Tax Court Rejects Aventis' Securitizing Debt Assets
Pharmaceutical giant Aventis Inc. is ineligible for a favorable tax treatment on its securitization of financial assets, the U.S. Tax Court ruled Wednesday, finding the company did not comply with statutory requirements and failed to show it was not the beneficial owner of the assets.
Alaska Gov. Proposes State Sales Tax, Scrapping Corp. Tax
Alaska's governor has proposed eliminating corporate income tax and imposing a temporary state sales tax as the state faces a budget deficit, which the state's budget director projected at $1.5 billion for fiscal 2027 Wednesday.
11th Circ. Panel Skeptical Of $20.7M Conservation Deduction
Eleventh Circuit judges expressed doubts Wednesday about a partnership's effort to restore its $20.7 million tax deduction for donating a conservation easement, saying the U.S. Tax Court had found that the partnership's managers thought the land was actually worth far less.
Tax Court Rejects Aventis' Securitizing Debt Assets
Pharmaceutical giant Aventis Inc. is ineligible for a favorable tax treatment on its securitization of financial assets, the U.S. Tax Court ruled Wednesday, finding the company did not comply with statutory requirements and failed to show it was not the beneficial owner of the assets.
Alaska Gov. Proposes State Sales Tax, Scrapping Corp. Tax
Alaska's governor has proposed eliminating corporate income tax and imposing a temporary state sales tax as the state faces a budget deficit, which the state's budget director projected at $1.5 billion for fiscal 2027 Wednesday.
11th Circ. Panel Skeptical Of $20.7M Conservation Deduction
Eleventh Circuit judges expressed doubts Wednesday about a partnership's effort to restore its $20.7 million tax deduction for donating a conservation easement, saying the U.S. Tax Court had found that the partnership's managers thought the land was actually worth far less.
Federal More
The CEO and minority owner of Charlotte's minor league hockey team is facing tax fraud charges after federal prosecutors in North Carolina said he failed to report more than $4.5 million in income from his cha... (more story)
Semiconductor manufacturer Microsemi has agreed to report $144 million in income from sales to its Irish affiliate but will avoid some tax penalties under the terms of a transfer pricing settlement with the In... (more story)
A coalition of unions, nonprofit organizations and local governments that are challenging the Trump administration's federal worker layoffs and agency reorganizations asked a California federal judge Tuesday f... (more story)
"Spider-Man" star Tobey Maguire told the jury Wednesday in Thomas Goldstein's tax fraud trial that he paid $500,000 for his legal services to another poker player the former SCOTUSblog founder owed money to, r... (more story)
The IRS has demonstrably improved service over the last few tax filing seasons, but errors and delays could be a hallmark of the 2026 season as the agency enacts tax changes while facing a significant staff sh... (more story)
The IRS wrongly rejected nearly $163 million in claimed tax deductions for conservation easement donations by two Georgia partnerships and then penalized them for negligence and gross valuation misstatements, ... (more story)
U.S. Magistrate Judge Maritza Dominguez Braswell at the U.S. District Court for the District of Colorado discusses why having a sense of how generative AI tools behave, where they add value, where they introdu... (more story)
State & Local More
Mo. Biz Groups Seek Exemptions In Income, Sales Tax Plan
Missouri business representatives voiced concern Wednesday that a proposed constitutional amendment to phase out the personal income tax in exchange for a broader sales tax base doesn't include any exemptions ... (more story)
Cantor Fitzgerald Loses $7.8M NY Tax Case Over Subsidiaries
Cantor Fitzgerald owes $7.77 million in New York City unincorporated business tax revenue because the company incorrectly aggregated the business activities of non-city subsidiaries that brought down its tax b... (more story)
Tax Group Of The Year: Skadden
Skadden Arps Slate Meagher & Flom LLP's tax practice guided several major cases and deals this past year, including representing drugmaker Amgen Inc. in one of the largest transfer pricing cases litigated last... (more story)
Law360 Seeks Members For Its 2026 Editorial Boards
Law360 is looking for avid readers of our publications to serve as members of our 2026 editorial advisory boards.
Wis. Homeowners Challenge Tribal Tax Ruling At 7th Circ.
