IRS Expert Challenges Data Used In Eaton's Projections
An expert witness for the Internal Revenue Service questioned the financial projections prepared by Eaton Corp.'s experts Friday in U.S. Tax Court, saying the data they relied on wasn't available in 2012, when the company took on debt to acquire Ireland-based Cooper Industries, a global electrical products manufacturer, for $13 billion.
The Tax Angle: Letter Ruling Debate, Experts' Role In Policy
From a discussion on whether seeking a private letter ruling risks sparking more IRS oversight to a former Congressional Budget Office director's thoughts on tax experts' role in policymaking, here's a peek into a reporter's notebook on stories from the National Tax Association's annual conference in Boston.
Trump Pulls IRS Chief Counsel Nomination Before Floor Vote
President Donald Trump on Friday withdrew his nomination of a Sullivan & Cromwell attorney to be the Internal Revenue Service's chief counsel just weeks after the Senate Finance Committee voted to advance the nomination to the Senate floor.
IRS Expert Challenges Data Used In Eaton's Projections
An expert witness for the Internal Revenue Service questioned the financial projections prepared by Eaton Corp.'s experts Friday in U.S. Tax Court, saying the data they relied on wasn't available in 2012, when the company took on debt to acquire Ireland-based Cooper Industries, a global electrical products manufacturer, for $13 billion.
The Tax Angle: Letter Ruling Debate, Experts' Role In Policy
From a discussion on whether seeking a private letter ruling risks sparking more IRS oversight to a former Congressional Budget Office director's thoughts on tax experts' role in policymaking, here's a peek into a reporter's notebook on stories from the National Tax Association's annual conference in Boston.
Trump Pulls IRS Chief Counsel Nomination Before Floor Vote
President Donald Trump on Friday withdrew his nomination of a Sullivan & Cromwell attorney to be the Internal Revenue Service's chief counsel just weeks after the Senate Finance Committee voted to advance the nomination to the Senate floor.
Federal More
Isaac Wheeler of Sullivan & Cromwell LLP's tax practice advised RedBird Capital Partners on the Skydance and Paramount deal, helped xAI and X on a $113 billion transaction related to their merger and guided Ti... (more story)
The U.S. Department of Commerce's removal of countervailing duties on Turkish steel imports was properly justified by the government, and the lower trade court correctly upheld its determination despite object... (more story)
Given recent immigration policy changes in the U.S., many businesses are experiencing employee deportations, but retirement plan administrators should still pay and report benefits to avoid violating the plan,... (more story)
Pardis Zomorodi, partner at Latham & Watkins LLP's transactional tax practice in Los Angeles, has guided companies through the tax aspects of major complex transactions, including 2024's largest IPO and the hi... (more story)
President Donald Trump's private business organization should not be allowed to intervene in a former IRS contractor's challenge to his prison sentence for leaking Trump's and other wealthy people's tax return... (more story)
The U.S. will reduce a 39% tariff on Swiss imports to 15% as part of a framework trade agreement reached with Switzerland, according to Friday announcements by the White House and the Swiss government.
In this week's Taxation With Representation, Pfizer Inc. completes its acquisition of obesity drug developer Metsera Inc., motion and controls technologies company Parker-Hannifin Corp. acquires Filtration Gro... (more story)
State & Local More
Mass. Power Facility Due $2.7M Property Tax Abatement
A Massachusetts hydroelectric facility was overvalued by as much as $125 million by local assessors, the state Appellate Tax Board said in a decision released Thursday, ordering abatements topping $2.7 million.
Hawaiian Airlines Loses Appeal Over $1.6M Tax On Jet Parts
Hawaiian Airlines can't claim a nearly $1.6 million excise tax exemption on jet parts it purchased from Boeing, a Hawaii appeals court ruled, finding the parts don't qualify for a servicing or maintenance tax break.
Seaport Developer, Mass. Spar Over $15M Brownfields Credit
The developer of the Echelon Seaport luxury residential complex in Boston's Seaport District and the Massachusetts Department of Revenue have each made their case for a pretrial win in a long-running dispute o... (more story)
MVP: Kirkland's Adam Kool
Adam Kool, a tax partner at Kirkland & Ellis LLP, spent the past year advising on high-profile, industry-transforming transactions. Kool's work on AbbVie's $63 billion acquisition of the pharmaceutical giant A... (more story)
In-House Tax Controversy Director Joins Miller & Chevalier
The former director of tax controversy at Cleveland, Ohio-based real estate company GBX Group LLC has moved to Miller & Chevalier Chtd.'s Washington, D.C., office, where she'll continue working on a range of t... (more story)
Colo. Gov. Pitches $51B Budget With No Tax Hikes
Colorado would boost its state spending by 5.6% in the next fiscal year, to nearly $51 billion, while holding the line on taxes under a budget pitched Wednesday by Gov. Jared Polis, who also called for adjustm... (more story)
Bank Of America Freed From $5M Fla. Tax On Loan Refinances
Bank of America is entitled to a roughly $5.1 million refund of Florida documentary stamp tax and intangible tax paid on refinanced mortgages, a state appeals court ruled Wednesday, saying the taxes didn't app... (more story)
MVP: Eversheds Sutherland's Maria Todorova
Eversheds Sutherland's Maria Todorova secured a pivotal win for Duke Energy by successfully arguing that South Carolina's investment tax credit statute allowed the company to claim $20 million for qualifying i... (more story)
Law360 MVP Awards Go To Top Attorneys From 76 Firms
The attorneys chosen as Law360's 2025 MVPs have distinguished themselves from their peers by securing significant achievements in high-stakes litigation, complex global matters and record-breaking deals.
