Swiss Voters Reject Inheritance Tax To Tackle Climate Change
Swiss citizens voted against a proposed inheritance tax that would have targeted assets over 50 million Swiss francs ($62 million) to raise funds for climate change initiatives.
State & Local Tax Takeaways From November
From a win for A&E Television Networks over New York City's unincorporated business tax to Colorado voters' approval of ballot measures to raise income taxes on high earners, November was a lively month for state and local tax. Here, Law360 looks at these and other state and local tax highlights from the past month.
5 Takeaways From Eaton Trial On Acquisition Financing, Part 1
The first part of Eaton’s closely watched U.S. Tax Court trial over the company’s financing of a 2012 acquisition has wrapped up, and the judge's questions to witnesses during the first two and a half weeks reveal that he’s leaning the government’s way on at least one of the central questions in the case. Here, Law360 offers five takeaways from the trial held Nov. 3-19, then resuming Dec. 4.
Swiss Voters Reject Inheritance Tax To Tackle Climate Change
Swiss citizens voted against a proposed inheritance tax that would have targeted assets over 50 million Swiss francs ($62 million) to raise funds for climate change initiatives.
State & Local Tax Takeaways From November
From a win for A&E Television Networks over New York City's unincorporated business tax to Colorado voters' approval of ballot measures to raise income taxes on high earners, November was a lively month for state and local tax. Here, Law360 looks at these and other state and local tax highlights from the past month.
5 Takeaways From Eaton Trial On Acquisition Financing, Part 1
The first part of Eaton’s closely watched U.S. Tax Court trial over the company’s financing of a 2012 acquisition has wrapped up, and the judge's questions to witnesses during the first two and a half weeks reveal that he’s leaning the government’s way on at least one of the central questions in the case. Here, Law360 offers five takeaways from the trial held Nov. 3-19, then resuming Dec. 4.
Federal More
A partnership overvalued its donation of a conservation easement across vacant land in Georgia by more than $10 million, a U.S. Tax Court judge concluded Monday, slashing the partnership's tax deduction and up... (more story)
Finalizing preliminary tariffs on active anode material from China — the result of a rare exercise of statutory authority finding that foreign dumping hampered the development of a nascent U.S. industry — shou... (more story)
Attorneys representing Colgate-Palmolive retirees asked a New York federal court to approve $99 million in attorney fees and expenses from a $332 million megadeal ending claims the company skimped on pensioner... (more story)
A man accused of promoting abusive tax shelters may be unable to understand legal proceedings against him or help defend himself, a Colorado federal court found, ordering him to undergo a mental competency exa... (more story)
A federal judge has given a summary judgment win to the Interior Department in a challenge by a Minnesota county and townships over more than 3,000 acres taken into trust for the Mille Lacs Band of Ojibwe, det... (more story)
The Fifth Circuit shuttered two appeals from the U.S. Department of Labor that aimed to revive Biden-era regulations expanding the definition of a fiduciary under the Employee Retirement Income Security Act, a... (more story)
An energy investment fund's limited partners are not exempt from self-employment tax, the IRS told the First Circuit on Wednesday, saying the partnership wrongly relied on state law to treat full-time partners... (more story)
State & Local More
Wis. Judge Dismisses Tribal Tax Suit Over Standing Issues
A Wisconsin federal judge dismissed a claim by homeowners that local political jurisdictions of the Menominee Indian Tribe joined forces to increase their tax burden, saying the federal court can't grant the relief they seek.
Colo. Group Says Oil, Gas Fees Are Taxes That Violate TABOR
A nonprofit conservative advocacy group told a Colorado state court Tuesday that a 2024 law which imposes new fees on oil and gas producers is actually a tax and should be subject to a public vote as required ... (more story)
Split 6th Circ. Shields Baker Donelson, Not City Councilman
In a published opinion, the Sixth Circuit has found that Baker Donelson Bearman Caldwell & Berkowitz PC is shielded by qualified immunity as outside counsel for the city of Nashville in litigation over the law... (more story)
Arby's Franchisee Tells Ark. Justices Biz Sale Wasn't Taxable
An Oklahoma-based company that was once the largest Arby's franchisee did not receive business income that was taxable in Arkansas when it sold its business, the now-defunct corporation told the Arkansas Supre... (more story)
Considerations When Invoking The Common-Interest Privilege
To successfully leverage the common-interest doctrine in a multiparty transaction or complex litigation, practitioners should be able to demonstrate that the parties intended for it to apply, that an underlyin... (more story)
The Law Firm Merger Diaries: Making The Case To Combine
When making the decision to merge, law firm leaders must factor in strategic alignment, cultural compatibility and leadership commitment in order to build a compelling case for combining firms to achieve share... (more story)
Toss Of Transient Tax Case Shouldn't Be Stayed, Hawaii Says
Hawaii's motion in federal court to dismiss a complaint over the expansion of the state's transient occupancy tax to cruise ship passengers has progressed too far for the court to grant a stay of the motion, t... (more story)
What To Watch As NY LLC Transparency Act Is Stuck In Limbo
Just about a month before it's set to take effect, the status of the New York LLC Transparency Act remains murky because of a pending amendment and the lack of recent regulatory attention in New York, but busi... (more story)
Mich. High Court Won't Rethink Rejecting 'Rain Tax' Case
The Michigan Supreme Court declined for a second time to review a pair of challenges to Detroit's stormwater fees, allowing to stand lower court opinions that said the fees were not taxes subject to constitutional limits.