A group of Wisconsin homeowners is asking the Seventh Circuit to revive its claims that local political jurisdictions of the Menominee Indian Tribe joined forces to increase the homeowners' tax burden, arguing... (more story)
Md. Bill Would Let Counties Split Up Land, Building Tax Rates
Maryland counties could establish separate real property subclasses for land and improvements, with different tax rates, under legislation heard by a state House of Delegates panel Tuesday and opposed by busin... (more story)
Mass. Gov.'s Bill Seeks Corp. Tax Conformity, But In '26, '27
Massachusetts would delay until 2026, or later, conformity with corporate tax provisions in last year's federal budget bill signed in July under legislation sponsored by Gov. Maura Healey that she said will pr... (more story)
Missouri business representatives voiced concern Wednesday that a proposed constitutional amendment to phase out the personal income tax in exchange for a broader sales tax base doesn't include any exemptions ... (more story)
Cantor Fitzgerald owes $7.77 million in New York City unincorporated business tax revenue because the company incorrectly aggregated the business activities of non-city subsidiaries that brought down its tax b... (more story)
Skadden Arps Slate Meagher & Flom LLP's tax practice guided several major cases and deals this past year, including representing drugmaker Amgen Inc. in one of the largest transfer pricing cases litigated last... (more story)
Law360 is looking for avid readers of our publications to serve as members of our 2026 editorial advisory boards.
A group of Wisconsin homeowners is asking the Seventh Circuit to revive its claims that local political jurisdictions of the Menominee Indian Tribe joined forces to increase the homeowners' tax burden, arguing... (more story)
Maryland counties could establish separate real property subclasses for land and improvements, with different tax rates, under legislation heard by a state House of Delegates panel Tuesday and opposed by busin... (more story)
Massachusetts would delay until 2026, or later, conformity with corporate tax provisions in last year's federal budget bill signed in July under legislation sponsored by Gov. Maura Healey that she said will pr... (more story)
International More
SocGen Loses Case Against French Electric Grid Fees
A European Union court upheld fees that French companies must pay to access the country's electric grid, ruling against banking giant Société Générale in holding that the payments don't amount to indirect exci... (more story)
Fund Managers Should Be Taxed As Partners, UK Court Told
Portfolio managers at a hedge fund should be taxed as partners, not disguised employees, because they have significant influence at the partnership, a hedge fund told the U.K. Supreme Court on Wednesday.
Gov't Escapes Bad Faith Sanctions In FBAR Dispute
A New York federal judge declined Wednesday to sanction the U.S. government in its suit against the estate of a businessman over undisclosed offshore bank accounts, holding that his widow failed to show the go... (more story)
Korean Lawmakers Duel Over Trump Tariff Threat Response
President Donald Trump's threat of a tariff hike on South Korea for "not living up to" its trade deal with the U.S. had South Korea's two major parties warring Tuesday over the pact's approval process.
Perrigo Overpaid Tax, Penalties By $89M, Court Finds
Pharmaceutical giant Perrigo overpaid $89.2 million in taxes, penalties and interest during years 2009 through 2012, a Michigan court found in a final judgment issued Tuesday.
EU, India Reach Major Free Trade Agreement
The European Union and India have struck a deal on a free trade agreement including major tariff removals and reductions, culminating decades' worth of negotiations between the second- and fourth-largest econo... (more story)
Baltimore Atty Ordered To Pay Part Of Client's $3.3M Tax Debt
A Baltimore attorney found personally responsible for paying a client's unpaid taxes owes only part of the debt, a federal magistrate judge said, finding the attorney owed $1.9 million rather than the $3.3 mil... (more story)
A European Union court upheld fees that French companies must pay to access the country's electric grid, ruling against banking giant Société Générale in holding that the payments don't amount to indirect exci... (more story)
Portfolio managers at a hedge fund should be taxed as partners, not disguised employees, because they have significant influence at the partnership, a hedge fund told the U.K. Supreme Court on Wednesday.
A New York federal judge declined Wednesday to sanction the U.S. government in its suit against the estate of a businessman over undisclosed offshore bank accounts, holding that his widow failed to show the go... (more story)
President Donald Trump's threat of a tariff hike on South Korea for "not living up to" its trade deal with the U.S. had South Korea's two major parties warring Tuesday over the pact's approval process.
Pharmaceutical giant Perrigo overpaid $89.2 million in taxes, penalties and interest during years 2009 through 2012, a Michigan court found in a final judgment issued Tuesday.
The European Union and India have struck a deal on a free trade agreement including major tariff removals and reductions, culminating decades' worth of negotiations between the second- and fourth-largest econo... (more story)
A Baltimore attorney found personally responsible for paying a client's unpaid taxes owes only part of the debt, a federal magistrate judge said, finding the attorney owed $1.9 million rather than the $3.3 mil... (more story)