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The Economic Substance Of Foreign Tax Credits - 11.19.2015
U.S. taxpayers pay taxes on all of their income, regardless of where it is earned. Congress has recognized that this basic principle of the Internal Revenue Code may result in “double taxation” of income earned outside the United States, and the Code provides a dollar-for-dollar credit reducing a taxpayer’s U.S. liabilities by the amount of foreign taxes paid. In recent years, the government has challenged attempts by corporate taxpayers to utilize foreign tax credits generated through complex transactions. This article discusses recent decisions by several Circuit Courts of Appeals addressing arguments that credits should be disallowed under the common law economic substance doctrine.
The Economic Substance Of Foreign Tax Credits - 11.19.2015
On Wednesday, November 18, 2015, Morvillo Abramowitz will host the UJA-Federation of New York Lawyers Division’s Criminal Law Group Lunch & Learn. The event will feature Morvillo Abramowitz partner Elkan Abramowitz and attorney Andrew J. Frisch, and will address the recent Dewey & LeBoeuf criminal trial, in which the firm represented Steven Davis, the former Chairman of Dewey & LeBoeuf.
The Second Circuit’s decision in United States v. Newman reshaped the law of insider trading. Now that the Supreme Court has declined to review Newman, this article explores key issues that Newman left unresolved. We consider recent efforts by defense counsel to capitalize on Newman and other potential arguments based on the rule of lenity and separation of powers. We also address calls for insider trading legislation by two prominent Southern District judges.
NEW YORK, November 2, 2015 – Morvillo Abramowitz was recognized in the 2016 edition of U.S. News - Best Lawyers’ “Best Law Firms.” The firm was ranked Tier 1 in the practice areas of Corporate Compliance Law and Criminal Defense: White-Collar, and Tier 2 in the practice area of Corporate Governance Law.
Published in almost 70 countries around the world, the Best Lawyers publication is the oldest and most respected peer-review publication in the legal profession. For more than three decades, Best Lawyers lists have earned the respect of the profession, the media, and the public, as the most reliable, unbiased source of legal referrals anywhere.
The Board of Judges of the United States District Court for the Southern District of New York (SDNY) has selected Barbara Moses to serve as a Magistrate Judge for a term of eight years. She will serve on the bench at the Daniel Patrick Moynihan Courthouse at 500 Pearl Street.
Ms. Moses serves as Counsel at Morvillo Abramowitz Grand Iason & Anello, P.C. Until September 2015 she was also the Director of the Constitutional and Civil Litigation Clinic at Seton Hall University School of Law. Previously, Ms. Moses taught at New York University School of Law, and was a partner at Orrick, Herrington & Sutcliffe, LLP. Ms. Moses also served as President of the New York County Lawyers’ Association. Ms. Moses received her J.D. from Harvard Law School and her A.B. from Dartmouth College.
Full-time Magistrate Judges are appointed by the District Court Judges to eight-year terms; they assist District Court Judges with the work of the court by facilitating the disposition of certain civil and criminal cases.
NEW YORK, October 26, 2015 – Morvillo Abramowitz partner Jonathan Sack was quoted in a Bloomberg BNA article, “Does Dismissal Signal Death Knell for Insider Trading Cases?” On the topic of United States v. Newman, where the Second Circuit held that the tippee — the person trading on the inside information — must know that the tipper disclosed the non-public information in exchange for a personal benefit, and that such “benefit” must be of consequence, Jon stated, “the recent dismissals confirm that the prosecution of downstream tippees many levels removed from the original source has become significantly more difficult for the government following Newman. I would also expect to see increased litigation around ‘benefit.’” Jon also stated, “Generally, I’d expect Newman likely to lead to fewer insider trading cases in the near term. But the number of such prosecutions was likely to go down in any event as recent cases were resolved, and compliance systems have responded to increased regulatory and prosecutorial scrutiny.”
NEW YORK, October 22, 2015 – Partner Robert J. Anello recently authored “White Collar Crime,” a chapter in the highly regarded treatise Commercial Litigation in New York State Courts, Fourth Edition. The treatise is a joint venture of Thomson Reuters and the New York County Lawyers’ Association and features the work of experts authors, including some of the best commercial litigators in New York.
