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Tax Court OKs 3M's $5.2M Due After 8th Circ. Nixed IRS Rule
The U.S. Tax Court signed off Tuesday on 3M Co. and the IRS' conclusion that the company overpaid its taxes by about $5.2 million, which the parties calculated after the Eighth Circuit rejected the agency's allocation of overseas income.
Colo. Graduated Income Tax Would Raise High-Earner Rates
Colorado would adopt a graduated income tax structure with increased rates for high earners under a proposed ballot initiative with petition signatures submitted for review by election officials.
Stock Payouts, But Not Severance, Taxable In Calif., OTA Says
Severance and medical premiums received by a former California resident who led a bank before being fired and moving to Nevada are not California source income, but restricted stock units he received are taxable by the state, the Office of Tax Appeals said in an opinion released Monday.
Tax Court OKs 3M's $5.2M Due After 8th Circ. Nixed IRS Rule
The U.S. Tax Court signed off Tuesday on 3M Co. and the IRS' conclusion that the company overpaid its taxes by about $5.2 million, which the parties calculated after the Eighth Circuit rejected the agency's allocation of overseas income.
Colo. Graduated Income Tax Would Raise High-Earner Rates
Colorado would adopt a graduated income tax structure with increased rates for high earners under a proposed ballot initiative with petition signatures submitted for review by election officials.
Stock Payouts, But Not Severance, Taxable In Calif., OTA Says
Severance and medical premiums received by a former California resident who led a bank before being fired and moving to Nevada are not California source income, but restricted stock units he received are taxable by the state, the Office of Tax Appeals said in an opinion released Monday.
Federal More
The Internal Revenue Service should be barred from pursuing unconstitutional notices of deficiency assessed against a real estate firm, the firm told the Fourth Circuit, saying it's being retaliated against fo... (more story)
A former employee of federal contractor Booz Allen Hamilton asked a Florida federal court to toss claims against him by Sen. Rick Scott over the leak of his personal tax returns, saying the suit was filed too ... (more story)
The Senate Judiciary Committee voted to advance acting Attorney General Todd Blanche's nomination for the permanent position Tuesday, after Sens. Thom Tillis, R-N.C., and John Cornyn, R-Texas, said they would support him.
California, Arizona and 23 other states sued the Trump administration in the U.S. Court of International Trade on Monday claiming the president is trying for a third time to impose illegal tariffs against near... (more story)
An April order changing the legal classifications of some medical marijuana products actually undermines a New Mexico marijuana company's bid to claim some business deductions rather than supporting it, the In... (more story)
U.S. Treasury Department officials subjected a Chinese American IRS senior manager to a campaign of discrimination and harassment, including removal from her leadership position and replacement by a white male... (more story)
Law360 is pleased to announce the Rising Stars of 2026, our list of more than 160 attorneys under 40 whose legal accomplishments belie their age.
State & Local More
Fla. Homestead Exemption Ballot Question Must Be Changed
The Florida attorney general has 10 days to submit a revised title and summary for a ballot question that proposes boosting the state's homestead tax exemption, after a state judge found the current language m... (more story)
Childcare Timely Sought Tax Exemption, Minn. Justices Told
A Minnesota childcare center that missed a county deadline for claiming a tax exemption was still entitled to secure the tax break through an appeal to the state's tax court, the center's owner told the state Supreme Court.
Ala. Localities Can't Tax Only Railroads, 11th Circ. Says
A federal court correctly ruled that Alabama localities could not impose sales taxes on rail carriers' diesel fuel purchases, because a corresponding state-level tax was found to be discriminatory and the auth... (more story)
Taxation With Representation: Latham, Matheson, S&C, Weil
In this week's Taxation With Representation, DCC Energy PLC backs a takeover offer from investment firm KKR and Energy Capital Partners, the parent company of the New York Stock Exchange acquires MarketAxess H... (more story)
NY Takes Aim At Kalshi's 'Illegal Gambling Operation'
New York sued Kalshi in state court early Friday, alleging that the prediction market giant is running a vast "illegal gambling operation" by allowing customers to trade on the outcomes of events across sports... (more story)
CBP Outlines Rates, Classifications For Pharma Tariffs
U.S. pharmaceutical giants aren't expected to face various tariff rates up to 100% on certain imported patented drugs and ingredients beginning Friday, but all importers must begin to classify their goods that... (more story)
MTC On Track To Approve Updated Airline Tax Rule, Atty Says
The Multistate Tax Commission appears to have approved updating a sourcing regulation for airlines to account for income generated from Wi-Fi access and other modern activities, an MTC attorney told Law360 on ... (more story)
The Florida attorney general has 10 days to submit a revised title and summary for a ballot question that proposes boosting the state's homestead tax exemption, after a state judge found the current language m... (more story)
A Minnesota childcare center that missed a county deadline for claiming a tax exemption was still entitled to secure the tax break through an appeal to the state's tax court, the center's owner told the state Supreme Court.