A Massachusetts hydroelectric facility was overvalued by as much as $125 million by local assessors, the state Appellate Tax Board said in a decision released Thursday, ordering abatements topping $2.7 million.
Hawaiian Airlines can't claim a nearly $1.6 million excise tax exemption on jet parts it purchased from Boeing, a Hawaii appeals court ruled, finding the parts don't qualify for a servicing or maintenance tax break.
The developer of the Echelon Seaport luxury residential complex in Boston's Seaport District and the Massachusetts Department of Revenue have each made their case for a pretrial win in a long-running dispute o... (more story)
Adam Kool, a tax partner at Kirkland & Ellis LLP, spent the past year advising on high-profile, industry-transforming transactions. Kool's work on AbbVie's $63 billion acquisition of the pharmaceutical giant A... (more story)
The former director of tax controversy at Cleveland, Ohio-based real estate company GBX Group LLC has moved to Miller & Chevalier Chtd.'s Washington, D.C., office, where she'll continue working on a range of t... (more story)
Colorado would boost its state spending by 5.6% in the next fiscal year, to nearly $51 billion, while holding the line on taxes under a budget pitched Wednesday by Gov. Jared Polis, who also called for adjustm... (more story)
Bank of America is entitled to a roughly $5.1 million refund of Florida documentary stamp tax and intangible tax paid on refinanced mortgages, a state appeals court ruled Wednesday, saying the taxes didn't app... (more story)
Eversheds Sutherland's Maria Todorova secured a pivotal win for Duke Energy by successfully arguing that South Carolina's investment tax credit statute allowed the company to claim $20 million for qualifying i... (more story)
The attorneys chosen as Law360's 2025 MVPs have distinguished themselves from their peers by securing significant achievements in high-stakes litigation, complex global matters and record-breaking deals.
International More
AI Use Has Spiked In Tax Agencies Globally, OECD Says
The use of artificial intelligence has skyrocketed in tax administrations around the world, leading to increased efficiency but also increased risks of data quality issues, according to an Organization for Eco... (more story)
DC Circ. Mulls Reviving Guinea $21M Award Suit
A D.C. Circuit panel on Friday appeared open to reviving a Seychelles company's bid to enforce an arbitral award of more than $21 million against the Republic of Guinea, focusing oral arguments on whether the ... (more story)
Perkins Coie Sued By Omani Co. Over Trade Case Defense
An Omani screw manufacturer has launched a legal malpractice suit in Washington state court accusing Perkins Coie LLP of a "series of deadly mistakes" while representing the Middle Eastern company in a U.S. De... (more story)
EU To Boost Cooperation Among Enforcers To Fight Tax Fraud
The European Union pledged on Friday to bolster its fight against massive tax fraud that costs approximately €89 billion ($103 billion) across the bloc each year by rolling out a plan to deepen cross-border cooperation.
Denmark Has Until Dec. 12 To Appeal £1.4B Cum-Ex Defeat
Denmark has 28 days to try to revive its £1.4 billion ($1.8 billion) case over a tax fraud allegedly orchestrated by convicted hedge fund trader Sanjay Shah, a judge said Friday as he gave full reasons for ref... (more story)
Eaton Witnesses Probed About Data Used For Credit Analysis
An accounting expert and a former Eaton Corp. official both advised the U.S. Tax Court on Thursday about the data used to establish the financial position of the U.S. company after its acquisition of Irish-bas... (more story)
Latin American Trade Deals With US Include Zero Tariff Rates
Latin American countries including El Salvador, Guatemala, Ecuador and Argentina committed to nontariff reductions for U.S. producers in exchange for a zero tariff rate on many imports not readily available in... (more story)
The use of artificial intelligence has skyrocketed in tax administrations around the world, leading to increased efficiency but also increased risks of data quality issues, according to an Organization for Eco... (more story)
A D.C. Circuit panel on Friday appeared open to reviving a Seychelles company's bid to enforce an arbitral award of more than $21 million against the Republic of Guinea, focusing oral arguments on whether the ... (more story)
An Omani screw manufacturer has launched a legal malpractice suit in Washington state court accusing Perkins Coie LLP of a "series of deadly mistakes" while representing the Middle Eastern company in a U.S. De... (more story)
The European Union pledged on Friday to bolster its fight against massive tax fraud that costs approximately €89 billion ($103 billion) across the bloc each year by rolling out a plan to deepen cross-border cooperation.
Denmark has 28 days to try to revive its £1.4 billion ($1.8 billion) case over a tax fraud allegedly orchestrated by convicted hedge fund trader Sanjay Shah, a judge said Friday as he gave full reasons for ref... (more story)
An accounting expert and a former Eaton Corp. official both advised the U.S. Tax Court on Thursday about the data used to establish the financial position of the U.S. company after its acquisition of Irish-bas... (more story)
Latin American countries including El Salvador, Guatemala, Ecuador and Argentina committed to nontariff reductions for U.S. producers in exchange for a zero tariff rate on many imports not readily available in... (more story)