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Tax
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November 15, 2024
Taxation With Representation: Cravath, MoFo, Gibson Dunn
In this week's Taxation With Representation, Cardinal Health takes a majority stake in GI Alliance and acquires Advanced Diabetes Supply Group, Just Eat offloads Grubhub to Wonder Group, Rivian Automotive and Volkswagen Group launch a joint venture, and Ovintiv Inc. buys Montney Basin assets from Paramount Resources Ltd.
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November 15, 2024
Judge Advises Axing Bank's Home Stake In $1.7M Tax Dispute
A federal magistrate judge recommended jettisoning any interest of JPMorgan Chase Bank NA in a California home the government wants to sell to recover $1.7 million in taxes, saying the bank, as a loan holder, hasn't responded to the government's lawsuit seeking the sale.
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November 15, 2024
Ireland Forecast To Gain Budget Surplus From Apple Case
The Irish government's budget surplus is expected to rise to 4.4% of gross domestic product next year, much of that as a result of the European Court of Justice's ruling against U.S. tech giant Apple, according to an economic forecast published Friday.
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November 14, 2024
Defense Attys Urge Justices To Narrow False Statement Law
The National Association of Criminal Defense Lawyers is supporting ex-Burke Warren MacKay & Serritella PC attorney and former Chicago alderman Patrick Thompson's bid to convince the U.S. Supreme Court to overturn his conviction for lying to the Federal Deposit Insurance Corp., arguing that the government's "broad" reading of the relevant statute infringes on constitutional rights.
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November 14, 2024
Albright Moves Apple Foes' Patent Suit To California
Waco's U.S. District Judge Alan Albright has decided to send a patent lawsuit lodged in his court against Apple to the tech giant's home of California, calling the "minimal local interest" provided by local tax breaks "strenuously tied to this case at best."
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November 14, 2024
DC Council Issues Housing Tax Break Emergency Resolution
The District of Columbia Council approved an emergency resolution to enact legislation to implement a competitive process for the provision of tax abatements for housing developments while a recently passed measure to permanently authorize that process faces congressional review before it becomes law.
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November 14, 2024
Gaetz's Slim Legal Resume Raises Concerns Over AG Role
Having never served as a prosecutor and with minimal experience practicing law, Matt Gaetz would have the thinnest legal resume of any attorney general in recent history and would face a steep learning curve, including daunting leadership challenges, if he were to take up the reins of the U.S. Department of Justice, experts say.
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November 14, 2024
Australia Bill Seeks To Expand Rules On Reporting Ownership
Australia's government wants to fight tax avoidance by making owners of equity derivatives disclose significant owners to regulators and investors, expanding access to that information and giving securities regulators new powers to issue freezing orders for noncompliance, the Australian Treasury said Thursday.
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November 14, 2024
Duo Charged With Hacking Tax Firms In Refund Fraud Scheme
Boston federal prosecutors have unsealed charges against two men who allegedly used information hacked and stolen from Massachusetts tax preparation firms to pocket more than $1.3 million from fraudulent tax returns.
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November 14, 2024
DC Circ. Won't Rethink Denial Of Church Tax Exemption
The D.C. Circuit rejected a request to reconsider the tax status of an Iowa church that used a psychedelic drug in its rites, letting stand its decision that because the church uses a federally illegal drug, it isn't entitled to tax-exempt status.
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November 14, 2024
European Police Detain 43 Suspects In €520M VAT Fraud
European police detained 43 suspects linked to a value-added tax fraud scam valued at €520 million ($550 million) in a cross-border operation against organized crime, law enforcement agencies said Thursday.
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November 13, 2024
Judge Cites 'Deterrence' In Attys' Tax Scheme Prison Sentence
Two St. Louis tax attorneys and a North Carolina insurance agent's pleas for leniency were largely ignored Wednesday by a federal judge sentencing them for their role in a multimillion-dollar tax avoidance scheme, with the judge declaring that the need for public deterrence was too great to let them off the hook without prison time.
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November 13, 2024
Boston Says Celebrity Chef Owes $1.6M In Taxes
The city of Boston is taking celebrity chef Barbara Lynch to court, alleging that for more than a decade she has failed to pay over $1.6 million in personal property taxes for her group of restaurants, which she is in the process of closing and attempting to sell.
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November 13, 2024
Detroit Fire Fee Ruling Concerns Mich. Justice
A Michigan Supreme Court justice on Wednesday said he was troubled by a lower appellate ruling he said seemed to imply that municipalities can work around a state law barring sneaky taxes, in this case by stating a charge for fire prevention services is really just the cost of a permit allowing property owners to do business in Detroit.
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November 13, 2024
Madigan's Atty Seeks To Discredit Key Government Witness
The cross-examination of a former ComEd executive who wore a wire for the government as it built its corruption case against ex-Illinois House Speaker Michael Madigan veered Wednesday into the informant's messy divorce proceedings and his failure to disclose felony charges when trying to buy a gun to kill snakes, as Madigan's attorneys tried to call his credibility into question.
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November 13, 2024
Denver Voters OK Sales Tax Hike For Hospital
Denver will boost its total local sales tax rate by 0.34 of a percentage point under Issue 2Q, which voters passed, with the revenue from the tax slated for city hospital Denver Health.