A federal court correctly ruled that Alabama localities could not impose sales taxes on rail carriers' diesel fuel purchases, because a corresponding state-level tax was found to be discriminatory and the auth... (more story)
In this week's Taxation With Representation, DCC Energy PLC backs a takeover offer from investment firm KKR and Energy Capital Partners, the parent company of the New York Stock Exchange acquires MarketAxess H... (more story)
New York sued Kalshi in state court early Friday, alleging that the prediction market giant is running a vast "illegal gambling operation" by allowing customers to trade on the outcomes of events across sports... (more story)
U.S. pharmaceutical giants aren't expected to face various tariff rates up to 100% on certain imported patented drugs and ingredients beginning Friday, but all importers must begin to classify their goods that... (more story)
The Multistate Tax Commission appears to have approved updating a sourcing regulation for airlines to account for income generated from Wi-Fi access and other modern activities, an MTC attorney told Law360 on ... (more story)
International More
EU Carbon Tax Fallout Overestimated In India, Group Says
The cost of the European Union's carbon levy for India's steel industry may be lower than previously expected, as researchers have failed to account for the diverse nature of the sector, a climate think tank reported Tuesday.
HMRC Beats Abuse Liability Claim Over Homophobic Emails
A government employee cannot hold HMRC responsible for years of homophobic abuse despite its failure to strengthen safeguards against anonymous emails as a tribunal found that those shortcomings were unrelated... (more story)
Nations Continue Push To Avoid Duplication In UN Tax Treaty
Several countries continued to push for avoiding duplication of other international tax work during Monday's opening of a two-week negotiating session for the draft proposal of the United Nations' framework co... (more story)
Canada Imposes Temporary Cabinet Tariff But Exempts US
Certain wood cabinets and vanities will be subject to a 25% surtax when imported into Canada under a temporary provision designed to protect the country's softwood lumber industry, though the Canadian governme... (more story)
NGO Seeks UN Push For Unitary Tax To Tackle Profit Shifting
Officials contributing to the United Nations tax talks should explicitly commit to a system of global unitary taxation to tackle corporate profit shifting, an advocacy group said.
Perenco Beats HMRC's Challenge Of £39M In Tax Allowances
British oil company Perenco is entitled to tax allowances of £39 million ($52.5 million) on the purchase of BP oilfields even though it agreed to sell part of the sites to Premier Oil days later, a London trib... (more story)
Airbus Pays HMRC £6.4M Over Export Control Breaches
Aerospace giant Airbus reached an agreement with the U.K. tax authority to pay £6.4 million ($8.6 million) to settle claims that the company breached export control rules, the agency announced Thursday.
The cost of the European Union's carbon levy for India's steel industry may be lower than previously expected, as researchers have failed to account for the diverse nature of the sector, a climate think tank reported Tuesday.
A government employee cannot hold HMRC responsible for years of homophobic abuse despite its failure to strengthen safeguards against anonymous emails as a tribunal found that those shortcomings were unrelated... (more story)
Several countries continued to push for avoiding duplication of other international tax work during Monday's opening of a two-week negotiating session for the draft proposal of the United Nations' framework co... (more story)
Certain wood cabinets and vanities will be subject to a 25% surtax when imported into Canada under a temporary provision designed to protect the country's softwood lumber industry, though the Canadian governme... (more story)
Officials contributing to the United Nations tax talks should explicitly commit to a system of global unitary taxation to tackle corporate profit shifting, an advocacy group said.
British oil company Perenco is entitled to tax allowances of £39 million ($52.5 million) on the purchase of BP oilfields even though it agreed to sell part of the sites to Premier Oil days later, a London trib... (more story)
Aerospace giant Airbus reached an agreement with the U.K. tax authority to pay £6.4 million ($8.6 million) to settle claims that the company breached export control rules, the agency announced Thursday.