A Wisconsin federal judge dismissed a claim by homeowners that local political jurisdictions of the Menominee Indian Tribe joined forces to increase their tax burden, saying the federal court can't grant the relief they seek.
A nonprofit conservative advocacy group told a Colorado state court Tuesday that a 2024 law which imposes new fees on oil and gas producers is actually a tax and should be subject to a public vote as required ... (more story)
In a published opinion, the Sixth Circuit has found that Baker Donelson Bearman Caldwell & Berkowitz PC is shielded by qualified immunity as outside counsel for the city of Nashville in litigation over the law... (more story)
An Oklahoma-based company that was once the largest Arby's franchisee did not receive business income that was taxable in Arkansas when it sold its business, the now-defunct corporation told the Arkansas Supre... (more story)
To successfully leverage the common-interest doctrine in a multiparty transaction or complex litigation, practitioners should be able to demonstrate that the parties intended for it to apply, that an underlyin... (more story)
When making the decision to merge, law firm leaders must factor in strategic alignment, cultural compatibility and leadership commitment in order to build a compelling case for combining firms to achieve share... (more story)
Hawaii's motion in federal court to dismiss a complaint over the expansion of the state's transient occupancy tax to cruise ship passengers has progressed too far for the court to grant a stay of the motion, t... (more story)
Just about a month before it's set to take effect, the status of the New York LLC Transparency Act remains murky because of a pending amendment and the lack of recent regulatory attention in New York, but busi... (more story)
The Michigan Supreme Court declined for a second time to review a pair of challenges to Detroit's stormwater fees, allowing to stand lower court opinions that said the fees were not taxes subject to constitutional limits.
International More
Morgan Stanley Fined €101M For Dutch Dividend Tax Evasion
Morgan Stanley will pay €101 million ($117 million) in criminal penalties to the Netherlands government to resolve accusations that the global investment bank exploited a Dutch law to evade dividend taxes, pro... (more story)
Harman Settles Claims It Skipped Duties On Chinese Products
Audio electronics company Harman International Industries Inc. has agreed to pay $11.8 million to settle allegations that it evaded U.S. antidumping and countervailing duties on imported electronic components from China.
ECJ Allows Portugal's Tax Checks On Foreign Pension Funds
Portugal could impose stricter requirements on non-resident pension funds that claim a tax exemption when proportionate, despite the European Union's rules on freedom of movement for capital, the bloc's top court has ruled.
Switzerland Delays Crypto Info Swaps With Tax Authorities
Switzerland will not automatically exchange information on cryptocurrency accounts with foreign tax authorities until at least 2027, although rules governing the exchanges are being adopted into law, the count... (more story)
UK Budget A Lose-Lose For Employers And Workers
Unemployment is forecast to grow and wages are likely to fall as employers, yet to feel the worst of last year's increase to their national insurance contributions, seek to alleviate the cost of the rising tax... (more story)
UK Launches Reward Program For Tax Fraud Whistleblowers
The U.K. government launched a reward program on Wednesday for whistleblowers who report large-scale tax fraud to HM Revenue and Customs, offering informants significant payouts if investigators can claw back ... (more story)
UK Cuts ISA Allowance To Push Cash-Rich Toward Investing
The government will cut the tax-free allowance that under-65s can pay into a cash individual savings account each year to £12,000 ($15,854) from the current £20,000, effective from April 2027, to push savers w... (more story)
Morgan Stanley will pay €101 million ($117 million) in criminal penalties to the Netherlands government to resolve accusations that the global investment bank exploited a Dutch law to evade dividend taxes, pro... (more story)
Audio electronics company Harman International Industries Inc. has agreed to pay $11.8 million to settle allegations that it evaded U.S. antidumping and countervailing duties on imported electronic components from China.
Portugal could impose stricter requirements on non-resident pension funds that claim a tax exemption when proportionate, despite the European Union's rules on freedom of movement for capital, the bloc's top court has ruled.
Switzerland will not automatically exchange information on cryptocurrency accounts with foreign tax authorities until at least 2027, although rules governing the exchanges are being adopted into law, the count... (more story)
Unemployment is forecast to grow and wages are likely to fall as employers, yet to feel the worst of last year's increase to their national insurance contributions, seek to alleviate the cost of the rising tax... (more story)
The U.K. government launched a reward program on Wednesday for whistleblowers who report large-scale tax fraud to HM Revenue and Customs, offering informants significant payouts if investigators can claw back ... (more story)
The government will cut the tax-free allowance that under-65s can pay into a cash individual savings account each year to £12,000 ($15,854) from the current £20,000, effective from April 2027, to push savers w... (more story)