, and it turns out the law firm’s female partners in Britain earn on average 2.8 percent more than their male colleagues. Read more »

Yelp Says Bad Atty Review Ruling Will Hurt Web Publishers

Yelp urged the California Supreme Court on Tuesday to nix a lower court’s order that it take down a negative review of a personal injury attorney by her former client, saying the order violates its free speech and due process rights and will spur a “flood” of take-down orders against millions of online publishers. Read more »

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