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November 13, 2024
3rd Circ. Wary Of Easing Cheesesteak Shop Owner's Sentence
Third Circuit judges seemed mostly skeptical of overturning an extension to the prison sentence of a Philadelphia cheesesteak shop owner who admitted to paying employees off the books, saying during oral arguments it was unclear whether the employees should be considered co-conspirators in the tax fraud.
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November 13, 2024
Trump Taps DOJ Critic Matt Gaetz For Attorney General
President-elect Donald Trump on Wednesday nominated Rep. Matt Gaetz to be the next U.S. attorney general, seeking to elevate a close political ally to lead a Justice Department that the Florida lawmaker has sharply criticized and that last year declined to charge him in a sex-trafficking investigation.
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November 13, 2024
Feds Want 2 Years' Jail For Biz Owner In $2.8M Tax Scheme
A construction company owner who paid workers off the books by pretending they were subcontractors, even after one of them died, should serve two years in prison and pay $2.8 million in restitution to the Internal Revenue Service for the tax loss, prosecutors told a Massachusetts federal court.
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November 12, 2024
Trump Taps Elon Musk To Head New 'Gov't Efficiency' Dept.
President-elect Donald Trump announced Tuesday that billionaire Elon Musk and former presidential candidate Vivek Ramaswamy will lead a newly created "Department in Government Efficiency" for his administration come January.
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November 12, 2024
Catfished Ex-NBA Player Says Atty Stole Cash, Blew Film Deal
A former NBA player is suing his longtime attorney for legal malpractice in Colorado state court, claiming the attorney stole his money and failed to protect his intellectual property rights while negotiating the terms of a documentary deal about his victimization in an elaborate online catfishing scheme.
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November 12, 2024
Mich. High Court Snapshot: 3M's PFAS Fight, Detroit Fire Fees
The Michigan Supreme Court returns to the bench Wednesday in a packed oral argument sitting, including a major case on the viability of state PFAS regulations in a challenge brought by 3M Co.
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November 12, 2024
Ex-ComEd Exec Asked If Madigan Hires Truly An 'Exchange'
Defense attorneys got their chance Tuesday to grill an ex-Commonwealth Edison executive who testified the utility hired people who did little to no work at the behest of former Illinois House Speaker Michael Madigan, asking if it truly traded those jobs for Madigan's action on ComEd legislation or if the company was just building goodwill with a key decision-maker.
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November 12, 2024
Trump's 'Pro-Business' Agenda Could Be A Boon For M&A
President-elect Donald Trump's "pro-business" priorities and an anticipated relaxation of antitrust scrutiny are expected to boost mergers and acquisitions activity, but his tariff plan may have mixed results across sectors — and select deals could be subject to his "unpredictability," attorneys told Law360.
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November 12, 2024
Missouri Appeals Court Quashes County Cannabis Taxes
The Missouri Constitution bars counties from levying taxes on cannabis sales made inside incorporated municipalities that can impose their own taxes, a state appeals court held Tuesday in ruling in favor of a dispensary that challenged two counties' taxes.
Expert Analysis
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Opinion
A Tale Of 2 Trump Cases: The Rule Of Law Is A Live Issue
The U.S. Supreme Court’s decision this week in Trump v. U.S., holding that former President Donald Trump has broad immunity from prosecution, undercuts the rule of law, while the former president’s New York hush money conviction vindicates it in eight key ways, says David Postel at Henein Hutchison.
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Series
Boxing Makes Me A Better Lawyer
Boxing has influenced my legal work by enabling me to confidently hone the skills I've learned from the sport, like the ability to remain calm under pressure, evaluate an opponent's weaknesses and recognize when to seize an important opportunity, says Kirsten Soto at Clyde & Co.
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Opinion
Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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After Chevron
Since the U.S. Supreme Court overturned the Chevron deference standard in June, this Expert Analysis series has featured attorneys discussing the potential impact across 37 different rulemaking and litigation areas.
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Opinion
Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Series
Skiing And Surfing Make Me A Better Lawyer
The skills I’ve learned while riding waves in the ocean and slopes in the mountains have translated to my legal career — developing strong mentor relationships, remaining calm in difficult situations, and being prepared and able to move to a backup plan when needed, says Brian Claassen at Knobbe Martens.
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Tracking Implementation Of IRA Programs As Election Nears
As the Biden administration races to cement key regulations implementing the Inflation Reduction Act, a number of the law's programs and incentives are at risk of delay or repeal if Republicans retake control of Congress, the White House or both — so stakeholders should closely watch ongoing IRA implementation and guidance, say attorneys at Squire Patton.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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Takeaways From Justices' Redemption Insurance Decision
The U.S. Supreme Court’s recent decision in Connelly v. U.S. examines how to determine the fair market value of shares in a closely held company for estate tax purposes, and clarifies how life insurance held by the company to enable redemption of a decedent’s shares affects that calculation, says Evelyn Haralampu at Burns & Levinson.
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6 Tips For Maximizing After-Tax Returns In Private M&A Deals
With potential tax legislation likely to spur a surge in private business sales, sellers can make the most of after-tax proceeds with strategies that include price allocation and qualified investment options, say Isaac Grossman and Daniel Studin at Morrison Cohen.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.
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Factors For London Cos. To Consider If Adding US Listings
Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.
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Recruitment Trends In Emerging Law Firm Frontiers
BigLaw firms are facing local recruitment challenges as they increasingly establish offices in cities outside of the major legal hubs, requiring them to weigh various strategies for attracting talent that present different risks and benefits, says Tom Hanlon at Buchanan Law.