Partner Robert J. Anello recently authored “White Collar Crime,” a chapter in the highly regarded treatise Commercial Litigation in New York State Courts, Fourth Edition. The treatise is a joint venture of Thomson Reuters and the New York County Lawyers’ Association and features the work of experts authors, including some of the best commercial litigators in New York.
Likely to sate the public’s appetite to punish perpetrators of financial crimes, in recent years Congress and the United States Sentencing Commission (USSC) have created a scheme where individuals convicted of white collar crimes serve long sentences and, thereafter, are saddled with a lifetime of disabilities that often are out of proportion to the venality of their conduct or the legitimate goals of our criminal justice system. For years, the length of sentences in white collar cases largely has been determined by the United States Sentencing Guidelines almost-singular focus on “loss” as the key factor in economic crimes, which obscures the myriad other factors that affect a defendant’s true culpability in an individual case and often results in unduly punitive results. In some cases, relatively low-level and ministerial employees faced life sentences in prison because the guidelines did not properly account for their role in the scheme. In others, defendants faced decades-long sentences for activity that was more “farcical than dangerous” simply because the “intended loss” of their “ridiculous” scheme numbered in the billions of dollars. [...]
2015 Amendments to Federal Rules of Civil Procedure - 10.21.2015
Significant amendments to the Federal Rules of Civil Procedure will take effect on Dec. 1, 2015, absent congressional action. In this article, we discuss these proposed amendments.
On October 19, 2015, Morvillo Abramowitz partner Elkan Abramowitz was featured in a Law360 video on the courthouse steps minutes after the Dewey & LeBoeuf LLP criminal trial ended in a mistrial. In the video, Elkan states, “the failure of Dewey & LeBoeuf was adequately handled in the bankruptcy courts and in the civil courts, it did not have to be the subject of a stretched and, in my view, absolutely inappropriate criminal case.”
On October 19, 2015, Morvillo Abramowitz partner Elkan Abramowitz was quoted in an American Lawyer article, “Marathon Dewey Deliberations End in Mistrial,” which discusses the end of the high-profile Dewey & LeBoeuf LLP trial. After nearly four months of testimony and 21 days of deliberations, the criminal fraud trial ended in a mistrial.
On October 19, 2015, Morvillo Abramowitz partner Elkan Abramowitz was quoted in a Law360 article, “Dewey Criminal Trial Ends In Jury Deadlock.” In this article, Elkan discusses his views on the trial and states that, “he and his team were pleased to learn from jurors after the trial that a significant majority of the panel agreed with their position on all accounts.”
Benchmark Litigation Names the Firm Among the Best in the Nation in White-Collar Crime/Enforcement/Investigations, Identifies the Firm as “Highly Recommended” in New York, and Recognizes 12 Morvillo Abramowitz Partners - 10.15.2015
NEW YORK, October 15, 2015 – Benchmark Litigation ranked Morvillo Abramowitz Grand Iason & Anello PC in Tier 1 nationally in the White-Collar Crime/Enforcement/Investigations category, and Highly Recommended (the guide’s top honor) in New York. Indeed, almost all of the firm’s partners have been named “Litigation Stars” in the area of White-Collar Crime/Enforcement/Investigations, including Elkan Abramowitz, Richard F. Albert, Robert J. Anello, Lawrence Iason, Jonathan S. Sack, Jeremy H. Temkin, and Richard D. Weinberg. Partners Judith L. Mogul and Edward M. Spiro were named “Litigation Stars” in the area of General Commercial Litigation. In addition, Benjamin S. Fischer, Jodi Misher Peikin, and Robert M. Radick have been named “Future Stars.”
Benchmark Litigation notes that, “some clients are unquestionably forthcoming when it comes to their regard for the firm's individual and collective acumen: ‘We have worked with a number of their attorneys, and we turn to them on sensitive matters we need handled carefully; they address all key issues, they are attuned to the details, and leave no stone unturned. Quite simply, they are the best at what they do.’”
Please find the full editorial section here.
Benchmark Litigation is the Definitive Guide to America's Leading Litigation Firms and Attorneys. Published by Euromoney Legal Media Group, Benchmark Litigation’s guide is derived from a process of extensive research and interviews with litigators and their clients.